Increased Confidence in Pact’s Acquisition Strategy Lifts FVE to AUD 5.90.
We increase our fair value estimate for no-moat Pact Group by 11% to AUD 5.90 and remove it from under review. After incorporating the acquisition of the Asian closures business, and increasing the contribution from acquisitions going forward, our fair value estimate is 8% above the current share price. Our fair value estimate equates to 17.4 times our 12-month forward EPS, 9.2 times EV/EBITDA, and a 5.9% free cash flow yield, with EPS forecast to increase at 9.3% CAGR over the coming five years...Pact Group Holdings is provider of specialty packaging and manufacturing solutions in Australasia. Co. converts plastic resin and steel into rigid packaging and other products that service customers in different sectors including: food and beverage, personal care, household consumer, industrial and chemical, and materials handling and infrastructure. Co. also provides a range of services including outsourced manufacturing, filling and packing and a range of sustainability, recycling and environmental services to assist customers in reducing the environmental impact of their product packaging and related processes.
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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