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O-I Glass Inc OI

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Morningstar’s Analysis

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Economic Moat




Sequential Volume Recovery Over the Summer Points to Stronger Second Half of 2020 for O-I Glass

Charles Gross Equity Analyst

Analyst Note

| Charles Gross |

O-I Glass shares leaped higher, as earnings in the second quarter proved less dreary than the market expected. Sales volumes fell slightly less than we were expecting, and operating margins remained decent under the circumstances. The market was likely relieved to see $181 million in cash flow from operations, alleviating stress that the company may struggle to survive the crisis. However, our outlook for O-I's fundamentals remains essentially unchanged. We have left our $10 per share fair value estimate in place, along with our no-moat rating.

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Company Profile

Business Description

O-I Glass is the world's largest manufacturer of glass bottles--70% of its revenue comes from outside the United States. O-I has a market- leading position in key markets like Europe, North America, and Brazil, among others. Beer is the primary end market for O-I's glass bottles, which are also used for wine, soda, spirits, condiments, and food. In the coming years, O-I is looking to maintain or expand its dominant positions in Europe, Australia/New Zealand, North America, and South America.

One Michael Owens Way
Perrysburg, OH, 43551
T +1 567 336-5000
Sector Consumer Cyclical
Industry Packaging & Containers
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 27,500