Dividend Cut and Likely Capital Raising to Shore Up Pact’s Stretched Balance Sheet; FVE Reduced 14%
Soft Australian trading conditions and heightened capital requirements led narrow-moat Pact Group to suspend its dividend in first-half fiscal 2019 and makes an equity raising now look imminent. Lost volumes in its Australian rigids business led us to reduce our full-year expectations by 5%. We now forecast fiscal 2019 EBITDA of AUD 230 million, in line with the lower bound of Pact’s recently revised guidance range. We lower our fair value estimate by 14% to AUD 4.20 per share on account of redu...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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