Announcement • Dec 10
The ODP Corporation Announces Chief Executive Officer Changes Atlas Holdings (Atlas) completed the previously announced acquisition of The ODP Corporation (ODP) in an all-cash transaction valued at approximately $1 billion. In connection with the closing of the transaction, Craig Gunckel has been appointed CEO of ODP and will lead the company’s more than 16,000 coworkers in its retail business, which includes the Office Depot and OfficeMax stores in the United States and Canada, as well as in its vast B2B distribution network across North America. Gunckel brings nearly three decades of leadership experience in the paper and packaging industry in both public and private companies, most recently serving as CEO of Iconex, previously owned by Atlas, where he led a transformation that strengthened operations, improved safety and efficiency across the company’s manufacturing network, and drove meaningful growth in revenue and profitability. Prior to Iconex, Gunckel spent twenty years in leadership roles at WestRock. He succeeds Gerry P. Smith, who has departed the company in conjunction with completion of the transaction. Announcement • Sep 24
The ODP Corporation's Shares of Common Stock to No Longer Be Listed on the Nasdaq Stock Exchange Upon Completion of the Transaction The ODP Corporation announced that it has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses, for $28 per share in cash. The purchase price represents a premium of 34% to The ODP Corporation's closing share price on September 19, 2025, valuing The ODP Corporation at approximately $1 billion. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange. New Risk • Sep 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to US$27.68, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Specialty Retail industry in the US. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$34.77 per share. Announcement • Sep 22
ACR Ocean Resources LLC entered into a definitive agreement to acquire The ODP Corporation (NasdaqGS:ODP) for approximately $840 million. ACR Ocean Resources LLC entered into a definitive agreement to acquire The ODP Corporation (NasdaqGS:ODP) for approximately $840 million on September 22, 2025. The ODP Corporation Shareholders to Receive $28 Per Share in Cash. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange.
The Board of Directors of The ODP Corporation unanimously approved the transaction, which is expected to be completed by the end of 2025. The transaction is subject to customary closing conditions, including regulatory approvals and approval by The ODP Corporation shareholders.
J.P. Morgan Securities LLC, Simpson Thacher & Bartlett LLP acted as legal advisor for The ODP Corporation. Lazard, Inc. (NYSE:LAZ) acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal advisor for Atlas Holdings. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$21.08, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Specialty Retail industry in the US. Total loss to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$35.33 per share. Reported Earnings • Aug 07
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$1.59b (down 7.6% from 2Q 2024). Net income: US$0 (up US$4.00m from 2Q 2024). Profit margin: 0% (up from net loss in 2Q 2024). Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in the US are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 19% per year. Announcement • Jul 31
ODP Reportedly Explores a Sale The ODP Corporation (NasdaqGS:ODP) rose 2.1% after a report that the office supply retailer is exploring a sale that has attracted private equity interest. ODP, the owner of the Office Depot and OfficeMax brands, is evaluating a sale alongside adviser JPMorgan, according to a Dealreporter item on July 29, 2025, which cited sources familiar with the matter. ODP recently asked for initial offers from potential buyers, according to the report. Private equity firms are most interested in the wholesale side of the business and see opportunities for cost cutting in the retail business. A potential bidder may decide to keep the retail and B2B businesses or may split them. Announcement • Jul 24
The ODP Corporation to Report Q2, 2025 Results on Aug 06, 2025 The ODP Corporation announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025 Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to US$18.08, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Specialty Retail industry in the US. Total loss to shareholders of 55% over the past three years. Reported Earnings • May 07
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: US$0.97 loss per share (down from US$0.84 profit in 1Q 2024). Revenue: US$1.70b (down 9.1% from 1Q 2024). Net loss: US$29.0m (down 194% from profit in 1Q 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in the US are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Announcement • Apr 24
The ODP Corporation to Report Q1, 2025 Results on May 07, 2025 The ODP Corporation announced that they will report Q1, 2025 results Pre-Market on May 07, 2025 New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Announcement • Mar 21
The ODP Corporation, Annual General Meeting, May 01, 2025 The ODP Corporation, Annual General Meeting, May 01, 2025. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to US$14.87, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Specialty Retail industry in the US. Total loss to shareholders of 66% over the past three years. New Risk • Feb 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 26
