Mauser Packaging Solutions Holding Co.

We expect these factors, and the EIP in particular, to support a continued rise in Mauser's EBITDA over the coming quarters. The EIP incorporates management's ongoing operational improvement and cost-savings initiatives, which it expects to contribute about $15 million-$25 million of EBITDA per quarter with an annualized contribution of roughly $91 million. The EIP's expected contributions are particularly notable because we believe they are achievable despite the company's volatile sales volumes. In addition, we anticipate these contributions will help offset Mauser's elevated operating costs stemming from pandemic-induced labor constraints, logistical bottlenecks, and general cost inflation. We anticipate the company's volumes will likely improve over the next 12 months as the global markets continue to reopen. That said, we also expect

...We expect that Mauser will continue to increase its earnings over the next few quarters, supported by its EIP and improving, albeit volatile, sales volumes. The company recently reported a notable improvement in its third-quarter earnings despite volatile sales volumes and elevated operating costs. Contributions from its EIP, as well as its improved sales mix and the pass through of various restructuring/one-time costs, helped Mauser expand its S&P Global Ratings-adjusted EBITDA by $72 million year over year. The contributions from EIP ($20 million) were particularly notable and helped the company offset volume pressures (-$10 million). We expect these factors, and the EIP in particular, to support a continued rise in Mauser's EBITDA over the coming quarters. The EIP incorporates management's ongoing operational improvement and cost-savings initiatives, which it expects to contribute about $15 million-$25 million of EBITDA per quarter with an annualized contribution of roughly $91 million....

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