What is the primary growth driver identified in the WestRock deck?

The primary driver is a combination of organic 'High-Return Projects' and strategic M&A, specifically the KapStone integration. Slide 7 illustrates that while the 'Base Case' leads to $3.3 billion in EBITDA, ongoing M&A and specific projects are required to bridge the gap to the >$4 billion FY22 target.

How does WestRock justify its use of non-GAAP financial measures?

On Slide 19, WestRock explains that measures like Adjusted Segment EBITDA provide a better evaluation of performance against peers by excluding non-recurring items like restructuring costs. They argue these metrics offer 'greater comparability across periods' when capital expenditures or tax laws change significantly.

What specific areas yield the most savings in the KapStone acquisition?

According to Slide 10, the largest synergy bucket is 'Converting Network & Supply Chain Optimization' at 28%. This is followed by 'Fiber, Energy & Mill Performance Improvements' at 21%, suggesting that the value of the deal lies heavily in operational logistics and raw material efficiency.

How diverse is WestRock's revenue stream across consumer markets?

Highly diverse. Slide 16 shows that no single consumer end-market accounts for more than 22% of sales. By spreading risk across Food, Beverage, Health & Beauty, and Tobacco, the company insulates itself against sector-specific downturns in the retail landscape.

What is the significance of the Adjusted Net Income Reconciliation slide?

Slide 22 is crucial for institutional trust. It shows the bridge from a GAAP Net Income of $224.5 million to an Adjusted Net Income of $215.8 million for Q2 FY18. By showing exactly how items like 'Impact of Tax Cuts and Jobs Act' ($31.5 million) are handled, they prevent accusations of 'earnings management.'

WestRock Pitch Deck (2018): 30-Slide Breakdown

See all 30 slides of the WestRock pitch deck — a 2018 deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

WestRock, a global leader in consumer and corrugated packaging, utilized this May 2018 investor presentation to detail its growth trajectory and the strategic acquisition of KapStone. The deck is characterized by extreme financial transparency, dedicating nearly half of its length to non-GAAP reconciliations and technical appendices. Key highlights include a projected EBITDA CAGR of over 11% through FY22 and a specific breakdown of $200 million in run-rate cost synergies from the KapStone deal. Unlike early-stage startup decks that focus on 'the dream,' this presentation focuses on the 'mecha…

Key takeaways

The company projects a long-term growth target exceeding $4 billion in Adjusted Segment EBITDA by FY22, representing an 11% CAGR from FY17 (Slide 7).
WestRock identifies $200 million in run-rate cost synergies from the KapStone acquisition, with 28% coming from supply chain optimization (Slide 10).
The consumer sales mix is highly diversified, with Retail Food (22%) and Health & Beauty (22%) serving as the largest segments (Slide 16).
A significant portion of the deck is dedicated to legal disclaimers and the definition of non-GAAP measures like Adjusted EPS and Adjusted Operating Cash Flow (Slides 4, 19).
Financial reporting is segmented into Corrugated Packaging, Consumer Packaging, and Land and Development, providing granular margin data for each (Slide 25).
The presentation uses a 'Base Case' vs. 'High-Return Projects' bridge to show a clear path from $3.3 billion to over $4 billion in EBITDA (Slide 7).
LTM Credit Agreement EBITDA is reported at $2,671.2 million as of Q2 FY18, including $298.9 million in permitted charges (Slide 28).
The deck omits a traditional 'Team' slide, common in public company presentations where management is already well-known to the street.

Introduction and Legal Framework

Slide 1: Title Slide

The presentation opens with the WestRock logo and a clear 'Investor Presentation' subtitle dated May 2018. The branding is professional and minimalist, typical of a Fortune 500 industrial firm. The visual language suggests stability and corporate scale.

Slide 4: Disclaimer and Non-GAAP Financial Measures

This is a standard but essential slide for a public company. It explicitly states that the presentation contains forward-looking statements and that the company uses non-GAAP measures to evaluate performance. It directs investors to the Appendix for reconciliations, establishing a tone of regulatory compliance and financial rigor.

Growth Strategy and M&A Synergies

Slide 7: Long-Term Growth FY18 – FY22

This is the 'anchor' slide of the presentation. It provides a visual bridge for Adjusted Segment EBITDA from a baseline of $2.3 billion in FY17 to a target of >$4 billion in FY22. The slide identifies a >11% CAGR. Notably, it separates growth into three distinct phases: the 'Base Case' ($3.3B), 'High-Return Projects,' and 'Ongoing M&A.' This transparency allows investors to model the risk associated with each growth lever.

