Orora 1H17 Result in Line on the Back of Further U.S. Consolidation; Shares Overvalued
We maintain our AUD 2.25 fair value estimate following the release of Orora’s first-half 2017 result. The result was in line with our estimates and we’ve left our fiscal 2017 EPS unchanged and modestly upgraded 2018 EPS by 2% to reflect the USD 54 million Garvey Group acquisition. We continue to believe the current share price is roughly 30% overvalued with investors having overly optimistic assumptions surrounding the group’s U.S. packaging distribution division. We forecast 9.2% CAGR in EPS fo...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.
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