Added to YB: 2026-05-01
Pitch date: 2026-04-30
CLW [bullish]
Clearwater Paper Corporation
Author Info
Alessandro Vittoria is a deep value investor. Sign up for the newsletter.
Company Info
Clearwater Paper Corporation manufactures and supplies solid bleached sulfate (SBS) paperboard packaging products in the United States and internationally.
Market Cap
$238.2M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
6.16
P/E
-3.99
EV/Sales
0.37
Sector
Paper and Forest Products
Category
turnaround
Now Buying at 23¢ on the Dollar. Thank You, Mr. Market!
CLW (added to position): Q1 rev $360M (-5% YoY on SBS pricing), but shipments +5%. Adj EBITDA $2M beat $0 guide; ex-$15M weather hit, underlying ~$11-17M. Industry fix accelerating: 330k tons removed Q1 (WestRock closure + CLW restructure) vs 500-600k oversupply. 90% util by YE26 = $100M FCF at norm pricing. Trading 0.23x TBV ($813M), 2x norm FCF. $50M insurance + $27M tax refund + working capital = flat debt through trough. Refinancing 2027 notes underway.
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