Announcement • Jul 12
Intertape Polymer Group Inc. Publishes First Environmental Product Declaration with Curbside Recyclable Curby Mailer™ Product Solution Intertape Polymer Group Inc. announced its first published Environmental Product Declaration (EPD) of its Curby Mailer™, an innovative sustainable paper mailer solution. The Curby Mailer is a tri-laminated mailer employing a patented production process that allows for the mailer to use a paper honeycomb structure, encapsulated between an inner and outer layer of paper, to form a padded mailer. It is curbside recyclable and can be easily disposed of with other recyclable materials. The Curby Mailer is one of several solutions that complete the entire Curby® line of sustainable packaging products which includes water-activated tape (also known as gum tape), paper void fill solutions, and paper fragile wrapping solutions. “With e-commerce shipping volumes rapidly increasing and consumers becoming ever more aware of their environmental impact, Curby products promote a circular economy and help answer these e-commerce growth challenges,” explained Kissel. In an ongoing effort to provide the market with sustainable packaging alternatives, IPG has also implemented the demanding standards held under the Cradle to Cradle Certified® Products Program. Cradle to Cradle Certification is a rigorous auditing process across five critical performance categories: material health, product circularity, clean air and climate protection, water and soil stewardship, and social fairness. In February of 2022, the Curby Mailer reached Cradle to Cradle Certified® Silver status. Curby Fragile Wrap, a paper-based honeycomb protective cushioning material, also received Cradle to Cradle Certified® Silver status in August of 2021. However, IPG’s first product to receive Cradle to Cradle Certification was Water-Activated Tape in February of 2020; it is Cradle to Cradle Certified® Bronze status. Announcement • Jul 02
Intertape Polymer Group Common Stock to Be Deleted from Other OTC Intertape Polymer Group Inc. Common Stock will be deleted from Other OTC effective July 01, 2022. The deletion is due to Acquisition /Merger /Amalgamation. Announcement • Jul 01
Intertape Polymer Group Inc.(TSX:ITP) dropped from S&P Global BMI Index Intertape Polymer Group Inc.(TSX:ITP) dropped from S&P Global BMI Index Announcement • Jun 25
Intertape Polymer Group Inc. Announces Quarterly Dividend, Payable on June 28, 2022 Intertape Polymer Group Inc. announced that quarterly dividend of $0.17 per share announced on May 11, 2022 will be paid immediately prior to the closing of the Arrangement on June 28, 2022, subject to the satisfaction of customary closing conditions, and the payment date of the dividend has been changed to such date. The dividend record date of June 15, 2022 remains unchanged. Announcement • Apr 27
Clearlake Capital Group Intends to Cause Intertape Polymer Group to Have Shares Delisted from the Toronto Stock Exchange Intertape Polymer Group Inc. announced that leading independent proxy advisors, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC have both recommended that Company shareholders vote FOR the resolution approving the acquisition of the Company by an affiliate of Clearlake Capital Group, L.P. (the “Purchaser”) by way of a plan of arrangement in accordance with Section 192 of the Canada Business Corporations Act (the “Arrangement”) at the Company’s Annual and Special meeting to be held on May 11, 2022. Under the terms of the Arrangement, the Purchaser will acquire the outstanding shares of IPG for CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt. This represents a premium of approximately 82% to the closing price of IPG shares on the Toronto Stock Exchange on March 7, 2022, being the last trading day prior to announcement of the Arrangement, and approximately 66% to the volume weighted average trading price of IPG shares on the Toronto Stock Exchange for the 30 trading days preceding March 7, 2022. Upon completion of the transaction, all of the shares of IPG will be held by the Purchaser, and the Purchaser intends to cause the Company to have such shares delisted from the Toronto Stock Exchange. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: US$1.53b (up 26% from FY 2020). Net income: US$67.8m (down 6.7% from FY 2020). Profit margin: 4.4% (down from 6.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.8%, compared to a 4.8% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 29% per year. Announcement • Mar 10
