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Amcor PLC AMC

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Stock XASX Rating as of
A$15.10 −0.29 (1.88%)
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Company Report

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Amcor Earnings: Recovery Gaining Momentum as Volume Continues to Improve

Esther Holloway

Narrow-moat Amcor provided updated earnings guidance following a stronger-than-expected fiscal third quarter and an improved outlook for the remainder of fiscal 2024. We raise our fair value estimate by 5% to AUD 17.80/USD 11.50 from AUD 17/USD 11 and our adjusted earnings per share estimate to USD 0.69 from USD 0.67 for fiscal 2024, at the bottom end of updated guidance. Our improved near-term forecast is driven by a small uplift in operating margin from recent cost-saving and restructuring programs and a sooner-than-expected recovery in volume. We now forecast a low-single-digit increase in volume from fiscal 2025 versus a low-single-digit decline previously. Beyond this, we maintain our volume and price growth assumptions.

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Price vs Fair Value

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AMC is trading at a 689% premium.
Price
A$15.10
Fair Value
A$52.30
Uncertainty
Medium
1-Star Price
A$61.81
5-Star Price
A$78.66
Economic Moat
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Capital Allocation
Bzchfnck

Bulls Say, Bears Say

Bulls

Exposure to high-growth emerging markets balances low-volume growth in mature developed markets for products with similar or higher profit margins.

Bears

Amcor’s aggressive acquisition strategy has the potential for overcapitalization, overcapacity, and lower-than-expected cost synergies.

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Trading Information

Previous Close Price
A$15.39
Day Range
A$14.92–15.10
52-Week Range
A$13.35–15.79
Bid/Ask
A$15.10 / A$15.10
Market Cap
A$21.82 Bil
Volume/Avg
2.4 Mil / 1.9 Mil

Key Statistics

Price/Earnings (Normalized)
14.50
Price/Sales
1.05
Dividend Yield (Trailing)
5.09%
Dividend Yield (Forward)
5.09%
Total Yield
7.27%

Company Profile

Amcor is a global producer of plastic packaging primarily for the fast-moving consumer goods industry. About 85% of earnings are exposed to the flexible packaging business. This is soft disposable plastic for a variety of food, drink, healthcare, and hygiene products. The remainder of earnings are from the Latin and North American rigids business, which is primarily beverage bottling for the soft drink industry. Operating in more than 35 countries, Amcor has market share in its established regions of North America, Latin America, Europe, and Asia-Pacific. About half of group sales are derived from North America and the remainder is split equally between Western Europe and emerging markets. Australia and New Zealand sales make up less than 5% of group sales.
Sector
Consumer Cyclical
Industry
Packaging & Containers
Stock Style Box
Mid Value
Total Number of Employees
41,000
Website
https://www.amcor.com

Competitors

Valuation

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Metric
AMC
JHX
BXB
Price/Earnings (Normalized)
 14.5025.0422.43
Price/Book Value
 3.608.334.33
Price/Sales
 1.054.022.06
Price/Cash Flow
 10.3918.196.65
Price/Earnings
AMC
JHX
BXB

Financial Strength

Metric
AMC
JHX
BXB
Quick Ratio
 0.610.920.47
Current Ratio
 1.291.790.53
Interest Coverage
 3.4721.168.10
Quick Ratio
AMC
JHX
BXB

Profitability

Metric
AMC
JHX
BXB
Return on Assets (Normalized)
 5.88%15.30%8.31%
Return on Equity (Normalized)
 24.70%39.87%24.94%
Return on Invested Capital (Normalized)
 10.64%24.70%13.92%
Return on Assets
AMC
JHX
BXB
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