Pact’s Volumes Expected To Recover in 2017, Although Shares Remain Overvalued
We leave our EPS estimates unchanged ahead of Pact’s interim 2017 result, due on Feb. 24, and maintain our AUD 5.00 DCF-based fair value estimate. Pact’s shares are overvalued, in our view, with investors factoring in significantly higher earnings growth over the next five years compared with our forecasts (we believe the market is pricing in about a 12% CAGR compared with our estimate of 8.3%). In an environment where volume growth tracks at 2%-3% per year on average, and prices rise 1% per yea...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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