Bemis Struggles With Stagnant Volumes in the Third Quarter; We Maintain Our Fair Value Estimate
Bemis' third quarter was no blockbuster, but overall results were generally in line with our expectations. We were slightly disappointed to see flat U.S. volumes but believe periods of choppy volume growth should be expected. Bemis still has work to do when it comes to balancing price, volume growth, and operational improvements as it attempts to broaden the pool of products it can deliver at compelling price points. We expect Bemis' global segment to be the core driver of growth going forward, ...Bemis is a manufacturer of packaging products. The majority of the company's products are sold to customers in the food industry. The U.S. Packaging segment represents various food, consumer, and industrial products packaging-related manufacturing operations. The Latin America Packaging segment includes various food and non-food packaging-related manufacturing operations located in Latin America. The Rest of World Packaging segment includes various food and non-food packaging-related manufacturing operations located in Europe and Asia-Pacific as well as medical device and pharmaceutical packaging-related manufacturing operations in the U.S., Europe, and Asia.
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.
We have operations in 27 countries.
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