Australian Beverage Volumes Supportive of Orora’s 2019 2H But Shares Remain Expensive
Year-to-date Australian beverage market volumes have been stronger than we’d anticipated. While this provides support to no-moat Orora’s second-half fiscal 2019 earnings, the stronger observed market volumes have a largely immaterial earnings impact given beverages constitute only roughly one quarter of the Australasia segment’s revenues. We maintain our full-year fiscal 2019 EBIT forecast of AUD 360 million. Our long-term expectations for beverage volumes also remain unchanged. We continue to e...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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