Corporate Webpages Glatfelter, P. H. Company
The paper industry is not always the most glamorous for stocks.
Paper companies often make good defensive plays in a weak
market. But the first thing that jumped out at us regarding
this stock was corporate governance. This company evidently has
strong corporate governance, in fact so strong, that the CEO has
gotten in trouble with some of his corporate buddies for
denouncing corporate greed in many American corporations.
Executive compensation and stock option perqs are not an issue here.
Also, Dimensional Fund Advisors is holding 8.4% of the stock as
the largest institutional holder and funds are in general
acquiring more. This is a very good sign. DFA is our favorite
institutional fund manager with a reputation for good research.
Also, we look at a long term chart over the past decade and find
this stock has held up remarkably well through all kinds of
markets, good and bad. Paying over 2% dividends, this stock
looks pretty safe, but rolls enough to encourage some option
trading to capture short term swings without too much risk.
The company manufactures an astonishing variety of paper
products, everything from medical supplies to food packaging,
filters, labels, book publishing papers, packaging, wallpaper,
and various specialties for various types of printing, artwork, and
engineering.
Along with the paper-making and mill industry comes a host of
environmental issues related to forestry and water pollution (as
paper mills are generally located near streams.) Glatfelter is
sensitive to these issues.
Recent issues with the company surround its attempts to expand
in England.
In recent share price performance, Glatfelter has outperformed
the other top five companies in the paper products industry.
Still, the entire industry group as a whole has been weak of late.
When Neenah Paper was spun off from Kimberly Clark as a separate
specialty papers manufacturer, it set its dividend so that eventually
it was at the same rate as Glatfelter's, the highest in the industry.
But Neenah lost 93% of its share value since its spinoff in
March, 2007 by March, 2009. If one looks at the doings of the
likes of Georgia Pacific and Weyerhauser regarding their divisions having
anything to do with paper or containerboard, it appears forestry
and wood products-related companies would rather do without
these divisions.
10-11-2011: Glatfelter, P. H. Company (GLT): Corporate Governance & Stability in the Paper Industry
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
Company History
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
Market Grader
Intrinsic Value (Disc. CashFlow)
Intrinsic Value (Proj. Earnings)
Scout Stock Rating
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Stock Report
Management's Discussion
Moving Average Chart
Right Time Study
Channel Potential
Intraday Chart
Stock Fetcher
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is consider strong and > 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
PH Glatfelter Co. (GLT ) Sector: Consumer Goods
96 South George Street Industry: Paper & Paper Products
Suite 500 Exchange: NYSE
York, PA 17401
P. H. Glatfelter Company manufactures and sells specialty papers and
fiber-based engineered materials in the United States and internationally.
It offers carbonless and forms papers for credit card receipts, multi-part
forms, security papers, and other end-user applications; book publishing
papers for the production of hardbound books and other book publishing
needs; envelope and converting papers for the direct mail market, shopping
bags, and other converting applications; and engineered products for
digital imaging, transfer, casting, release, postal, playing card, and
other niche specialty applications. The company also provides food and
beverage paper used for tea bags and single serve coffee products;
metallized products used in the labeling of beer bottles, innerliners,
gift wrap, self-adhesive labels, and other consumer products applications;
and composite laminates papers used in production of decorative laminates,
furniture, and flooring applications, as well as a line of paper products
used in batteries, medical masks, and other engineered applications. In
addition, it offers airlaid non-woven fabric-like materials used in
feminine hygiene products, adult incontinence products, cleaning pads and
wipes, food pads, napkins and tablecloths, and baby wipes. The company
markets its products directly, as well as through wholesale paper
merchants, brokers, and agents. P. H. Glatfelter Company was founded in
1864 and is headquartered in York, Pennsylvania.
Last Trade: 13.71 52-Week Range: 16.03 - 11.00
Trade Date: 10-09 Avg. Volume: 306,320 Shares
Index Membership: Employees: 4,337
Corporate Governance:
Audit (Low Concern), Board (Low Concern), Compensation
(Medium Concern), Shareholder Rights (Low Concern).
