Further U.S. Consolidation To Drive Orora’s Earnings, Although Shareprice Remains Overvalued
We make minor changes to our estimates ahead of the release of Orora’s interim 2017 result (due Feb. 16). We lift our EPS estimates by 4% in 2018 on the back of the recent acquisition of The Register Print Group, or RPG, and we upgrade our DCF-based fair value to AUD 2.25 from AUD 2.20 per share. We maintain our no-moat rating and medium uncertainty rating. Orora’s shareprice is trading at a 30% premium to our DCF-based fair value estimate, with investors overpaying for relative earnings defensi...Orora is engaged in providing a range of packaging solutions. Co.'s operating segments include: Orora Australasia, which focuses on the manufacture of fibre and beverage packaging products within Australia and New Zealand, and its manufactured products include glass bottles, beverage cans, wines closures, corrugated boxes, cartons and sacks, and recycled paper; and Orora North America, which primarily located in North America, is engaged in purchasing, warehousing, selling and delivering a range of packaging and other related materials, and its business also includes integrated corrugated sheet and box manufacturing and equipment sales capabilities.
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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