Amcor Well Positioned Ahead For Upturn in U.S. Growth, Although Shares Overvalued
Ahead of Amcor’s interim 2017 result, due to be released on Feb. 13, we update our currency deck and make small downgrades to our EPS estimates (negative 4% in 2017 and negative 3% in 2018). We maintain our AUD 12.00 DCF-based fair value estimate, given the depreciation of the Australian dollar/U.S dollar exchange. The current share price is roughly 20% overvalued based on overly optimistic expectations surrounding Amcor’s earnings leverage to a U.S. economic recovery, in our view. The current s...Amcor is a packaging company. Co. has the following reportable segments: Amcor Rigid Plastics, which manufactures rigid plastic containers for a range of primarily beverage and food products; Amcor Flexibles, which represents the aggregation of four operating segments of which each manufactures flexible and film packaging for their respective industries; as well as Other/Investments, which holds Co.'s equity accounted investments in the associate AMVIG Holdings Limited (AMVIG) and the joint venture Discma AG (Discma). AMVIG is mainly involved in the manufacture of tobacco packaging while Discma's operations primarily relate to the development and licensing of packaging product development.
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