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Ball's Aluminum Cans Poised to Remain a Hot Commodity Throughout 2021

Charles Gross Equity Analyst

Analyst Note

| Charles Gross |

Aluminum can sales remained heady in Ball's first quarter, as people continued to spend more time at home and less time in restaurants. Beverage cans have the added tailwind of being ESG-friendly, thanks to their high global recycling rates. These factors fueled a 12.2% rise in consolidated revenue and a 12.4% increase in adjusted operating income. We expect the pace of growth to moderate a bit as the year goes on, but sales should still rise by a low-double-digit percentage. We have raised our fair value estimate slightly to $50 per share, up from $49, after slightly increasing our near-term forecasts. Our narrow-moat rating stands. Nevertheless, shares trade well above our fair value estimate.

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Company Profile

Business Description

Ball is the world's largest metal can manufacturer. The company is focused on increasing capacity amid a wave of new developed-market demand, while pivoting toward faster-growing emerging-market economies in beverage cans. Ball maintains a small presence in both the North American food can market and the U.S. defense industry through its aerospace segment.

10 Longs Peak Drive, P.O. Box 5000
Broomfield, CO, 80021-2510
T +1 303 469-3131
Sector Consumer Cyclical
Industry Packaging & Containers
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 21,500