Clearlake Capital Group, L.P. entered into a definitive agreement to acquire Intertape Polymer Group Inc. (TSX : ITP) for CAD 2.5 billion. Clearlake Capital Group, L.P. entered into a definitive agreement to acquire Intertape Polymer Group Inc. (TSX : ITP) for CAD 2.5 billion on March 8, 2022. Under the terms of the agreement, Clearlake will acquire the outstanding shares of IPG for CAD 40.50 per share in an all-cash transaction valued at approximately $2.6 billion (CAD 3.353 billion), including net debt. Upon completion of the transaction, IPG will become a privately held company. Credit Suisse, Deutsche Bank Securities Inc., and Wells Fargo are providing committed financing in support of the acquisition. The transaction is not subject to a financing condition but is subject to customary closing conditions, including receipt of shareholder, regulatory and court approvals. The transaction is expected to close in the third quarter of 2022. Morgan Stanley & Co. LLC is serving as financial advisor to IPG. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Fasken Martineau DuMoulin are serving as legal advisors to IPG. National Bank Financial Inc. is serving as independent financial advisor to the IPG Board of Directors and provided a fairness opinion to the IPG Board of Directors on a fixed-fee basis. Goldman Sachs & Co. LLC is serving as lead financial advisor to Clearlake. Credit Suisse and Deutsche Bank Securities Inc. are also acting as financial advisors to Clearlake. Carlo Zenkner, Luke Guerra, Aisha Lavinier, Brian Ford, Paul Rezvani, Ross Leff, Thomas Felix, Anne Kim, and Jack Stratton of Kirkland & Ellis LLP and Stikeman Elliott LLP are acting as legal advisors to Clearlake. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 69% share price gain to CA$39.26, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Packaging industry in Canada. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$33.85 per share. Announcement • Mar 03
Intertape Polymer Group Inc. to Report Q4, 2021 Results on Mar 15, 2022 Intertape Polymer Group Inc. announced that they will report Q4, 2021 results Pre-Market on Mar 15, 2022 Upcoming Dividend • Dec 09
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 16 December 2021. Payment date: 31 December 2021. Payout ratio is a comfortable 50% and the cash payout ratio is 83%. Trailing yield: 3.3%. Lower than top quartile of Canadian dividend payers (4.7%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS US$0.43 (vs US$0.45 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$395.6m (up 23% from 3Q 2020). Net income: US$25.3m (down 5.2% from 3Q 2020). Profit margin: 6.4% (down from 8.3% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 30 September 2021. Trailing yield: 2.9%. Lower than top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (1.6%). Recent Insider Transactions Derivative • Aug 29
CEO, President & Director exercised options and sold CA$359k worth of stock On the 26th of August, Gregory A. Yull exercised 20k options at a strike price of around CA$12.55 and sold these shares for an average price of CA$30.51 per share. This trade did not impact their existing holding. For the year to December 2020, Gregory A.'s total compensation was 20% salary and 80% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2020, Gregory A. has owned 732.20k shares directly. Company insiders have collectively sold CA$4.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 18
CEO, President & Director exercised options and sold CA$3.1m worth of stock On the 12th of August, Gregory A. Yull exercised 160k options at a strike price of around CA$12.04 and sold these shares for an average price of CA$31.33 per share. This trade did not impact their existing holding. For the year to December 2020, Gregory A.'s total compensation was 20% salary and 80% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2020, Gregory A. has owned 732.20k shares directly. Company insiders have collectively sold CA$4.2m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS US$0.24 (vs US$0.24 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$376.7m (up 41% from 2Q 2020). Net income: US$14.3m (down 1.0% from 2Q 2020). Profit margin: 3.8% (down from 5.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 19% per year. Announcement • Aug 12