Slide 10: Expected KapStone Synergies

WestRock breaks down the $200 million in expected run-rate cost synergies from the KapStone acquisition. The pie chart is highly specific: 28% from Converting Network & Supply Chain, 21% from Fiber/Energy/Mill Performance, 19% from Administrative Efficiencies, 16% from Mill Network Optimization, 12% from Procurement, and 4% from Victory Integration. This level of detail is designed to give analysts concrete numbers to track during quarterly earnings calls.

Market Mix and Operational Footprint

Slide 16: Consumer End Market Mix / Examples

This slide serves to prove the company's resilience through diversification. The 'Consumer Sales Mix' pie chart shows a balanced portfolio: Retail Food (22%), Health & Beauty (22%), Beverage (15%), and smaller segments like Tobacco (5%) and Food Service (7%). The right side of the slide uses product photography (Coca-Cola, Bud Light, Tide) to ground the abstract financial data in recognizable household brands, emphasizing WestRock's role as a critical infrastructure provider for the CPG industry.

Financial Reconciliations and Technical Data

Slide 19: Non-GAAP Financial Measures Definitions

The deck moves into a technical phase, defining Adjusted EPS, Adjusted Operating Cash Flow, and Adjusted Segment EBITDA. The text explains that these measures exclude 'restructuring and other costs, net' to provide a clearer picture of ongoing operating results. This is a defensive slide intended to preempt questions about why GAAP numbers might look different from management's narrative.

Slide 22: Adjusted Net Income Reconciliation

This slide provides a line-by-line reconciliation for Q2 FY18 and Q2 FY17. It shows GAAP results ($224.5M Net of Tax for Q2 FY18) and adjusts for items like 'Restructuring and other items' ($23.5M) and 'Impact of Tax Cuts and Jobs Act' (-$31.5M) to arrive at an Adjusted Net Income of $215.8M. This level of transparency is the gold standard for investor relations.

Slide 25: Adjusted Segment EBITDA and Other Items

Here, the company breaks down performance by business unit: Corrugated Packaging, Consumer Packaging, and Land and Development. For Q2 FY17, it shows Corrugated Packaging generated $305.3M in Adjusted Segment EBITDA at a 15.3% margin, while Consumer Packaging generated $235.1M at a 15.1% margin. This allows investors to see which side of the business is driving the most value and where margins are expanding or contracting.

Slide 28: LTM Credit Agreement EBITDA

This slide is specifically for debt holders and credit analysts. It calculates the 'Last Twelve Months' (LTM) EBITDA as defined by their credit agreements, totaling $2,671.2 million. It adds back non-cash items like Depreciation & Amortization ($1,202.9M) and 'Additional Permitted Charges' ($298.9M) to the Consolidated Net Income of $1,879.9M. This is a vital metric for assessing the company's leverage and borrowing capacity.

What Works in This Deck

Granular Synergy Breakdown: By assigning specific percentages to M&A savings (Slide 10), WestRock moves beyond vague promises of 'efficiency' and gives the market a scorecard to measure them by.

The Growth Bridge: Slide 7 is exceptionally effective. It doesn't just show a line going up; it shows the components of that upward movement, distinguishing between what is already in motion (Base Case) and what requires further execution (M&A and Projects).

Extreme Financial Transparency: The inclusion of detailed reconciliation tables (Slides 22, 25, 28) builds significant credibility with institutional investors and analysts who need to build their own models.

What Is Missing from This Deck

The Human Element: There is no team slide. While common for established public companies, a slide highlighting the key executives responsible for the KapStone integration would have added a layer of accountability.

Competitive Landscape: The deck operates in a vacuum. There is no mention of competitors like International Paper or Packaging Corporation of America. While WestRock focuses on its own internal metrics, a slide on market share or relative margin positioning would have provided helpful context.

ESG and Sustainability: In 2018, ESG was becoming a major investor focus. For a company in the paper and packaging industry, the absence of a slide addressing sustainable forestry or plastic-to-paper transition (beyond the 'Fiber' mention on Slide 10) is a missed opportunity to appeal to impact-focused funds.

What a Founder Should Copy

The 'Base Case' vs. 'Upside' Model: Founders often present one aggressive growth forecast. Copying WestRock’s approach of showing a 'Base Case' and then layering on specific initiatives to reach a 'Target' makes the final number feel much more achievable and grounded in reality.

