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PresentationThanks, everyone, for joining. I'm Anthony Pettinari. I'm the Packaging Analyst here at Citi. And we're very pleased to welcome Gordon Hardie, CEO; and John Haudrich, CFO from O-I Glass. Gordon, John, thanks for joining us.Gordon HardieCEO, President & Director Yes. Thanks, Anthony. Many thanks to the Citi team for hosting us. We posted a brief presentation online and direct people to the safe harbor statement. What I might do is take a few minutes just going through a few slides, and then we ca ...

Summary of O-I Glass (NYSE: OI) 2025 Conference Call Company Overview - O-I Glass is a global leader in glass packaging, servicing top food and beverage brands across 74 countries with 21,000 employees and generating approximately $6.5 billion in revenue [6][9][10]. Core Strategies and Financial Targets - The company is implementing the "Fit-to-Win" program to enhance competitiveness by reducing inefficiencies and costs, targeting a cost reduction of $650 million [7][8][10]. - EBITDA is projected to increase from $1.1 billion in 2024 to $1.45 billion by 2027, representing a 30% improvement or approximately 8% CAGR [9][10]. - The company aims for EBITDA margins in the low 20s and free cash flow greater than 5% of sales by 2027 [10][11]. - Long-term goals include reaching $1.65 billion in EBITDA by 2029 and increasing free cash flow to 7% of sales [11][12]. Performance and Market Dynamics - O-I Glass has raised its EBITDA guidance for 2025 to $1.55-$1.65 per share, driven by better-than-expected benefits from the Fit-to-Win program, which is now projected to deliver $275-$300 million in benefits [14][15]. - Sales volume is expected to decline by about 2% in 2025, consistent with previous guidance, while net pricing has moderated as a headwind [14][15]. Cost Structure and Competitiveness - The company is addressing a previously inflated cost base, which had led to a 30%-40% cost differential compared to aluminum cans, impacting market share in the beer category [33][34]. - O-I Glass is focusing on improving its cost structure to regain competitiveness, particularly in the mainstream beer category where it overlaps with aluminum cans [34][35]. Market Trends and Opportunities - There is a growing consumer shift back to glass packaging due to concerns over microplastics, particularly in the food sector [45][51]. - The company sees potential growth in non-alcoholic beverages and premium segments, especially among younger consumers [45][46]. Regional Insights - In North America, the company is targeting a 1.5% volume growth, leveraging a more competitive cost base [47]. - The European market is fragmented, with demand for premium products remaining strong despite challenges in the mid-tier segment [49][50]. - Latin America shows promise, particularly in the Andean region, despite recent challenges in Brazil due to weather impacts on beer consumption [51][52]. Cash Generation and Financial Health - O-I Glass aims to improve cash flow significantly, targeting a turnaround of approximately $420 million by 2027, with plans to reduce debt and potentially return capital to shareholders [53][54]. Conclusion - O-I Glass is on a transformative path with its Fit-to-Win program, focusing on cost reduction, market competitiveness, and capitalizing on emerging consumer trends towards glass packaging. The company is optimistic about its growth prospects and financial health moving forward [56][57].

Core Viewpoint - O-I Glass (OI) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimate Revisions - Analysts' optimism regarding O-I Glass's earnings prospects is leading to higher estimates, which is expected to positively impact the stock price [2]. - The current quarter's earnings estimate is $0.18 per share, reflecting a substantial increase of +460.0% compared to the previous year [5]. - Over the last 30 days, the Zacks Consensus Estimate for O-I Glass has risen by 86.21%, with three estimates moving higher and no negative revisions [5]. - For the full year, the earnings estimate stands at $1.59 per share, indicating a +96.3% change from the year-ago figure [6]. - The consensus estimate for the current year has increased by 8.33% due to four upward revisions and no negative changes [6][7]. Zacks Rank and Performance - O-I Glass has achieved a Zacks Rank 2 (Buy), indicating strong agreement among analysts in revising earnings estimates upward [8]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks averaging an annual return of +25% since 2008 [3]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) are shown to significantly outperform the S&P 500 [8]. Recent Stock Performance - O-I Glass shares have increased by 8.8% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects [9].

