FINANCIAL ANALYSTS: Greif – Weak quarter and signs of weakening manufacturing activity; maintain Underweight [KeyBanc]

excerpt from KeyBanc Capital Markets

Greif (GEF) missed on all counts in its F4Q18, guided below consensus for FY19, and took more asset impairment charges. The Company also warned of "signs of market softness" at the end of its FY18, which it said on its call pertained to Western Europe and China. GEF noted that the macro weakness in Western Europe and China persisted in November, and that it's taking actions to mitigate these impacts. GEF's containerboard business had a record year in FY18, which we don't consider sustainable given slowing industry growth and increasing supply. We are reducing our price ...

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