Avery's pressure-sensitive materials business remains best in class, but is not quite moatworthy.
We were impressed with the second-quarter performance of Avery’s Pressure Sensitive Materials Segment (PSM). The segment reported 5% year-over-year organic sales growth thanks to continued uptake in emerging markets. Profits in Retail Branding and Information Solutions (RBIS) were fairly flat on organic revenue growth of only 2% relative to the same period last year. Having increased our near-term profit forecasts for Avery’s PSM segment, our fair value estimate for Avery Dennison rises to $65 p...Avery Dennison is engaged in the production of pressure-sensitive materials and a variety of tickets, tags, labels and other converted products. The company sells its pressure-sensitive materials to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting. The company sells other pressure-sensitive materials in converted form as tapes and reflective sheeting. The company also manufactures and sells a variety of other converted products and items not involving pressure-sensitive components, such as fasteners, tickets, tags, radio-frequency identification inlays and tags, and imprinting equipment and related solutions.
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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