EPS: 1.60 Dividend Amount: $ 0.36 Yield: 2.60%
Ex-Dividend Date: Oct 3, 201 Mkt Cap: $ 626,750K
Payout Ratio: 28.00%
Last Split Factor (new for old): 2:1 Split Date: May 14, 19
Key Statistics:
Enterprise Value: $ 851,030K Revenue (ttm) : $ 1,560,000K
Gross Profit: $ 186,250K
Earnings before Income Tax, Depreciation and Amortization: $ 148,980K
Enterprise Value/Revenue (ttm): 0.55 Revenue per Share: $ 33.90
Enterprise Value/EBITDA (ttm): 5.71 Qtrly Rev Growth (y to y): 9.70%
P/E Ratio (fwd projected): 9.46 P/E Ratio (current): 8.57
P/E Growth Ratio (5 yr expected): 1.46 Operating Margin: 5.20%
Price/Sales Ratio: 0.41 Profit Margin: 4.78%
Price/Book Value: 1.09 Book Value: $ 12.80/sh.
Return on Assets: 3.80% Net Income Avl to Common: $ 74,630K
Return on Equity: 14.07% Diluted Earnings/Share: $ 1.60
Qrtly Earnings Growth (yoy): 2.00%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 108,300K Operating Cash Flow:$ 133,640K
Total Debt: $ 332,570K Lvgd Free Cash Flow:$ 43,600K
Total Debt/Equity: 56.83
Total Cash/Share: $ 2.37
Current Ratio: 2.37
Share Statistics: Stock Price History:
Shares Outstanding: 45,720K Stk 52-Week Change: 12.01%
Float: 45,220K S&P 500 52-Wk Chng: -0.83%
Sh. Short % of Float: 8.90% 50-Day Moving Avg: 13.51
Short Ratio: 14.60 200-Day Moving Avg: 14.04
% Held by Institutions: 89.90% Beta: 1.57
% Held by Insiders: 1.02%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Sep 11 Dec 11 Dec 11 Dec 12
Average Earnings Estimate 0.38 0.32 1.05 1.45
Average Revenue Estimate 25M 407M 1,630M 1,650M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 6.750 EPS Growth (Qrtly YoY): -81.000
PEG Ratio (ttm, 5 yr expected): 9.000 P/E Ratio (ttm): 9.449
Revenue Growth (Qrtly YoY): 2.531
Annual Income Statements: All numbers in thousands)
Period Ending Dec31,2010 Dec31,2009 Dec31,2008
Total Revenue 1,465,984 1,197,342 1,273,214
Cost of Revenue 1,279,737 927,578 1,095,432
Gross Profit 186,247 269,764 177,782
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 122,111 110,257 97,897
Non-Recurring Expenses -453 -898 -19,324
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 64,589 160,405 99,209
Income from Continuing Operations:
Total Other Income/Expenses Net -5,513 1,961 4,977
Earnings Before Interest & Taxes 59,076 162,366 104,186
Interest Expense 25,547 19,220 23,160
Income Before Taxes 33,529 143,146 81,026
Income Tax Expense -20,905 19,704 23,138
Minority Interest 0 0 0
Net Income from Continuing Op.s 54,434 123,442 57,888
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 54,434 123,442 57,888
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 54,434 123,442 57,888
Quarterly Income Statements: All numbers in thousands)
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Total Revenue 400,045 399,758 377,997 382,409
Cost of Revenue 362,545 339,591 327,166 326,669
Gross Profit 37,500 60,167 50,831 55,740
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 31,320 31,770 30,812 27,782
Non-Recurring Expenses -29 -3,175 -453 168
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 6,209 31,572 20,154 28,108
Income from Continuing Operations:
Total Other Income/Expenses Net -125 214 -2,533 299
Earnings Before Int. & Taxes 6,084 31,786 17,939 28,089
Interest Expense 6,461 6,460 6,502 6,565
Income Before Taxes -377 25,326 11,437 21,524
Income Tax Expense -2,878 7,900 -3,831 -17,913
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 2,501 17,426 15,268 39,437
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 2,501 17,426 15,268 39,437
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 2,501 17,426 15,268 39,437
Annual Balance Sheets: All Numbers in Thousands
Period Ending Dec31,2010 Dec31,2009 Dec31,2008
Current Assets:
Cash & Cash Equivalents 95,788 135,420 32,234
Short Term Investments 0 0 0
Net Receivables 141,208 119,319 132,635
Inventory 201,077 168,370 193,354