Visualizing the Mix: Slide 16 is a perfect template for any company with multiple revenue streams. Using a pie chart alongside actual product logos or use-case icons makes a complex business model instantly understandable to a generalist investor.

Defining Your Own Metrics: If your industry has unique KPIs, don't just list them. Copy Slide 19’s approach of providing a clear, text-based definition of why those metrics matter and how they are calculated. This prevents confusion later in the due diligence process.

Frequently asked questions

What is the primary growth driver identified in the WestRock deck?: The primary driver is a combination of organic 'High-Return Projects' and strategic M&A, specifically the KapStone integration. Slide 7 illustrates that while the 'Base Case' leads to $3.3 billion in EBITDA, ongoing M&A and specific projects are required to bridge the gap to the >$4 billion FY22 target.
How does WestRock justify its use of non-GAAP financial measures?: On Slide 19, WestRock explains that measures like Adjusted Segment EBITDA provide a better evaluation of performance against peers by excluding non-recurring items like restructuring costs. They argue these metrics offer 'greater comparability across periods' when capital expenditures or tax laws change significantly.
What specific areas yield the most savings in the KapStone acquisition?: According to Slide 10, the largest synergy bucket is 'Converting Network & Supply Chain Optimization' at 28%. This is followed by 'Fiber, Energy & Mill Performance Improvements' at 21%, suggesting that the value of the deal lies heavily in operational logistics and raw material efficiency.
How diverse is WestRock's revenue stream across consumer markets?: Highly diverse. Slide 16 shows that no single consumer end-market accounts for more than 22% of sales. By spreading risk across Food, Beverage, Health & Beauty, and Tobacco, the company insulates itself against sector-specific downturns in the retail landscape.
What is the significance of the Adjusted Net Income Reconciliation slide?: Slide 22 is crucial for institutional trust. It shows the bridge from a GAAP Net Income of $224.5 million to an Adjusted Net Income of $215.8 million for Q2 FY18. By showing exactly how items like 'Impact of Tax Cuts and Jobs Act' ($31.5 million) are handled, they prevent accusations of 'earnings management.'

Cover slide of the WestRock pitch deck — 2018 — WestRock pitch deck, slide 1 (2018)

WestRock pitch deck: the facts

Company: WestRock
Year: 2018
Stage: Public (Post-M&A Reporting)
Slides: 30
Sector: Packaging and Containers
Deck type: Investor Presentation
Outcome: Acquisition of KapStone and continued public trading
Headquarters: Atlanta, Georgia, USA

WestRock pitch deck PDF

The full WestRock deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the WestRock pitch deck was used for

This deck is WestRock’s May 2018 investor presentation, filed as Exhibit 99.1 to a Form 8‑K and hosted on WestRock’s investor relations site. It was used to brief public-market investors on the company’s fiscal 2018 performance, outlook and the proposed acquisition of KapStone Paper and Packaging Corporation. At the time, WestRock had signed a definitive agreement to acquire KapStone for a total enterprise value of approximately $4.9 billion, financed primarily with new debt and existing credit facilities. The presentation functions as post‑announcement M&A communication rather than a private fundraising pitch, explaining expected synergies, leverage, and non‑GAAP metrics such as EBITDA to equity analysts and shareholders.

Business model: WestRock is a leading provider of differentiated paper and packaging solutions, producing containerboard, corrugated packaging, consumer packaging and related paper products for customers across consumer and industrial markets.

Year: 2018
Investors: Syndicate of banks led by Wells Fargo that provided the term‑loan financing., Holders of WestRock’s $600 million 3.75% senior notes due 2025 and $600 million 4.00% senior notes due 2028 issued to fu
Headquarters: Atlanta, Georgia, United States.
Industry: Paper and packaging (Packaging and Containers).*

Round: Public-company acquisition financing for KapStone Paper and Packaging Corporation (enterprise value approximately $4.9 billion).*

Raised: WestRock raised $1.2 billion via senior notes (two $600 million tranches) and arranged $3.8 billion of delayed‑draw senior unsecured term loans to finance the KapStone acquisition.

Lead investor: Wells Fargo, acting as agent for the syndicate of banks providing financing for the KapStone acquisition.

Use of funds as presented: To pay cash consideration to KapStone shareholders, assume and refinance KapStone’s existing debt, and cover fees and expenses related to the KapStone acquisition.

