We are excited about Berry as an investment for three reasons. First, we expect growth to accelerate as the company introduces two new breakthrough products (a plastic cup for hot drinks and a plastic can that can substitute for metal and glass containers). Second, we expect substantial free cash flow to be generated, which will be used for debt reduction, thereby creating value for the equity. And third, we believe the trading multiple will expand to more properly reflect the company's strong franchise, superior growth profile and improving balance sheet. We think these three factors can lead to a double in the stock, although we cannot guarantee it.
From Baron Funds' fourth quarter commentary.