Investment Research report

Greif, Inc.

NYSE: GEF/GEF.B
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Greif, Inc.
Good Grief, Dividend at Risk!
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Research Overview

INDEX:
S&P 500
Sector:
Materials
Position:
Short
Date:
Feb 10, 2015

After conducting a forensic financial and accounting review, Spruce Point believes GREIF Inc (NYSE: GEF/GEF.B), an industrial packaging products and services company, is largely commoditized, is CapEX intensive, and is under severe pressure from FX headwinds (Venezuela, Brazil, Russia, Europe). Based on our latest investigation, we estimate 40% to 75% downside risk, or $11.00 - $29.00 per share.

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