Amcor PLC

AMC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Amcor: We Expect the Iran War to Weigh on Cash Flows, Leading to Valuation and Dividend Trim

Esther Holloway

May 4, 2026

It's been a year since Amcor acquired Berry, increasing its debt. Net debt of USD 14 billion as of Dec, 31. 2025 is equivalent to net debt/EBITDA of 3.6 times, against a current covenant of 3.9 times (then 4.25). In the months since, the Iran war has begun weakening the US economy.

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Amcor PLC

Amcor: We Expect the Iran War to Weigh on Cash Flows, Leading to Valuation and Dividend Trim

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