Pact Group enjoys a strong market position, but aggressive competition whittles away any advantages.
We lift our fair value estimate for Pact Group Holdings to AUD 5.50 from AUD 5.00, following the company's interim 2017 result. First-half 2017 NPAT of AUD 52.9 million (up 13%) was in line with our estimates, although the underlying drivers surprised--negative volume growth disappointed, while cost-out was stronger than expected. We expect these lower costs to drive higher margins than we previously anticipated as volumes recover, and we lift our 2018 EPS by 11%. We also include the Pascoe acqu...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.
We have operations in 27 countries.
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