1Q18 EPS Beats; Maintaining Estimates
- 1Q18 (June) adjusted EPS was 86 cents (vs 95 cents last year), but 6 cents over our estimate, due primarily to tax benefits;
- For FY18, excluding the pending acquisition of Constantia, our EPS estimate remains $4.00, up 11% from FY17, benefitting from improving operational efficiencies and easy comps;
- We believe Constantia Labels could add 40-to-50 cents in FY19 and $0.80-to-$1.00 in FY20;
- Our FY19, Multi-Color only, EPS estimate remains $4.52, up 13% from our FY18 projection.
Multi-Color is a provider of label solutions supporting a number of brands including producers of home and personal care, wine and spirits, food and beverage, healthcare and specialty consumer products. The company serves international brand owners with a range of label technologies in Pressure Sensitive, Cut and Stack, In-Mold, Shrink Sleeve, Heat Transfer, Roll Fed, and Aluminum Labels. The company provides a range of products for the packaging needs of its customers and is a producer of pressure sensitive, in-mold and heat transfer labels, and a manufacturer of cut and stack, roll fed, aluminum and shrink sleeve labels. The company also provides a complement of print methods including rotogravure.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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