Transferring Coverage of Silgan; Reducing Our Fair Value to $44 From $48 on Volume Headwinds
We've transferred coverage of Silgan to a new analyst, reducing our fair value estimate to $44 from $48. We maintain our narrow moat rating on Silgan and have changed its moat trend to stable from negative, as we believe North American food can demand has more or less stabilized after declining in years past. Although we think packaged food demand will remain fragile, we expect slightly positive volumes and believe Silgan will manage capacity to keep returns on invested capital above costs of ca...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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