Graphic Packaging Holding Company http://www.alacrastore.com/company-snapshot/Graphic_Packaging_Holding_Company-1061859 Sunday, September 07, 2008 12:21:31 PM 1061859 Graphic Packaging Holding Company en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/73183cs/73183norm Basic Industry Short Interest: #H July #### Short interest for our chemical names declined #.#%, with ## of the ## names posting a decrease.  Short interest for the metal and mining names increased #.#%, reaching a new high for the...731832225YesD0Article675351342516216410014941127051506113741216586311639409911511666157114711691181145202198645114966381648248148corphy1161455854Euro Markets Issuers42High Yield59Short Interest8/14/2008 12:12:48 AM150In the two-week period ending July 28th, short interest in the basic industry coverage universe declined 3.2% to 373.0 million shares.73183Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72934cs/72934norm Graphic Packaging #Q##: Defensive End-Market and Merger Synergy Momentum? We review GPK's #Q## earnings with an emphasis on relative value for the equity and supply-demand fundamentals for the company's core consumer packaging markets....729341580YesD0Article86310011163381648207corphy1668Earnings Reports - Industrials/Consumer42High Yield8/7/2008 9:11:42 PM150Graphic Packaging reported second quarter pro forma adjusted EBITDA of approximately $138.1 million, up from $130.4 million in the year-ago quarter and $129.2 million in the quarter prior.72934Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72536cs/72536norm International Paper #Q##: Does Strong Quarter Justify IG Ratings? We discuss IP's #Q## earnings in the context of input cost inflation, ratings risk and recessionary fears. We review relative value, operating fundamentals and the company's...725361731YesD0Article100111378631163382071648corp1668Earnings Reports - Industrials/Consumer54Euro Markets Issuers7/31/2008 4:12:19 PM150International Paper reported 2Q08 adjusted EBITDA of $698 million, up from $668 million in 2Q07 and greatly exceeding expectations. We discuss the upside earnings surprise in the context of ratings risk and recessionary fears.72536Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72448cs/72448norm Basic Industry Short Interest: #H July #### Short interest for our chemical names declined #%, with the group evenly split between those seeing higher and lower levels of short interest. Short interest for the metal and mining names...724481795YesD0Article535616481511163671141981666645corphy1581416542High Yield54Euro Markets Issuers59Short InterestIn the two-week period ending July 10th, short interest in the basic industry coverage universe increased 1.7% to 299.8 million shares.7/30/2008 9:10:00 PM15072448Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72177cs/72177norm Packaging Corp. #Q##: Shareholder Enhancement Concerns Continue We review PKG's #Q## earnings with an emphasis on relative value, operating fundamentals and the company's financial condition. We also consider the potential for shareholder...721771598YesD0Article86313421163381648corphy1668Earnings Reports - Industrials/Consumer42High Yield7/24/2008 9:15:25 PM150Packaging Corp. reported second quarter adjusted EBITDA of $107 million, down from $119 million in the year-ago quarter, but in line with expectations. We discuss relative value in the context of further potential shareholder enhancement.72177Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71700cs/71700norm #H## North America Packaging Sector Relative Value Outlook: Pack it Up or Pack it In? We provide a #H## relative value outlook for credits in our North America Packaging coverage universe which includes industrial, consumer and non-paper...717004631YesD0Article116313426111378639911001207176959164838corphy1621Sector Outlooks42High Yield7/16/2008 10:24:12 AM150In advance of 2Q08 earnings and with an eye towards credit trends in 2H08, we provide a relative value update for companies in our North America Packaging Universe.71700Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71617cs/71617norm Basic Industry Short Interest: #H June #### In the two-week period ending June ##th, short interest in the basic industry coverage universe increased #.#% to ###.# million shares.  Short interest for the chemicals sector declined...705863113717064194015011639911511571118114714519764520419896616661141648248148corphy145851642High Yield54Euro Markets Issuers34Companies with Convertibles59Short Interest33Capital Structure7/15/2008 12:11:00 AM150In the two-week period ending June 25th, short interest in the basic industry coverage universe increased 0.8% to 294.9 million shares.716171882YesD0Article675355163101342111381001112116871617Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/659464spcred/659464normThe latest Summary from S&Pglobalstructured7/14/2008 3:44:45 PM175Summary659464United StatesPaper PackagingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesSummaryThe ratings on Marietta, Ga.