Packaging Industry Growth Expectations Fully Packed into Share Prices
We see little value across our coverage of ASX-listed packaging companies, with neither narrow-moat Amcor, nor no-moat Pact Group or Orora appearing compelling at current share prices. We maintain our fair value estimates for each: AUD 14.00 for Amcor, AUD 5.90 for Pact, and AUD 2.60 for Orora.Pact Group trades close to fair value. Acquisitions, including the recent CSI Asia and Graham Packaging deals increase Pact's exposure to emerging market Asia to 13% of total revenue from just 3% in 2013...
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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