Silgan Splits Shares 2 for 1; Reducing FVE to $25.50 From $51 Following Split
As announced on May 4, Silgan will split its shares 2 for 1, issuing one additional share for every outstanding share on May 26. As a result, we've halved our fair value estimate to $25.50 per share from $51 to account for twice as many shares outstanding. This has no impact on the enterprise value of the firm. Our narrow moat rating is unchanged....Silgan Holdings is a holding company. Through its subsidiaries, the company manufactures rigid packaging for consumer goods products. The company operates three businesses; its metal container business, which used primarily by processors and packagers for food products, such as vegetables, soup, proteins, tomato based products, adult nutritional drinks and fruit ; its closures business, which manufactures metal and plastic closures and dispensing systems for food and beverage and health care products; and its plastic container business, which manufactures custom designed and stock plastic containers for personal care and health care products, including containers for mouthwash, shampoos, and conditioners.
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