Sealed Air(US:SEE)2022-11-01 17:01Liquibox Acquisition - SEE will acquire 100% ownership of Liquibox, which is forecasted to have $362 million in revenues and $85 million in Adjusted EBITDA for 2022[19] - The purchase price is $115 billion, resulting in an EV/Adj 2022E EBITDA multiple of 135x, which reduces to 10x after considering cost synergies[19] - The acquisition is expected to generate approximately $30 million in annual run-rate cost synergies, representing 8% of Liquibox's revenues[19] - The acquisition is forecasted to reduce the EV/Adj EBITDA purchase multiple by 5x by Year 3 through organic growth and cost synergies and is expected to be accretive to Adjusted EPS by Year 1, excluding Purchase Accounting[19] - The combined Fluids & Liquids sales are expected to be approximately $600 million[17] Q3 2022 Financial Performance - Net sales were $14 billion, flat as reported but up 5% in constant currency[34, 36] - Adjusted EBITDA was $293 million, up 8% as reported and 12% in constant currency, with a margin of 209%, up 170 bps[34, 36, 44] - Adjusted EPS was $098, up 14% as reported and 19% in constant currency[34, 36] - Free cash flow was $137 million, with capital expenditures up 19% compared to Q3 2021's $223 million[34, 35] 2022 Outlook - Sales are projected to be between $565 billion and $575 billion, with organic growth up 7% to 9%, but impacted by a foreign exchange impact of approximately (4%) and a net acquisition/divestiture impact of approximately ($35 million)[60] - Adjusted EBITDA is expected to be between $121 billion and $123 billion, up 7% to 9%, with a margin of approximately 21%, but impacted by a foreign exchange impact of approximately (4%)[61]