2149 GMT - Packaging company Amcor's newest bull says organic growth is key to unlocking long-term value for shareholders. Jefferies, which raises Amcor to buy from hold, points out that Amcor's volume growth has been anemic since it bought Bemis some years ago. "We estimate cumulative volumes have declined 5%, or 1% per annum since FY 2019, raising concerns around the outlook for plastic packaging and valuation multiple investors are willing to pay," analyst Ramoun Lazar says. Amcor recently agreed to buy Berry, which has a similarly weak track record. Amcor expects deal savings to drive growth in new business areas. "We are not yet convinced (consensus also skeptical) with Jefferies's long-term volume forecasts circa 0-1% per annum," Lazar says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 03, 2025 16:49 ET (21:49 GMT)
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