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James Telfser Intertape Polymer Group ITP-T TOP PICK Feb 17, 2021

Also at an inflection point. Massive beat recently. Capex spending on plants, making acquisitions in e-commerce. Expecting 5-6% earnings growth, which will drive the multiple. Free cashflow in 2021 will be fantastic. Yield is 3.51%. (Analysts’ price target is $28.50)

James Telfser

Owned

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$23.280

Stock price when the opinion was issued

packaging containers

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COMMENT

He has held it. They benefit from e-commerce trends. They have been in heavy investment mode. It is all sustainable going forward. Keep holding it. The dividend is safe.

WAIT

The company has done incredibly well over the last 10 years, and particularly through the pandemic. We will see enduring habits from the pandemic. However, in the near term, it might have reached its plateau. Always seemed expensive to him so waiting for a good entry point.

TOP PICK

They're off the radar. They've have four straight earnings beats. They're expanding into higher-margin e-commerce. This will create revenue growth for many years. It still trades at pre-Covid levels and a discount to peers. He sees earnings growth and currently trades around 10x. The balance sheet is fine, so there's firepower to buy more companies. (Analysts’ price target is $38.50)

PAST TOP PICK

(A Top Pick Sep 11/20, Up 100%) The advantage is they provide non-plastic tape and packaging materials. Amazon is a large customer. It is water-based tape. Has huge capacity and coming on-stream in time for internet sales. Will continue to benefit from online sales.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The company pays good dividends of 2.4% and is cash flow positive. Balance sheet is expanding and it is profitable. Debt is of slight concern but it can cover interest expenses and is trading at cheap valuation. Management raised guidance. Unlock Premium - Try 5i Free

BUY ON WEAKNESS

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. EPS was at $0.50 which beat estimates. EBITDA was short by 1.9%. Guidance was raised for revenue and cash flow. Supply chain and cost issues are the main concerns. Issues should be resolved next year and underlying trends seem to still be good. Unlock Premium - Try 5i Free

BUY

Latest quarter was disappointing, so pullback is a chance to buy. As AMZN continues to grow, hopefully the stock will return to the $35 range over the next 18 months. Yield is around 3%.

HOLD

Being taken out. Merger arbitrage is where you buy it while it's being acquired, and you try to pick up the spread. Risk is the deal fails to close. Not a lot more opportunity here from the price offered. He's getting a 6-8% rate of return to hold it till the deal closes.

PAST TOP PICK

(A Top Pick Jul 27/21, Up 53%) Taken over at a nice premium.

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James Telfser Intertape Polymer Group ITP-T TOP PICK Feb 17, 2021

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