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AptarGroup Inc ATR

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Morningstar’s Analysis

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Aptar's Core Pharma Business Performs Nicely in Q4, but Beauty & Home Remains a Work in Progress

Charles Gross Equity Analyst

Analyst Note

| Charles Gross |

Aptar wrapped up the year on solid footing. The company delivered promising organic revenue growth across two of its three segments, with pharma's COVID-19 tailwinds likely to continue. However, share prices moved lower after Aptar's earnings release due to the prospect of increased near-term capital spending and a near-term rise in resin costs. Neither of these developments substantially changes our outlook for the company. We've mildly reduced our near-term profit forecasts to account for temporarily narrower margins and slower growth in Beauty & Home, but our long-term assumptions are intact. Our fair value estimate falls to $123 per share from $125, but our narrow moat rating is unchanged. Shares look modestly overvalued, trading about 12% above our valuation.

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Company Profile

Business Description

AptarGroup is a leading global supplier of dispensing systems such as aerosol valves, pumps, and closures to the consumer goods and pharmaceutical markets. With the bulk of its annual net sales coming from Europe and the United States, Aptar aims to increase its presence in Asia and Latin America. Aptar's pharmaceutical division generates roughly one third of group sales but almost two thirds of group profits. We expect management to make more healthcare-related acquisitions in the coming years.

265 Exchange Drive, Suite 100
Crystal Lake, IL, 60014
T +1 815 477-0424
Sector Consumer Cyclical
Industry Packaging & Containers
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 13,000