Other Current Assets 64,617 96,947 33,596
Total Current Assets 502,690 520,056 391,819
Long-Term Investments 0 0 81,033
Property, Plant & Equipt 608,170 470,632 493,564
Goodwill 0 0 16,513
Intangible Assets 0 0 7,843
Accumulated Amortization 0 0 0
Other Assets 230,887 199,606 66,537
Deferred Long Term Asset Charges 0 0 0
Total Assets 1,341,747 1,190,294 1,057,309
Current Liabilities:
Accounts Payable 102,784 67,774 164,743
Short/Current Long Term Debt 798 17,647 19,625
Other Current Liabilities 109,564 100,689 5,734
Total Current Liabilities 213,146 186,110 190,102
Long Term Debt 332,224 236,936 293,660
Other Liabilities 149,017 159,876 140,682
Deferred LT Liability Charges 94,918 96,668 90,158
Minority Interest 0 0 0
Negative Goodwill 0 0 0
Total Liabilities 789,305 679,590 714,602
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 544 544 544
Retained Earnings 749,453 711,765 605,001
Treasury Stock -124,453 -128,466 -132,511
Capital Surplus 48,145 46,746 45,806
Other Stockholder Equity -121,247 -119,885 -176,133
Total Stockholder Equity 552,442 510,704 342,707
Net Tangible Assets 552,442 510,704 318,351
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Current Assets:
Cash & Cash Equivalents 108,296 115,937 95,788 63,333
Short Term Investments 0 0 0 0
Net Receivables 162,268 167,366 141,208 160,859
Inventory 221,661 209,288 201,077 193,808
Other Current Assets 54,793 46,288 64,617 65,060
Total Current Assets 547,018 538,879 502,690 483,060
Long-Term Investments 0 0 0 0
Property, Plant & Equipt 623,798 616,223 608,170 623,783
Goodwill 0 0 0 0
Intangible Assets 0 0 0 0
Accumulated Amortization 0 0 0 0
Other Assets 229,772 233,261 230,887 225,892
Deferred LT Asset Charges 0 0 0 0
Total Assets 1,400,588 1,388,363 1,341,747 1,332,735
Current Liabilities:
Accounts Payable 124,864 115,716 102,784 103,067
Current Portion LT Debt 0 690 798 1,026
Other Current Liabilities 105,908 101,373 109,564 104,712
Total Current Liabilities 230,772 217,779 213,146 208,805
Long Term Debt 332,565 332,393 332,224 332,058
Other Liabilities 143,263 150,717 149,017 164,583
Deferred LT Liab. Charges 108,766 103,415 94,918 89,962
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 815,366 804,304 789,305 795,408
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 544 544 544 544
Retained Earnings 760,992 762,674 749,453 738,427
Treasury Stock -127,720 -123,886 -124,453 -126,337
Capital Surplus 49,694 48,989 48,145 49,004
Other Stockholder Equity -98,288 -104,262 -121,247 -124,311
Total Stockholder Equity 585,222 584,059 552,442 537,327
Net Tangible Assets 585,222 584,059 552,442 537,327
Annual Cash Flow: All Numbers in Thousands
Period Ending Dec31,2010 Dec31,2009 Dec31,2008
Net Income 54,434 17,426 57,888
Operating Activites:
Depreciation 68,597 62,946 60,611
Adjustments to Net Income 51,987 -78,611 -40,783
Changes in Accounts Recv'bls -598 16,542 -17,668
Changes in Liabilities 19,574 9,066 2,481
Changes in Inventories -7,592 28,207 -9,975
Changes in Other Op'ing Actv's 0 2,276 871
Total Cash Flow fr Operations 168,005 163,868 53,425
Investing Activities:
Capital Expenditures -36,491 -26,257 -52,469
Investments 0 37,850 0
Other Cash Flows fr Investing 0 951 19,279
Total Cash Flows fr Investing -264,217 12,544 -33,190
Financing Acitivies:
Dividends Paid -16,746 -16,596 -16,469
Sale or Purchase of Stock 0 0 0
Net Borrowings 72,452 -24,733 2,425
Other Cash Flows fr Financing 0 -34,000 1,165
Total Cash Flows fr Financing 59,681 -75,329 -12,879
Effect of Exchange Rate Change -3,101 2,103 -4,955
Change in Cash & Cash Equiv.s -39,632 103,186 2,401
Quarterly Cash Flow: All Numbers in Thousands
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Net Income 2,501 17,426 15,268 39,437
Operating Activites:
Depreciation 18,047 17,541 19,795 15,198
Adjustments to Net Income 10,372 20,766 54,294 -58,603
