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BOARD-INTEL · Board of Directors · Board Narrative

Intelligence Layer for Physical Commerce

Re-rating from packaging multiple to platform multiple over 3–5 years.
Recurring digital revenue mix
18%
from 4 %
Items on atma.io
120B
from 28 B
Forward EV/EBITDA multiple
18x
from 12 x

Problem & Capability

What & how
Executive problem

Avery's RFID/labels scale is undervalued as a one-time product sale — not as a recurring intelligence platform.

Capability

Bundle atma.io + DPP + analytics into a platform story with recurring revenue and ecosystem lock-in.

Outcome & Strategic Impact

Why it matters
Business outcome

Re-rating from packaging multiple to platform multiple over 3–5 years.

Strategic impact

Category creation. 'Bloomberg for physical products.'

KPI trajectory · Baseline → Target

Exhibit

AI explainability — drivers, risks, next 90 days

Avery Dennison is positioned to unlock significant valuation expansion by transitioning its RFID and labeling scale into a recurring intelligence platform for physical commerce. By bundling atma.io, DPP, and analytics, we create a differentiated category—'Bloomberg for physical products'—driving category leadership and recurring digital revenue. This shift supports a re-rating from packaging to platform multiples over the next 3–5 years.

Drivers
  • Bundled platform offering (atma.io + DPP + analytics) delivers recurring value and ecosystem lock-in
  • Existing scale with 28B items on atma.io provides credible foundation for rapid expansion
  • Strategic partnerships with Walmart, adidas, Gap/Athleta, and Burton Snowboards accelerate adoption and category leadership
Risks
  • Execution risk in converting one-time sales to recurring platform subscriptions
  • Potential customer resistance to platform pricing and lock-in assumptions
  • Market education required to shift perception from packaging to intelligence platform
Next 90 days
  • Develop and launch bundled platform pricing and go-to-market strategy targeting top 5 global customers
  • Establish executive-level customer advisory board (Walmart, adidas, Gap/Athleta, Burton) to co-create platform roadmap
  • Initiate targeted investor communications to articulate platform narrative and recurring revenue KPIs

Test it in a scenario

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