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$2.83 (down from US$3.56 in FY 2023). Revenue: US$6.99b (down 11% from FY 2023). Net income: US$106.0m (down 24% from FY 2023). Profit margin: 1.5% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 103%. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Specialty Retail industry in the US are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Feb 13
The ODP Corporation to Report Q4, 2024 Results on Feb 26, 2025 The ODP Corporation announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025 Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$7.09b to US$6.98b. EPS estimate also fell from US$3.35 per share to US$2.29 per share. Net income forecast to grow 329% next year vs 16% growth forecast for Specialty Retail industry in the US. Consensus price target down from US$45.00 to US$41.33. Share price fell 9.6% to US$24.92 over the past week. Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$2.05. Revenue: US$1.78b (down 11% from 3Q 2023). Net income: US$68.0m (down 2.9% from 3Q 2023). Profit margin: 3.8% (up from 3.5% in 3Q 2023). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 8.0%. Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in the US are expected to grow by 4.8%. Announcement • Oct 24
The ODP Corporation to Report Q3, 2024 Results on Nov 06, 2024 The ODP Corporation announced that they will report Q3, 2024 results Pre-Market on Nov 06, 2024 Announcement • Aug 28
The ODP Corporation Enhances Customer Experience with Gen AI Data Integration The ODP Corporation announced the implementation of cutting-edge Generative AI (Gen AI) technology across its nationwide network of Office Depot and OfficeMax stores. This technology has significantly enhanced its customer experience since its last announcement, and further demonstrates the Company’s continued commitment to adopting artificial intelligence technologies. The ODP Personal Assistant—an internally developed AI application that leverages the same technology as ChatGPT and maintains all data within ODP's secure environment—launched in February 2023 to thousands of associates across all business units. Based on early successes realized after its launch, the decision was made to integrate comprehensive knowledge bases into the application, to help associates obtain quick answers to common questions to enhance the service provided to customers. To further enhance customer service in the Company’s store locations, a retail knowledge base was developed and has been accessible since December 2023 on store computers and handheld devices used by store associates. Key enhancements and benefits of the knowledge base integration in retail stores include: Immediate Access to Information: Associates can seamlessly interact with the ODP Personal Assistant application using natural English-language queries to receive prompt answers. This replaces traditional methods of consulting other associates or searching company portals, thus vastly improving efficiency. Comprehensive Knowledge Bases: Associates can leverage Gen AI technology by accessing relevant internal information ingested into Gen AI knowledge bases via the ODP Personal Assistant application. Associates can use natural language and receive immediate responses, complete with citations for the information used. This enhances associates’ abilities to assist customers. Approximately 900 stores and 12,000 associates are empowered with this AI integration. Enhanced Customer Experience: With quick access to essential data, associates can dedicate more time to customer engagement, providing faster and more accurate responses. This allows associates to continue to provide world-class customer service. This initiative has helped modernize the Company’s retail environments since the end of 2023, enriching the customer experience and paving the way for future applications of AI-related technologies. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$29.42, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Specialty Retail industry in the US. Total loss to shareholders of 34% over the past three years. Announcement • Aug 14
D. Anthony Scaglione to Step Down as Chief Financial Officer of The ODP Corporation, Effective September 13, 2024 The ODP Corporation announced that D. Anthony Scaglione, chief financial officer is stepping down from his role to pursue another career opportunity and that his last day will be September 13, 2024. As the Company formulates its plans to fill the chief financial officer role and to ensure a smooth transition, Mr. Scaglione will continue to work closely with Mr. Smith until his departure date, supported by the Company’s experienced financial reporting and accounting team. Major Estimate Revision • Aug 14
Consensus EPS estimates fall by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$7.39b to US$7.09b. EPS estimate also fell from US$5.77 per share to US$3.35 per share. Net income forecast to grow 257% next year vs 17% growth forecast for Specialty Retail industry in the US. Consensus price target down from US$74.33 to US$45.00. Share price rose 2.8% to US$25.24 over the past week. Announcement • Aug 14
The ODP Corporation Announces Stepping Down of D. Anthony Scaglione as Executive Vice President, Effective September 13, 2024 The ODP Corporation announced that D. Anthony Scaglione, executive vice president, is stepping down from his role to pursue another career opportunity and that his last day will be September 13, 2024. As the Company formulates its plans to fill the chief financial officer role and to ensure a smooth transition, Mr. Scaglione will continue to work closely with Mr. Smith until his departure date, supported by the Company’s experienced financial reporting and accounting team. Price Target Changed • Aug 08
