Graphic Packaging (GPK) A 19% Yield Hiding in Your Cereal Box

The article argues that Graphic Packaging (GPK) is currently undervalued due to temporary headwinds, including a major capital investment, pricing pressure, and softness in consumer packaged goods volumes. The author believes the business is not permanently impaired and is trading at a significant discount, generating ~$700M in annual owner earnings at a 19% yield. The summary also touches on the company's business model, recent strategic moves, and some of the author's remaining uncertainties.