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O-I Glass: Still Trading At 12-14% FCF Yield Despite A 56% Share Price Increase

Mar. 20, 2023 11:30 AM ETO-I Glass, Inc. (OI)8 Comments


  • O-I Glass performed much better than anticipated in the second half of 2022.
  • The outlook for 2023 is positive with an anticipated EPS of in excess of $2.50 and an underlying free cash flow result of $450M.
  • This means the stock is still cheap based on every metric: EPS, FCF and EV/EBITDA.
  • I recently sold a little bit, not because I don't believe in OI's future performance but to take advantage of other opportunities.
  • Looking for a helping hand in the market? Members of European Small-Cap Ideas get exclusive ideas and guidance to navigate any climate. Learn More »

Coins in a blue canning jar

thomasmax/iStock via Getty Images


About six months ago, in August, I was flabbergasted when I saw the market reaction on what I thought was a pretty decent set of results from O-I Glass (NYSE:OI), the

Data by YCharts

Income Statement

OI Investor Relations

Cash Flow Statement

OI Investor Relations

2023 Guidance

OI Investor Relations

2023 Guidance

OI Investor Relations


OI Investor Relations

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This article was written by

The Investment Doctor profile picture
We zoom in on capital gains and dividend income in European small-caps
As I'm a long-term investor, I'll highlight some stockpicks which will have a 5-7 year investment horizon. As I strongly believe a portfolio should consist of a mixture of dividend-paying stocks and growth stocks, my articles will reflect my thoughts on this mixture.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of OI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I sold a portion of my position to diversify, but still have a long position.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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