-based Graphic Packaging International Inc. reflect its very aggressive debt leverage, modest product and geographic diversity, oversupplied and highly competitive paperboard and packaging markets, and risk of substitution from competing substrates. Even so, the company maintains leading market positions, generates relatively stable earnings and cash flow, and possesses a value-added product mix. Graphic Packaging manufactures coated unbleached kraft (CUK) and coated recycled paperboard (CRB), most of which is used internally to produce beverage carriers or folding cartons for food, household goods, and other consumer products that tend to be recession-resistant. A few markets, such as convenience foods, health, and beauty have more attractive growth prospects but, as a result, are highly competitive. The company also manufacturesUSA38869P38869C15103020 151030 1510 15Graphic Packaging International Inc.372661USAGPKSUMMARYGLOBISSSTRUCCORPABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659462spcred/659462normThe latest Full Report from S&Pglobalstructured7/14/2008 3:44:44 PM400Full Report659462United StatesPaper PackagingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesFull ReportLeading market position in coated paperboard; Meaningful proportion of value-added products in its mix; Long-term relationships with leading beverage and consumer products customers; Competitive cost position; and Relatively stable earnings. Highly leveraged capital structure; Competitive and oversupplied paperboard and packaging markets; Limited product and geographic diversity; Product-substitution risk; Elevated input costs; and Some customer concentration. The ratings on Marietta, Ga.-based Graphic Packaging International Inc. reflect its very aggressive debt leverage, modest product and geographic diversity, oversupplied and highly competitive paperboard and packaging markets, and risk of substitution from competing substrates. Even so, the company maintains leading market positions, generates relatively stable earnings and cash flow, and possesses a value-added product mix. Graphic Packaging manufactures coated unbleached kraft (CUK) and coatedUSA38869P38869C15103020 151030 1510 15Graphic Packaging International Inc.372661USAGPKFULLGLOBISSSTRUCCORPABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/71343cs/71343norm Graphic Packaging: Relative Value Update & Grade Analysis We review GPK's #Q## earnings with an emphasis on relative value and supply-demand fundamentals for the company's core consumer packaging markets. Additionally, we discuss merger...713432448YesD0Article1163863381648corphy1642High Yield7/7/2008 12:13:00 AM150Graphic Packaging continues to pursue synergies from its merger with Altivity and benefit from its market-leading position in comparatively consolidated markets.71343Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71068cs/71068norm Basic Industry Short Interest: #H June #### Short interest for the chemicals sector jumped ##.#% to approximately ###.# million shares, with ## of the ## chemical names posting increases.  In the metals & mining sector, short interest increased...710681655YesD0Article53567516112100141705134299111376151150940116338147148645157119824816481666114145966corphy1581614542High Yield54Euro Markets Issuers59Short Interest6/30/2008 12:12:15 AM150In the two-week period ending June 10th, short interest for the basic industry coverage universe increased 6.3% to 292.4 million shares.71068Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70092cs/70092norm Graphic Packaging #Q## Tearsheet Following its merger with altivity GPK's credit will benefit from benefit from meaningful debt reduction related to synergies.Additionally, high operating rates in GPK's core markets mitigate rising...70092458YesC21Tearsheet1648tearsheets/premium166/4/2008 4:10:09 PM15070092Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69852cs/69852norm Georgia-Pacific #Q##: Can Financial Flexibility Parry Operational Adversity? We discuss Georgia-Pacific's #Q## earnings with an emphasis on supply-demand fundamentals and cost pressures in tissue markets and relative value. In our...698522189YesD0Article207113738116386313421648corphy1668Earnings Reports - Industrials/Consumer42High Yield5/28/2008 10:12:26 PM150Georgia-Pacific reported first-quarter adjusted EBITDA of $571 million, down from $610 million in the year-ago quarter and slightly below our expectations.69852Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/648500spcred/648500normThe latest Summary from S&Pglobalstructured5/15/2008 6:41:36 PM175Summary648500United StatesPaper PackagingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesSummaryThe ratings on Marietta, Ga.