Ranpak Holdings Corp.

Sustainable-packaging provider that is loss-making with very high leverage and shrinking revenue.

Strengths

• EBITDA margin 10.7% (56th pct) and recurring installed-base model (145k+ systems, 30k+ end-users)
• Sustainability/automation positioning with geographic expansion (Malaysia) optionality

Risks

• Net debt/EBITDA 7.9 (94.3th pct) — distress-adjacent leverage with negative tangible book (-$214M)
• Negative net margin -9.7%, ROIC -2%, revenue -9.6% — losses with no return on capital

Notable findings

• Net lossNet loss (net margin -9.7%)
• Material weakness• We may identify material weaknesses in our internal control over financial reporting or otherwise fail to maintain effective internal controls, which could adversely affect our financial reporting,
• Customer concentration~40% of revenue from one customer/distributor — Approximately 40% of our net revenue is derived from sales to e-commerce end-users
• Chronic dilutionShare count +1596%/yr over 4y (dilution, book value/share -100%)