Intertape Polymer Group Inc. Revises Revenue Guidance for the Full Year 2021 Intertape Polymer Group Inc. revised revenue guidance for the full year 2021. The company now expects revenue to be in the range of $1.425 billion to $1.5 billion compared to previous guidance of $1.375 billion to $1.45 billion. Announcement • Jul 01
Intertape Polymer Group Inc. (TSX:ITP) entered into a definitive agreement to acquire Nuevopak Global Limited for $43.8 million. Intertape Polymer Group Inc. (TSX:ITP) entered into a definitive agreement to acquire Nuevopak Global Limited for $43.8 million on June 30, 2021. Total cash consideration consists of $34.8 million to be paid at closing and the remaining amount, subject to certain post-closing adjustments and potential contingent consideration, to be paid within three years from the date of closing. Intertape Polymer expects to finance the acquisition with funds available under its $600 million credit facility. Intertape Polymer Group expects to achieve a post-synergy adjusted EBITDA acquisition multiple that is approximately 5x by 2023. The acquisition is subject to customary closing conditions and approvals and is expected to close in the third quarter of 2021. Recent Insider Transactions Derivative • Jul 01
Senior Vice President of Operations exercised options and sold CA$109k worth of stock On the 25th of June, Douglas Nalette exercised 17k options at a strike price of around CA$21.76 and sold these shares for an average price of CA$28.32 per share. This trade did not impact their existing holding. Since December 2020, Douglas has owned 140.57k shares directly. Company insiders have collectively sold CA$242k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Jun 08
Upcoming dividend of US$0.16 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 30 June 2021. Trailing yield: 2.7%. Lower than top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (1.8%). Announcement • May 19
Intertape Polymer Group Inc. Launches New Flame Retardant Polyethylene Tape Ideal for Marine, Construction and Manufacturing Markets Intertape Polymer Group Inc. announced the launch of a new flame retardant polyethylene (PE) tape called PEFR. IPG’s PEFR polyethylene tape is a heavy-duty tape ideal for healthcare facilities, institutional buildings, laboratories, shipyards and construction sites where flame retardant materials are required to add a critical layer of security of fire protection. It is ideal for use in abatement, surface protection, marine and heavy equipment preservation and long-term storage. PEFR’s aggressive rubber adhesive is formulated to create a conformable water tight seal and provide an additional layer of fire and flame resistance and is ideal for use with flame retardant films, surface protection and textiles. Its moisture and solvent resistance deliver excellent results in a variety of environmental conditions. PEFR is strong and durable with aggressive adhesion to a variety of surfaces but is repositionable during use without leaving messy residue. Reported Earnings • May 14
First quarter 2021 earnings released: EPS US$0.32 (vs US$0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$345.6m (up 24% from 1Q 2020). Net income: US$19.1m (up 34% from 1Q 2020). Profit margin: 5.5% (up from 5.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 08
Intertape Polymer Group Inc. Announces the Launch of the Curby® Mini-Taper and Its Accompanying Curby® Water-Activated Tape Intertape Polymer Group Inc. announced the launch of the Curby Mini-Taper, a sleek and durable manual water-activated tape (WAT) dispenser designed to fill a market gap for the small or new e-commerce retailer who needs all the benefits of WAT to ship packages globally. The company has committed to offering customers sustainable packaging products that can be recycled curbside. Recent Insider Transactions • Apr 03
Independent Director recently bought CA$102k worth of stock On the 31st of March, Christopher Cawston bought around 4k shares on-market at roughly CA$28.29 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$99k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 20
Independent Lead Director recently sold CA$267k worth of stock On the 18th of March, Robert Foster sold around 9k shares on-market at roughly CA$29.65 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$194k more than they sold in the last 12 months. Announcement • Mar 14
