Nothing fundamental. Druckenmiller bought some, I think I did the math, it was $16M worth, like 0.3% of his net worth. They need more production and sales in the books for me to be interested again.
I’m still stalking this one but I am waiting for the right time. Earnings, or lack thereof, are today. this presort facility is huge with little to no activity, way overbuilt. I want sales numbers, insight on sales price (premium) vs production costs and Virgin PP. I want more comment on purity of product vs the lab working on blends of good enough. I want info on Augusta plant. I want someone to give me a no spin explanation on the quarters agreements being rewritten (sylebra and pg). It boils down to future earnings growth converting from hopium to reality.
I want the story behind those two lone xmas trees out back. Were they in architects original rendering of the facility? "We need to keep the landscaping budget tight."
Ok, so a spontaneous trip was possible to visit the Denver PA presort facility. First impressions in the early evening is that there was not much happening. See two short videos up a few posts for comparisons. In the morning, a few more things were observed or guessed at. 1. 5-10 cars there, only one person near the front "office" space. 2. The two private vehicles that were out back might have belonged to the drivers of the two tractor trailers that were parked in the morning. Perhaps they had been transporting product to Ironton or others in the space with what had been sorted out. 3. Two tractor trailers had backed into docks. 4. I asked for a tour as someone interested in investing, was referred to IR. I told him I had previously emailed IR, not heard anything back, left my card on the lab door in Durham but not heard back, and had asked for a tour at Ironton. No dice or contact back... 5. This facility is hiring for 2nd shift. I did not investigate much in the area but it appeared to be a major large employer area, lots of similarly sized buildings up and down the PA turnpike +/- a few miles. Pepperidge Farm just down the road for example. Kind of close to Interstates 81/83 and a bit from 80. I do not know any colocated plastics related firms. Tru by Hilton allows full view of the dock side of the building.
I was on the road while reading and listening to the recent data and presentation, here are my thoughts and reactions. Sales numbers: Call it none at present. They are watching their pennies and not manufacturing until sales orders come in. Some expected this quarter (6 weeks left) and growing t he rest of the year according to their. slide deck. Sales premium: I forget the figure mentioned but they are sticking to previous forecasts. Purity 99%, they claim it is pleasing and working for clients. I will look for the video Dustin mentioned... Augusta long lead equipment is purchased. "good relationships" with Augusta, some civil work being done. NOT HAPPENING IN 2025 say I I've got nothing further about PG/Sylebra.