-based Graphic Packaging International Inc. reflect its very aggressive debt leverage, modest product and geographic diversity, oversupplied and highly competitive paperboard and packaging markets, and risk of substitution from competing substrates. Even so, the company maintains leading market positions, generates relatively stable earnings and cash flow, and possesses a value-added product mix. Graphic Packaging manufactures coated unbleached kraft (CUK) and coated recycled paperboard (CRB), most of which is used internally to produce beverage carriers or folding cartons for food, household goods, and other consumer products that tend to be recession-resistant. A few markets, such as convenience foods, health, and beauty have more attractive growth prospects but, as a result, are highly competitive. The company also manufacturesUSA38869P38869C15103020 151030 1510 15Graphic Packaging International Inc.372661USAGPKSUMMARYGLOBISSSTRUCCORPABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/35321cs/35321norm #### Paper & Forest Products Outlook, Part # Part # of our #### Paper and Forest Products outlook examines investment opportunities related to some of the broader trends discussed in Parts # and #. First, we analyze investment grade...6717YesD0Article8631342100141113711681169204202164838corpcorp/reportshy12251621Sector Outlooks150In Part 3 of our 2006 Paper and Forest Products outlook, we look at the company-specific implications of the broader trends discussed in Parts 1 and 2.353215/15/2008 12:17:27 PM35321Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/58782cs/58782norm Basic Industry: August Short Interest Report Total short interest as of August ## for the North American basic industry companies decreased #% from the prior month, as subprime concerns weighed on equity values which likely prompted...587822837YesD0Article5166731013425351001111112705150611371706411168116394099115138204157120219814564519714716482481666966114148corphy581651442High Yield33Capital Structure34Companies with Convertibles59Short Interest5/14/2008 11:12:19 AM150Subprime-induced equity weakness appears to have prompted some profit taking among basic industry short investors, and after peaking in June, aggregate short interest sits flat to the rolling 12-month average.58782Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69116cs/69116norm Basic Industry Short Interest: #H April #### Total short interest as of April ## for the North American basic industry companies included in this report increased #% over the last # weeks as bearish sentiment moderately climbed in a...1648145645966114corphy1225581614542High Yield59Short Interest54Euro Markets Issuers5/12/2008 12:12:11 AM150Total short interest as of April 25 for the North American basic industry companies included in this report increased 1% over the last 2 weeks as bearish sentiment moderately climbed in a period which saw the S&P 500 rise 2.8%.691161893YesD0Article675351342516100138112705113799141694015015111631482481471571166619869116Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1835367ccbn/T1835367norm...Good morning, my name is Thia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Graphic Packaging Holding Company first quarter #### conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question and answer period. (OPERATOR INSTRUCTIONS). As a reminder, ladies and gentlemen, this conference is being recorded today, Friday, May #th. Thank you. I would now like to introduce, Scott Wenhold, Vice President and Treasurer. Sir, you may begin your conference. ... 5/9/2008 3:11:00 PMGraphic Packaging Holding Company54.0000FinalQ1 2008 Graphic Packaging Corporation Earnings Conference Call TranscriptGPK10:00am ETTranscriptT1835367Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/68891cs/68891norm MeadWestvaco #Q##: Event Risk Overshadows Strong Balance Sheet We examine MWV's #Q## earnings in the context of rising input cost inflation and continued event risk related to potential timberland monetization. We consider the potential...688911794YesD0Article13424111378633810012071648corp581668Earnings Reports - Industrials/Consumer5/6/2008 10:11:00 PM150MeadWestvaco reported 1Q08 estimated adjusted EBITDA of roughly $154 million, up slightly from $151 million in the year-ago quarter but narrowly missing analysts' EPS expectations.68891Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68666cs/68666norm Rock-Tenn FY #Q##: Can Strong Quarter Trump Cyclical and Enhancement Risks? We review RKT's strong fiscal #Q## focusing on the recent SCC acquisition, operating fundamentals and financial condition. In our relative value discussion,...686661444YesD0Article1648100111631181corphy165842High Yield5/1/2008 9:12:00 PM150Rock-Tenn reported fiscal 2Q08 adjusted EBITDA of $90 million, up from $74 million in the year-ago quarter, $68 million in the quarter prior and narrowly exceeding analyst expectations.68666Credit & Investment ResearchCreditSights