Company Participation - O-I Glass, Inc. will participate in Citi's 2025 Basic Materials Conference on December 3, 2025 [1] - The presentation will be led by CEO Gordon Hardie and CFO John Haudrich at 11:30 a.m. ET [1] Webcast Information - A live webcast of the presentation will be available at a specified link and on the Company's Investor Relations website [2] - The replay of the presentation will be accessible within 24 hours and archived for 90 days [2] Company Overview - O-I Glass is a leading producer of glass bottles and jars globally, emphasizing the sustainability of glass as a packaging material [3] - The company is headquartered in Perrysburg, Ohio, and employs approximately 21,000 people across 69 plants in 19 countries [3] - O-I Glass achieved revenues of $6.5 billion in 2024 [3]

Core Insights - Zacks Premium offers various tools to help investors make informed decisions and enhance their confidence in the stock market [1][2] Zacks Style Scores - Zacks Style Scores rate stocks based on value, growth, and momentum characteristics, providing complementary indicators to the Zacks Rank [2][3] - Stocks are assigned ratings from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Score focuses on identifying undervalued stocks using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score assesses a company's financial health and future outlook by analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score identifies trends in stock prices and earnings outlooks, helping investors time their positions effectively [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores to highlight stocks with the best overall potential [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7] Stock to Watch: O-I Glass - O-I Glass, Inc. is the largest manufacturer of glass containers globally, operating 69 plants across 19 countries [11] - The company holds a 2 (Buy) rating on the Zacks Rank and has a VGM Score of A, indicating strong potential [11] - O-I Glass has a forward P/E ratio of 7.98, making it attractive for value investors [11] - Recent upward revisions in earnings estimates have increased the Zacks Consensus Estimate for fiscal 2025 to $1.59 per share, with an average earnings surprise of +53.8% [12]

Core Insights - The Zacks Glass Products industry is set to benefit from increasing demand for glass in packaging and construction due to its recyclability and sustainability [1][4] - Companies like O-I Glass and Apogee Enterprises are expected to capitalize on this demand by enhancing capacity and innovating products [2] Industry Overview - The Zacks Glass Products industry includes manufacturers of glass products, such as containers for beverages, food, and pharmaceuticals, as well as coated and high-performance glass for construction [3] - Smart glass technology is being developed to improve energy efficiency and comfort in buildings [3][6] Major Trends - Glass packaging is gaining popularity due to its recyclability, with over 80% of recycled bottles being reused to make new bottles [4] - The construction sector is increasingly adopting glass as a sustainable alternative to traditional materials, driven by rising construction activities and government incentives for green building [5] Technological Innovations - Smart glass panels are being introduced to enhance natural light access while minimizing glare and heat, contributing to energy savings [6] Pricing and Efficiency - The industry faces rising costs in transportation and materials, prompting companies to focus on pricing strategies and automation to improve efficiency [7] Industry Ranking and Performance - The Zacks Glass Products industry holds a Zacks Industry Rank of 13, placing it in the top 5% of 245 Zacks industries, indicating positive prospects [8][9] - The industry's earnings estimates have increased by 4% over the past three months, reflecting growing analyst confidence [10] Market Performance - The Glass Products industry has underperformed the S&P 500 and the Industrial Products sector, with a collective decline of 28% over the past year [12] Valuation Metrics - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 4.71X, significantly lower than the S&P 500's 18.01X and the Industrial Products sector's 24.13X [15] Company Highlights - O-I Glass is implementing a cost-reduction initiative expected to generate $250-$300 million in benefits by 2025, with a long-term goal of over $650 million by 2027 [19] - O-I Glass has seen an 8.2% increase in earnings estimates for fiscal 2025, with a projected earnings growth of 96.3% year-over-year [20] - Apogee Enterprises is focusing on cost control and efficiency improvements, with expected annualized pre-tax savings of $13-$15 million from its Project Fortify [25]

Group 1 - O-I Glass (OI) closed at $12.7, with a 3.3% gain over the past four weeks, and a mean price target of $16.56 suggests a 30.4% upside potential [1] - The average price targets range from $13.00 to $19.00, with a standard deviation of $2.07, indicating variability among analysts' estimates [2] - Analysts have shown increasing optimism about OI's earnings prospects, with a strong agreement in revising EPS estimates higher, correlating with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for the current year has increased by 8.3% over the past month, with four estimates going higher and no negative revisions [12] - OI holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]

Core Insights - The article emphasizes the importance of value investing as a preferred strategy for identifying strong stocks in various market conditions [2] - OI Glass (OI) is highlighted as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and an A grade in the Value category [3][6] Valuation Metrics - OI has a Price-to-Book (P/B) ratio of 1.48, which is attractive compared to the industry average of 1.57. The P/B ratio has fluctuated between a high of 1,033.82 and a low of 1.19 over the past 52 weeks, with a median of 1.57 [4] - The Price-to-Cash Flow (P/CF) ratio for OI is 8.87, which is favorable against the industry average of 9.95. The P/CF has ranged from a high of 25.52 to a low of 4.02 in the last 52 weeks, with a median of 8.53 [5] Investment Outlook - The combination of OI's strong valuation metrics and positive earnings outlook suggests that the stock is likely undervalued, making it an impressive value investment opportunity at present [6]