What happened after the WestRock deck

The May 2018 investor deck preceded the closing of WestRock’s acquisition of KapStone Paper and Packaging Corporation and was part of a broader communication effort around a roughly $4.9 billion enterprise‑value transaction. Subsequent SEC filings and press releases confirm that WestRock financed the deal with a mix of new senior notes, $3.8 billion of term‑loan facilities, existing credit commitm

January 28–29, 2018: WestRock signs a definitive merger agreement to acquire KapStone for $35 per share and assumption o
March 1, 2018: WestRock issues $600 million of 3.75% senior notes due 2025 and $600 million of 4.00% senior notes due 20
March 7, 2018: WestRock enters into delayed‑draw credit facilities providing $3.8 billion of senior unsecured term loans
May 2018: WestRock circulates and files its May 2018 investor presentation as Exhibit 99.1 to a Form 8‑K, discussing fis
November 2, 2018: WestRock completes the acquisition of KapStone, drawing the full $3.8 billion under the delayed‑draw f

What the WestRock deck got right

Strong alignment with regulatory filings and IR communications. The deck is tightly anchored to SEC and investor‑relations materials: it is filed as Exhibit 99.1 to a Form 8‑K and mirrored on WestRock’s IR site, which increases credibility and ensures alignment with formal disclosures.
Clear articulation of KapStone transaction economics and financing. The presentation explains a complex $4.9 billion acquisition in concrete financial terms—share price, net debt assumed, enterprise value, and specific debt instruments—providing investors with clarity on transaction economics and financing.
Strong linkage between segment performance and M&A strategy. By focusing on corrugated and consumer packaging segment performance and underlying demand, the deck connects operational trends with the strategic rationale for leveraging up to acquire KapStone.
Effective integration of GAAP and non-GAAP financial metrics. The use of non‑GAAP measures such as EBITDA and segment income, alongside GAAP data from earnings releases and annual reports, helps investors model the impact of synergies and leverage on future cash flows.
Demonstrated backing from major financial advisors and lenders. Including named financial advisors (Lazard, Wells Fargo) and detailed financing descriptions signals that WestRock has secured robust advisory and funding support for the acquisition, reassuring public‑market investors about execution.
Compelling strategic fit narrative for KapStone within WestRock’s platform. Positioning KapStone as a leading North American producer of containerboard, corrugated products and specialty papers highlights the strategic fit and reinforces WestRock’s narrative as a scaled, diversified packaging leader.

What could have been stronger

Heavy emphasis on financial and legal disclosures over broader strategic narrative. Because this is a public‑company investor deck centered on an already announced acquisition, it likely devotes significant space to regulatory forward‑looking disclaimers and non‑GAAP reconciliations, but comparatively less room to qualitative strategy narratives that a non‑specialist reader might need to understand how WestRock will differentiate in packaging beyond scale and synergies.
Complex financing structure may be hard to digest. The financing description around KapStone relies on multiple instruments—new senior notes, delayed‑draw credit facilities and refinancing of assumed debt—which can make the capital structure and pro‑forma leverage difficult to parse for someone outside the fixed‑income or equity research audience.
No explicit fundraising or capital-raise narrative. As a post‑announcement M&A investor presentation, the deck is primarily geared to public‑market investors and does not lay out a clear capital‑raising objective (e.g., equity issuance) or use‑of‑funds narrative that a fundraising‑focused pitch‑deck library might look for.
Limited visibility into integration execution details. The materials around KapStone focus on transaction value, financing and high‑level synergies but, based on the external filings, leave relatively limited detail on specific integration milestones, timelines or contingency plans that would allow investors to track execution risk over time.

How an investor would read this deck

What draws attention

Magnitude and structure of the KapStone acquisition: $35 per share, $1.36 billion of net debt assumed, total enterprise value about $4.9 billion and estimated consideration of roughly $4.8–$4.9 billion including equity awards.
Pro‑forma leverage and debt financing: issuance of $1.2 billion of senior notes in March 2018 and entry into $3.8 billion of delayed‑draw senior unsecured term loans, plus plans to refinance KapStone’s existing debt.
Projected synergies, underlying demand trends and EBITDA growth in corrugated and consumer packaging, referenced in the investor materials and Q3 FY18 updates.
Impact of KapStone on WestRock’s market position as a leading North American producer of containerboard, corrugated products and specialty papers, and how this strengthens its packaging platform.
Non‑GAAP metrics such as adjusted EBITDA and segment income used to present performance and acquisition impact, and their reconciliation to GAAP figures.