Price target decreased by 38% to US$45.00 Down from US$72.98, the current price target is an average from 3 analysts. New target price is 72% above last closing price of US$26.16. Stock is down 49% over the past year. The company is forecast to post earnings per share of US$3.35 for next year compared to US$3.56 last year. New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 42% After last week's 42% share price decline to US$24.56, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Specialty Retail industry in the US. Total loss to shareholders of 47% over the past three years. Announcement • Aug 07
The ODP Corporation Updates Earnings Guidance for the Full Year 2024 The ODP Corporation updated earnings guidance for the full year 2024. For the period, the company updates sales At least $7 billion. Announcement • Jul 25
The ODP Corporation to Report Q2, 2024 Results on Aug 07, 2024 The ODP Corporation announced that they will report Q2, 2024 results Pre-Market on Aug 07, 2024 Announcement • Jun 05
The ODP Corporation Announces Board Changes, Effective June 10, 2024 The ODP Corporation announced the appointment of financial executives Amy Schioldager and Evan Levitt to its Board of Directors. The Company also announced that Wendy Schoppert, ODP Board member since 2020, will assume the role of independent Board Chair as Joseph Vassalluzzo steps down from the Board after 11 years of service. These changes will be effective on June 10, 2024. ODP’s Board size will be increased from seven members to eight, with directors having an average tenure of approximately five years. Amy Schioldager has over 25 years of experience in various leadership positions at BlackRock Inc., where she led investment teams across global equity markets and client segments. Most recently, Amy served as Senior Managing Director and Global Head of Beta Strategies. In this role, she oversaw $2.5 trillion in assets under management across seven global offices. She also served on BlackRock’s Global Executive Committee, which oversaw $11 billion in profit and loss and 13,000 employees across 30 countries. In addition to her investment and business leadership experience, Amy has strong board experience: she currently serves on the public company boards of Intermediate Capital Group plc and Corebridge Financial Inc, as well as the private organization boards of Boardspan Inc. and California State University – East Bay. She previously served on the board of American International Group Inc. Evan Levitt brings over 30 years of experience in finance and accounting and has served in numerous leadership positions across industries. Most recently, Evan was Interim Executive Vice President and Chief Financial Officer at BrandSafway, a leading construction company providing solutions to the industrial, commercial and infrastructure markets. Prior to that, he held various leadership roles at The Home Depot Inc. /HD Supply Holdings over the course of 17 years, during which time he played a pivotal role in negotiating the sale of HD Supply to The Home Depot Inc. His most recent role at the company was as Senior Vice President, Chief Financial Officer, Chief Administrative Officer of HD Supply Holdings Inc. He currently serves on the private company boards of Artera Services, where he is a member of the Audit Committee, and WASH, where he serves as the Chairman of the Audit and Risk Committee. Announcement • May 09
The ODP Corporation Provides Earnings Guidance for the Full Year Guidance of 2024 The ODP Corporation provided earnings guidance for the full year guidance of 2024. For the year, the company Affirmed Lower End of the sales guidance of Decline of 2% - 5% previously given. Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.42 (down from US$1.80 in 1Q 2023). Revenue: US$1.87b (down 11% from 1Q 2023). Net income: US$15.0m (down 79% from 1Q 2023). Profit margin: 0.8% (down from 3.4% in 1Q 2023). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 76%. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Specialty Retail industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$43.22, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Specialty Retail industry in the US. Total returns to shareholders of 7.3% over the past three years. Announcement • Apr 26
The ODP Corporation to Report Q1, 2024 Results on May 08, 2024 The ODP Corporation announced that they will report Q1, 2024 results Pre-Market on May 08, 2024 Announcement • Mar 16
The ODP Corporation, Annual General Meeting, Apr 25, 2024 The ODP Corporation, Annual General Meeting, Apr 25, 2024, at 09:00 US Eastern Standard Time. Agenda: To elect seven members of the Company’s Board of Directors named in, and for the term, described in the Proxy Statement; To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2024; To approve, in a non-binding, advisory vote, the Company’s executive compensation; To consider such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Recent Insider Transactions • Mar 04
Executive VP & CFO recently sold US$1.4m worth of stock On the 1st of March, Diego Scaglione sold around 25k shares on-market at roughly US$55.00 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Diego has been a net seller over the last 12 months, reducing personal holdings by US$2.3m. New Risk • Feb 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Feb 15
The ODP Corporation to Report Q4, 2023 Results on Feb 28, 2024 The ODP Corporation announced that they will report Q4, 2023 results Pre-Market on Feb 28, 2024 
