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1. Company Snapshot

1.a. Company Description

Winpak Ltd.manufactures and distributes packaging materials and related packaging machines in the United States, Canada, Mexico, and internationally.The company operates through three segments: Flexible Packaging, Rigid Packaging and Flexible Lidding, and Packaging Machinery.


The Flexible Packaging segment provides modified atmosphere packaging products for fresh and processed meats, poultry, cheese, medical device packaging, and high performance pouch applications; high-barrier films for converting applications; barrier and non-barrier films, including shrink bags for printing, laminating, and bag making applications; and biaxially oriented nylon films for food packaging and industrial applications.The Rigid Packaging and Flexible Lidding segment offers portion control and single-serve containers, as well as plastic sheet, custom, and retort trays for food, pet food, beverage, dairy, industrial, and healthcare applications; die-cut, daisy chain, and rollstock lidding products for food, dairy, beverage, industrial, and healthcare applications; and specialized printed packaging solutions for the pharmaceutical, healthcare, nutraceutical, cosmetic, and personal care markets.The Packaging Machinery segment provides horizontal fill/seal machines for preformed containers and vertical form/fill/seal pouch machines for pumpable liquid and semi-liquid, as well as various dry products.


The company was incorporated in 1975 and is based in Winnipeg, Canada.Winpak Ltd.is a subsidiary of Wihuri International Oy.

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1.b. Last Insights on WPK

Winpak Ltd.'s recent performance has been negatively driven by concerns over the Canadian economy and trade uncertainties, which may impact demand for its packaging materials. Additionally, the company's high dependence on the Canadian market and lack of diversification may be weighing on investor sentiment. Despite its strong fundamentals and recent Silver Medal from EcoVadis for sustainability performance, Winpak's dividend yield of 5 cents per share may not be enough to offset these concerns.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Winpak Ltd.'s (TSE:WPK) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

Nov -12

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Winpak Up 2.5% Even As Reports Small Drop In Q3 Net Income On Lower Revs, and Warns On Tariffs

Oct -22

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Winpak Reports 2025 Third Quarter Results

Oct -22

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A Look At The Fair Value Of Winpak Ltd. (TSE:WPK)

Sep -10

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While institutions own 23% of Winpak Ltd. (TSE:WPK), private companies are its largest shareholders with 55% ownership

Aug -18

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Winpak becomes authorised DuPont Tyvek healthcare packaging converter

Jul -31

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Wiicare Announces New Converting Location for DuPont™ Tyvek® in North America

Jul -30

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Winpak Second Quarter 2025 Earnings: Misses Expectations

Jul -28

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.02%)

6. Segments

Flexible Packaging

Expected Growth: 1.2%

Winpak Ltd.'s Flexible Packaging segment growth of 1.2% is driven by increasing demand for sustainable and convenient packaging solutions, particularly in the food and beverage industry. Additionally, the company's focus on innovation, product diversification, and strategic acquisitions have contributed to its growth.

Rigid Packaging and Flexible Lidding

Expected Growth: 0.8%

Winpak's Rigid Packaging and Flexible Lidding segments' 0.8% growth is driven by increasing demand for sustainable packaging, growth in the e-commerce industry, and rising consumer spending on packaged goods. Additionally, the company's focus on innovation, product diversification, and strategic acquisitions contribute to its steady growth.

Packaging Machinery

Expected Growth: 1.1%

Winpak Ltd.'s Packaging Machinery segment growth of 1.1% is driven by increasing demand for sustainable and eco-friendly packaging solutions, expansion in e-commerce and online shopping, and rising need for automation and efficiency in packaging processes. Additionally, growth in the food and beverage industry, particularly in the dairy and meat sectors, contributes to the segment's growth.

7. Detailed Products

Rigid Containers

Winpak Ltd. offers a wide range of rigid containers for packaging of food, beverages, and pharmaceutical products. These containers are made of high-quality plastic materials and are designed to provide maximum protection and preservation of the packaged products.

Flexible Packaging

Winpak Ltd. provides flexible packaging solutions for a variety of industries, including food, beverage, and pharmaceutical. The company's flexible packaging products include bags, pouches, and rollstock.

Bakery Packaging

Winpak Ltd. offers a range of packaging solutions for the bakery industry, including bread bags, bun bags, and cake bags.

Produce Packaging

Winpak Ltd. provides packaging solutions for the produce industry, including bags, pouches, and containers for fresh fruits and vegetables.

Meat and Seafood Packaging

Winpak Ltd. offers packaging solutions for the meat and seafood industry, including trays, bags, and pouches.

Dairy and Ice Cream Packaging

Winpak Ltd. provides packaging solutions for the dairy and ice cream industry, including cups, containers, and bags.

Pharmaceutical and Medical Packaging

Winpak Ltd. offers packaging solutions for the pharmaceutical and medical industry, including bottles, vials, and pouches.

8. Winpak Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Winpak Ltd. operates in a industry with moderate threat of substitutes. The company's products are not easily substitutable, but there are some alternatives available in the market.

Bargaining Power Of Customers

Winpak Ltd. has a diverse customer base, which reduces the bargaining power of individual customers. The company's products are also customized to meet specific customer needs, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Winpak Ltd. has a moderate level of bargaining power over its suppliers. The company sources its raw materials from a diverse range of suppliers, which reduces its dependence on any one supplier.

Threat Of New Entrants

The packaging industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to enter the market and compete with established players like Winpak Ltd.

Intensity Of Rivalry

The packaging industry is highly competitive, with several established players competing for market share. Winpak Ltd. faces intense competition from its rivals, which puts pressure on its pricing and profitability.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.01%
Debt Cost 4.82%
Equity Weight 98.99%
Equity Cost 4.82%
WACC 4.82%
Leverage 1.02%

11. Quality Control: Winpak Ltd. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 6.1

Growth: 7.9

Quality: 7.4

Yield: 9.0

Momentum: 3.0

Volatility: 6.0

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Winpak

A-Score: 6.1/10

Value: 5.9

Growth: 5.4

Quality: 5.9

Yield: 8.0

Momentum: 1.5

Volatility: 10.0

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Quality: 2.6

Yield: 8.0

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Myers Industries

A-Score: 5.7/10

Value: 5.9

Growth: 4.6

Quality: 4.2

Yield: 6.0

Momentum: 8.0

Volatility: 5.3

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A-Score: 4.4/10

Value: 5.6

Growth: 1.9

Quality: 1.6

Yield: 3.0

Momentum: 9.0

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Tupperware

A-Score: 4.0/10

Value: 9.5

Growth: 3.7

Quality: 5.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

43.26$

Current Price

43.26$

Potential

-0.00%

Expected Cash-Flows