Packaging Industry Growth Expectations Fully Packed into Share Prices
We see little value across our coverage of ASX-listed packaging companies, with neither narrow-moat Amcor, nor no-moat Pact Group or Orora appearing compelling at current share prices. We maintain our fair value estimates for each: AUD 14.00 for Amcor, AUD 5.90 for Pact, and AUD 2.60 for Orora.Pact Group trades close to fair value. Acquisitions, including the recent CSI Asia and Graham Packaging deals increase Pact's exposure to emerging market Asia to 13% of total revenue from just 3% in 2013...
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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