Intertape Polymer Group

ITP-T

TSE:ITP

16.41
0.18 (1.11%)
Intertape Polymer Group Inc. is a packaging products and systems company which supplies retailers and manufacturers, based in Montreal and Sarasota, Florida, with 17 locations, 12 manufacturing locations ...
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Analysis and Opinions about ITP-T

Signal
Opinion
Expert
WEAK BUY
WEAK BUY
January 14, 2020
They sell tape used in e-commerce packages. Merely an okay business with okay managers. But it generates a lot of free cash flow, and the valuation is attractive. Own this for income. In a few years, the balance sheet will be terrific.
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They sell tape used in e-commerce packages. Merely an okay business with okay managers. But it generates a lot of free cash flow, and the valuation is attractive. Own this for income. In a few years, the balance sheet will be terrific.
BUY
BUY
January 2, 2020
He likes it. It has a decent dividend. As online shopping grows, the stock will do just fine.
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He likes it. It has a decent dividend. As online shopping grows, the stock will do just fine.
DON'T BUY
DON'T BUY
December 12, 2019

It is a well managed but low marking business. They are trying to diversify. He has looked at it many times but still prefers CCL.B-T.

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It is a well managed but low marking business. They are trying to diversify. He has looked at it many times but still prefers CCL.B-T.

