GEF-BGREIF, INC

Metal Shipping Barrels, Drums, Kegs & Pails

Revenue: $4.4B; 4.3% YoY
Operating margin: 7.8%; 24% YoY
EBITDA: $599M; 8.9% YoY
Market cap: —
Employees: 14,000; $311K revenue each
Net debt / EBITDA: 0.7×; $415M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
132% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
34% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$311K · 15th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
—
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	YoY	Trend
Revenue	$4.5B	$5.6B	$6.3B	$4.2B	$4.4B	4.3%
Operating income	$305M	$585M	$621M	$427M	$338M	21%
Net income	$109M	$391M	$377M	$359M	$269M	25%
Operating cash flow	$455M	$396M	$658M	$650M	$356M	45%
Stock-based comp	−$1M	$34M	$34M	$21M	$17M	21%
Buybacks	$0	$0	$71M	$64M	$0	100%
Dividends	$104M	$106M	$111M	$117M	$121M	3.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 1, 2022	Petitti Nicholas Joseph	SC 13D	24.1%	Passive
Dec 10, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.0%	Passive

Insider trading

Open-market buys, 12 mo: $5M · 24
Open-market sells, 12 mo: $18M · 37
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.