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Crown Holdings Inc CCK

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Crown Notches Record Profits in 2020 Amid Surging Can Demand; Raising FVE to $68 From $67

Charles Gross Equity Analyst

Analyst Note

| Charles Gross |

In the fourth quarter, Crown continued to benefit as people spent more time at home because of the COVID-19 pandemic. Aluminum beverage cans remained in high demand, which we expect to continue heading into 2021. Food can volumes were also robust. Only the transit segment remains a true work in progress, with the business still recovering from the global recession. We anticipate another year of robust earnings growth in 2021, with adjusted earnings per share nearing the high end of management's guidance at $6.75. We've slightly increased our fair value estimate to $68 per share from $67, mainly due to the time value of money. Our narrow moat rating is unchanged.

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Company Profile

Business Description

Crown Holdings is one of the world's largest producers of metal packaging. The company manufactures beverage cans, metal food cans, and closures as well as aerosol cans. With the purchase of Signode, the company also has a presence in a wide variety of protective transport packaging. Although it's headquartered in the United States, the vast majority of Crown's sales come from its operations in Europe, South America, and Southeast Asia.

770 Township Line Road
Yardley, PA, 19067-4232
T +1 215 698-5100
Sector Consumer Cyclical
Industry Packaging & Containers
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 33,000