HOLD
HOLD
November 19, 2019
They have not delivered on organic revenue growth. It's on his hold list for now. Management has said they will get back to organic revenue growth. The thesis has yet to work.
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They have not delivered on organic revenue growth. It's on his hold list for now. Management has said they will get back to organic revenue growth. The thesis has yet to work.
BUY
BUY
October 15, 2019
CCL vs. Intertape Polymer $54.97 is his model price for CCL; the stock is trading near this price. He hasn't looked at Intertape in years; $19.17 is his model price. He likes both. Don't sell one to buy the other. Doesn't prefer either.
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CCL vs. Intertape Polymer $54.97 is his model price for CCL; the stock is trading near this price. He hasn't looked at Intertape in years; $19.17 is his model price. He likes both. Don't sell one to buy the other. Doesn't prefer either.
BUY
BUY
October 15, 2019
Frustrated. They've done the right things: adding new lines to their plants and investing well. It's not getting the love it deserves. Resin prices are pressuring this. E-commerce growth keeps going so this should improve their cash flow. ITP (tape) doesn't compete with CCL (labels).
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Frustrated. They've done the right things: adding new lines to their plants and investing well. It's not getting the love it deserves. Resin prices are pressuring this. E-commerce growth keeps going so this should improve their cash flow. ITP (tape) doesn't compete with CCL (labels).
BUY
BUY
May 17, 2019
Their guidance says profits will increase by 50% in 3-5 years through acquisition and improving operations. They have bought a lot of companies in recent years, so the balance sheet needs work. E-commerce is a strong tailwind which is why he likes it. They are building a global powerhouse and trade at a good valuation. They've stopped raising the dividend so they can make acquisitions.
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Their guidance says profits will increase by 50% in 3-5 years through acquisition and improving operations. They have bought a lot of companies in recent years, so the balance sheet needs work. E-commerce is a strong tailwind which is why he likes it. They are building a global powerhouse and trade at a good valuation. They've stopped raising the dividend so they can make acquisitions.
TOP PICK
TOP PICK
April 1, 2019
It's a play on a big tailwind to e-commerce. ITP's customers are all the e-commerce giants. ITP has met its guidance for 4 years and is guiding to have enormous growth by 2022. But the market is ignoring this company. It pays a fabulous dividend. Free cash flow will expand. People won't spend less online. (Analysts’ price target is $22.93)
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It's a play on a big tailwind to e-commerce. ITP's customers are all the e-commerce giants. ITP has met its guidance for 4 years and is guiding to have enormous growth by 2022. But the market is ignoring this company. It pays a fabulous dividend. Free cash flow will expand. People won't spend less online. (Analysts’ price target is $22.93)
PAST TOP PICK
PAST TOP PICK
March 25, 2019
(A Top Pick Aug 09/18, Up 2%) It's a sma/mid-cap name so a little volatile. He will hold this to $22-26. It pays a 4% dividend. They missed their growth targets in the last few quarters, but have recovered, so the price has moved up accordingly. In a good market, this outperforms, but in a weak one it underperforms, because it's levered a little more.
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(A Top Pick Aug 09/18, Up 2%) It's a sma/mid-cap name so a little volatile. He will hold this to $22-26. It pays a 4% dividend. They missed their growth targets in the last few quarters, but have recovered, so the price has moved up accordingly. In a good market, this outperforms, but in a weak one it underperforms, because it's levered a little more.
BUY WEAKNESS
BUY WEAKNESS
February 27, 2019
A pretty stable business and the packaging business looks good. He is watching it, but has not yet pulled the trigger. He is looking to buy it on a pullback.
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A pretty stable business and the packaging business looks good. He is watching it, but has not yet pulled the trigger. He is looking to buy it on a pullback.
DON'T BUY
DON'T BUY
February 26, 2019
He prefers CCL, which has 5 times the size than ITP with better margins. ITP is a small player in a space domianted by giant, 3M. ITP has a lot of commodity exposure and cost pressure that is difficult to pass to end clients who are big multinationals. That said it has impressively improved margins over the past decade. But their commodity expoure and heavy leverage are concerns if we see an economic downturn. You could see a bounce after earnings next week though, but long-term look elsewhere in this sector.
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He prefers CCL, which has 5 times the size than ITP with better margins. ITP is a small player in a space domianted by giant, 3M. ITP has a lot of commodity exposure and cost pressure that is difficult to pass to end clients who are big multinationals. That said it has impressively improved margins over the past decade. But their commodity expoure and heavy leverage are concerns if we see an economic downturn. You could see a bounce after earnings next week though, but long-term look elsewhere in this sector.
COMMENT
COMMENT
December 18, 2018
They're in the midst of a capex program. Payout ratio is in the 80s. Coverage of the dividend will improve in coming years. It's too small for him to buy.
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They're in the midst of a capex program. Payout ratio is in the 80s. Coverage of the dividend will improve in coming years. It's too small for him to buy.
HOLD
HOLD
December 3, 2018
The dividend is safe. The question is getting in at the right price. This one is more commodity than CCL.B-T or WPK-T. Management has been doing a really good job of diversifying into other sectors of packaging. They are benefiting from the whole home delivery momentum. The question is what the company is worth going down the road. He thinks there is good upside if they keep executing. (Analysts’ price target is $23.00)
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The dividend is safe. The question is getting in at the right price. This one is more commodity than CCL.B-T or WPK-T. Management has been doing a really good job of diversifying into other sectors of packaging. They are benefiting from the whole home delivery momentum. The question is what the company is worth going down the road. He thinks there is good upside if they keep executing. (Analysts’ price target is $23.00)
PAST TOP PICK
PAST TOP PICK
November 27, 2018

(A Top Pick Oct 03/17, Down 7%) They had 2 problems in their last quarter: input costs and shipping costs. It's a little economically sensitive, but now it's an attractive price.

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(A Top Pick Oct 03/17, Down 7%) They had 2 problems in their last quarter: input costs and shipping costs. It's a little economically sensitive, but now it's an attractive price.

BUY
BUY
October 31, 2018

CCL or ITP? CCL has great management and will benefit from global growth. They do labels and packaging for the big-branded companies. They're diversified and are generating a lot of free cash flow. ITP is a turnaround story. Amazon is their biggest customer. if you believe e-commerce will continue to grow then play ITP. ITP pays a higher dividend than CCL. Worries of higher input costs and a slowing economy are overblown. Sees good long-term returns from both.

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CCL or ITP? CCL has great management and will benefit from global growth. They do labels and packaging for the big-branded companies. They're diversified and are generating a lot of free cash flow. ITP is a turnaround story. Amazon is their biggest customer. if you believe e-commerce will continue to grow then play ITP. ITP pays a higher dividend than CCL. Worries of higher input costs and a slowing economy are overblown. Sees good long-term returns from both.

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