Amcor’s 1H17 Result in Line, Although Shareprice Overvalued; Maintain AUD 12 FVE
We maintain our AUD 12.00 fair value estimate following the release of Amcor’s first-half 2017 result. The result was broadly in line with our estimates (we’ve made minor changes, reducing our fiscal 2017 EPS 2% and raising our fiscal 2018 estimate 3%), and Amcor reiterated 2017 earnings guidance for constant-currency growth with particularly strong earnings growth in Flexibles and solid growth in Rigid Plastics. That said, we believe the current share price is roughly 20% overvalued based on ov...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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