To be fair, the lowest price target I've seen for SWM was 50c. At the time the stock was in the low 60s. For it to go to 35c is not in line with the broker report.
Perhaps GS or whoever else built a position off the back of this. Who knows. But they didn't suggest it's worth 35c... Even now the stock trades below their price target.
As for stable EBITDA - I'm not so sure. Ad rates for TV went up during COVID as everyone was at home. Who knows how far these pull back... and what impact that has on what is quite a fixed cost base.
I'd expect $350m to be peak cycle EBITDA to be honest...
SWM Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
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