Owens-Illinois further reinforces solid fundamentals
Owens Illinois, the world’s No. 1 glass packager, reported satisfactory 3Q17 results. Sales were up 4% yoy to $1.8bn, although this included a 3% contribution from FX and 1% from higher prices following the pass through of increased energy costs to clients. In a continuation of the picture seen since the beginning of the year, organic performance was relatively flat, dragged down by the US home market (31% of sales). The area tumbled 5% yoy as American consumers are increasingly shifting into premium beer from mass beer, which remains OI’s main exposure.
Buy OI EUR 3.125% 11/2024 (non-call life) @ 104.5, YTW=2.40%, Z+195bps, Ba3/BB
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