Changes in Accounts Recv'bls 6,210 -24,636 18,008 -1,084
Changes in Liabilities 12,097 1,238 4,747 -602
Changes in Inventories -12,342 -4,305 -8,950 1,701
Changes in Other Oper'g Acts 0 -417 -58,537 44,658
Total Cash Flow f Operations 20,700 27,613 44,625 40,705
Investing Activities:
Capital Expenditures -19,789 -8,088 -13,222 -7,824
Investments 0 0 0 0
Other Cash Flows fr Investing 0 3,405 1,021 151
Total Cash Flows fr Investing -19,754 -4,683 -12,201 -7,673
Financing Acitivies:
Dividends Paid -4,190 -4,206 -4,190 -4,196
Sale or Purchase of Stock -4,258 6 0 37
Net Borrowings -691 -107 -272 -5,762
Other Cash Flows fr Financing 0 0 0 0
Total Cash Flows fr Financing -9,139 -4,307 -634 -9,921
Effect of Exchange Rate Chg 0 0 0 1,526
Change in Cash & Cash Equiv. -7,641 20,149 32,455 20,706
GLT PH Glatfelter Co. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 3.0000 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 2.3800 Forward P/E Ratio < 28? 2.9598
Sales Tests:
Price/Sales Ratio < 2.3? 3.0000 Inventory/Sales < 5%? 0.3645
Sales < $1 billion? 0.6821 Operating Margin < 7.5%? 1.4423
Balance Sheet Tests:
Debt/Equity < 0.40? 0.0070 Long-Term Debt Service: 1.6629
LTD Being Reduced? 0.6000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 1.1850 Working Capital >= 1.5? 0.8437
Leverage Ratio < 20%? 0.7817 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 1.1724 Inventory Turnover > 1? 3.0000
Shares Out Decreasing? 1.2000 Market Cap.> 1.5 Billion? 2.3933
Profit Margin > 7.5%? 0.6373
Income Tests:
Dividend Yield > 2.0%? 2.3077 EPS Annual Growth > 10%? 1.9300
Enterprise Value/Revenue: 0.3667 EPS 5-yr Growth > 20%? -3.0000
Enterprise Value/EBITDA: 0.8157 EPS Growth Consistent? 1.2000
EPS Qrtly Growth > 10%? 0.2000 Collection < 45 days? 1.2799
Rev. Qtrly Growth > 15%? 1.4550 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 1.9300 Borrowing Int. Rate< 6%? 1.2462
Stock Performance Tests:
Volatility > 25%? 1.4887 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 1.2560 % Held by Institut. < 50? 0.5562
50 Da MA > 200 Da MA? -0.1160 % Held by Institut. > 30? 2.9967
52-Wk Change vs. S&P 500: -0.0553 Short Ratio > 5? 2.9200
Price/Book Value < 3? 2.9100 Short % of Float > 20? 0.4450
Return on Assets > 17%? 0.2235 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 3.0000 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 1.0268
Cash Flow / Assets >.10? 0.3113
GLT PH Glatfelter Co. Overall Zenith Index: 1.4914
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value (PEG) |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for P. H. Glatfelter Co.:
Symbol? GLT
Total Months Available: 46
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
13.37 11.68 15.44 11.00 16.03 11.73
RANGE = 16.03 TO 11.00 Close = 13.92
CHANNEL = 13.37 TO 11.73 Degree = 3
Volatility = 11.78% Index = 3
Intraday Chart |
20 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The "ultimate systems" are inconclusive, giving no clear confirmed signals.
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | - 1 |
| Industry | - 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| Non-GAAP vs. GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | - 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | 0 |
| Stock Scout | + 1 |
| Projected Earnings | + 1 |
| Research Reports | - 1 |
| Analysts | + 1 |
| Executive Perquisites | + 1 |
| Insider Activity | + 1 |
| Institutional Activity | + 1 |
| Management Reporting | + 1 |
| Short Interest | - 1 |
| Sentiment | - 1 |
| Standard & Poor's | + 1 |
| Moving Average | + 1 |
| Right Time Study | + 1 |
| Stock Fetcher | - 1 |
| Point & Figure | + 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | - 1 |
| Neural Network | + 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | 0 |
| Total | + 11 |
Place 2,125 shares of P.H. Glatfelter Co. (GLT) on the Active List.
