Greif, Inc.
Thesis
We have a sizable position in the Class B shares of Greif, Inc., a packaging manufacturer. The Class B shares are trading at about ten times earnings and pay a solid dividend, while the company is diversifying into profitable areas like flexible packaging. The management is actively buying back Class B shares, indicating confidence in the business's future growth.
Did it work?
The pitch is a value thesis resting on a cheap ~10x P/E, a solid dividend, Class B buybacks, and successful diversification into flexible packaging, but no price performance and no elapsed time are provided, so the return leg of the thesis cannot be assessed. Without knowing when the pitch was made, I also cannot verify whether the supporting events (continued buybacks, profitable diversification, any valuation re-rating) actually occurred after the pitch. With neither the price outcome nor the thesis events confirmable, no verdict on success or failure is possible.