PKG - Packaging Corporation Of America's Valuation At Multi-Year Lows

We wrote about Packaging Corporation of America (PKG) last September and stated that shares were selling for a discount. Despite the very attractive valuation at the time, shares have fallen $12+ since we penned that piece.

This is the problem (and short-term risk) with investing in potential value stocks which are trading below their historic averages. Shares were cheap (and remain so) for a reason. Therefore, value investors must be prepared to endure months if not years before the stock comes back to what we believe is its true intrinsic value.

On the

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