Risks that stand out

Integration risk from absorbing KapStone’s operations, including the need to achieve planned synergies while managing mill, logistics and customer transitions across corrugated and specialty papers.
Increased financial leverage and interest burden resulting from $1.2 billion in new senior notes and $3.8 billion of term loans, potentially constraining flexibility if packaging demand weakens.
Exposure to cyclical demand in containerboard and corrugated packaging; while filings note strong underlying demand in 2018, downturns could pressure EBITDA and make deleveraging more challenging.
Execution risk around refinancing KapStone’s assumed debt and managing complex capital‑structure changes in a rising‑rate environment.
Regulatory and shareholder‑approval risks that existed between signing and closing, including the need for KapStone shareholder approval and satisfaction of other closing conditions, which could have delayed or altered transaction economics.

Questions this deck invites

How did KapStone’s actual integration performance (synergy realization, margin improvement, and return on invested capital) compare with the expectations laid out to investors in the May 2018 deck?
What was WestRock’s pro‑forma leverage (e.g., debt/EBITDA) immediately post‑closing, and how quickly did management commit to de‑leveraging according to subsequent filings and presentations?
How did the combination with KapStone affect WestRock’s competitive position in key packaging subsegments, and are there updated market‑share or capacity figures post‑acquisition?
What are the specific cost and revenue synergy buckets (mill optimization, logistics, cross‑selling, procurement) management identified, and what portion has been realized to date according to later reports?
How did rating agencies and bond investors react to the financing structure (new senior notes plus large term loans), and were there any covenant or rating constraints highlighted in subsequent disclosures?

What founders can take from the WestRock deck

A large‑cap public‑company deck can serve as a detailed case study in explaining a major acquisition’s economics—purchase price, assumed debt, enterprise value and financing instruments—to investors using clear numbers drawn from filings.
Integrating non‑GAAP metrics like adjusted EBITDA and segment income into an M&A narrative helps connect operational performance to leverage, synergies and long‑term value creation in a way that equity analysts can model.
Using an investor presentation as an exhibit to a regulatory filing (such as a Form 8‑K) anchors the deck’s claims in legally binding disclosures, which increases credibility and ensures consistency between spoken commentary and written filings.
Articulating the financing package for an acquisition—specific senior note issuances, term‑loan facilities and refinancing plans—shows investors the company has secured funding and thought through capital‑structure implications.
Highlighting underlying demand trends in key segments (corrugated and consumer packaging) provides critical context for why management is comfortable increasing leverage to pursue strategic acquisitions.
Positioning an acquisition in terms of market leadership (e.g., a leading North American producer of containerboard, corrugated products and specialty papers) helps investors understand strategic fit beyond purely financial metrics.

WestRock pitch deck: common questions

What does WestRock do?

WestRock is a publicly traded paper and packaging company (NYSE: WRK) that provides differentiated paper and packaging solutions, including containerboard, corrugated packaging and consumer packaging, to help customers win in the marketplace.

What is the purpose of WestRock’s May 2018 investor presentation?

The May 2018 investor deck was presented around May 9, 2018 and filed as Exhibit 99.1 to a Form 8‑K, serving as an investor update on WestRock’s business and its planned acquisition of KapStone Paper and Packaging Corporation.

What acquisition is highlighted in the May 2018 WestRock investor deck?

WestRock agreed on January 28–29, 2018 to acquire KapStone Paper and Packaging Corporation for $35 per share and the assumption of approximately $1.36 billion of net debt, for a total enterprise value of about $4.9 billion. The May 2018 deck provides detail on this transaction and expected synergies.

How did WestRock finance the KapStone acquisition discussed in the 2018 deck?

WestRock financed the KapStone acquisition primarily through new debt under a bank term loan facility, existing credit commitments and cash on hand. It issued $600 million of 3.75% senior notes due 2025 and $600 million of 4.00% senior notes due 2028, and entered into $3.8 billion of delayed‑draw senior unsecured term loans that were fully drawn at closing.

What ultimately happened with the KapStone acquisition after the May 2018 investor deck?

The KapStone transaction closed on November 2, 2018; WestRock borrowed $3.8 billion under its delayed‑draw credit facilities and used the proceeds and other cash sources to pay consideration, refinance KapStone debt and cover related fees and expenses. The May 2018 deck preceded this closing and focused on the expected strategic and financial impact rather than post‑merger results.