Raising Our FVE for Narrow-Moat Amcor, but Shares Still Look Overvalued
We’ve raised our fair value estimate for narrow-moat Amcor to AUD 13.40 from AUD 12.50 as we transition coverage to a new analyst. We’ve lifted our near-term operating margin assumptions slightly, while also lowering our weighted average cost of capital to 7.9% from 8.2% to account for the firm’s higher weighting of debt in its capital structure.Our revenue growth assumptions are unchanged, averaging about 4% annually through to 2021. These forecasts are roughly equally split between volume and...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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