Intertape Polymer Group Inc. Declares Quarterly Cash Dividend, Payable on March 31, 2021 On March 11, 2021, the Board of Directors of Intertape Polymer Group Inc. declared a dividend of $0.1575 per common share payable on March 31, 2021 to shareholders of record at the close of business on March 22, 2021. These dividends will be designated by the Company as "eligible dividends" as defined in Subsection 89(1) of the Income Tax Act (Canada). Reported Earnings • Mar 13
Full year 2020 earnings released: EPS US$1.23 (vs US$0.70 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.21b (up 4.7% from FY 2019). Net income: US$72.7m (up 76% from FY 2019). Profit margin: 6.0% (up from 3.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 8.9%, compared to a 6.6% growth forecast for the Packaging industry in Canada. Is New 90 Day High Low • Mar 13
New 90-day high: CA$28.80 The company is up 15% from its price of CA$25.10 on 11 December 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$39.81 per share. Upcoming Dividend • Dec 09
Upcoming Dividend of US$0.16 Per Share Will be paid on the 31st of December to those who are registered shareholders by the 15th of December. The trailing yield of 3.2% is below the top quartile of Canadian dividend payers (5.1%), but it is higher than industry peers (1.4%). Is New 90 Day High Low • Dec 04
New 90-day high: CA$24.65 The company is up 61% from its price of CA$15.32 on 04 September 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$45.54 per share. Recent Insider Transactions • Nov 22
Independent Director recently bought CA$102k worth of stock On the 13th of November, Christopher Cawston bought around 5k shares on-market at roughly CA$21.30 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$249k more in shares than they have sold in the last 12 months. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 114%. Over the next year, revenue is forecast to grow 5.8%, compared to a 4.2% growth forecast for the Packaging industry in Canada. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS US$0.45 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$323.0m (up 10.0% from 3Q 2019). Net income: US$26.7m (up 113% from 3Q 2019). Profit margin: 8.3% (up from 4.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 11
New 90-day high: CA$16.71 The company is up 6.0% from its price of CA$15.74 on 13 August 2020. The Canadian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$28.74 per share. Announcement • Oct 30
Intertape Polymer Group Inc. to Report Q3, 2020 Results on Nov 12, 2020 Intertape Polymer Group Inc. announced that they will report Q3, 2020 results at 9:00 AM, Eastern Standard Time on Nov 12, 2020 Is New 90 Day High Low • Oct 24
New 90-day high: CA$16.41 The company is up 8.0% from its price of CA$15.19 on 24 July 2020. The Canadian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$30.47 per share. Announcement • Oct 16
Intertape Polymer Group Inc. Announces Appointment of New Board Members Intertape Polymer Group Inc. announced the appointment of Ms. Jane Craighead and Mr. Chris R. Cawston, each of Ontario, Canada, as new board members of the Company, effective October 15, 2020. Jane Craighead has been a member of the board of Clearwater Seafoods since 2015 and Jarislowsky Fraser Limited since 2018. Her prior roles include Senior Vice President Global Human Resources at Scotiabank, Global Practice Leader Rewards at Rio Tinto plc and Eastern Canada Business Leader for Human Capital Advisory Services at Mercer Human Resource Consulting. Previously, Ms. Craighead held full-time faculty appointments at Queen's University, Concordia University, and McGill University. Ms. Craighead holds a PhD in Management from McGill University and is a Canadian chartered professional accountant. Chris Cawston was previously a member of the board of AutoServe1 from 2014 until the sale of the business in 2019. Mr. Cawston was most recently the President of Sym-Tech Inc, a leading provider of Finance and Insurance solutions to automobile dealers and original equipment manufacturers. His prior roles include, President and CEO of SCI Marketview, Founder and President of Premier Salons & Magicuts, and Director Internal Audit, Mitel Corporation. Mr. Cawston began his career with Coopers & Lybrand, now PricewaterhouseCoopers. Mr. Cawston is a Canadian chartered professional accountant. Ms. Craighead and Mr. Cawston will sit as independent directors of the Board. Announcement • Jul 17
Intertape Polymer Group Inc. to Report Q2, 2020 Results on Aug 13, 2020 Intertape Polymer Group Inc. announced that they will report Q2, 2020 results at 12:00 PM, GMT Standard Time on Aug 13, 2020