Ann: Form 8-K - Q3 21 Results, page-5

Great work by the team at Amcor.

The Bemis acquisition is really coming along. Synergies are beating expectations by a fair margin, and expect this to continue in to FY22. So despite the relatively flat revenue, we have seen margin expansion and EBITDA growth. That's what good acquisitions do for a company, and I think they played that really well.

The other thing I really enjoyed seeing was the capital allocation by management. Share buy backs of ~1.7% at current prices is really smart. Think about it, the stock is yielding +4% dividends plus they get ongoing capital appreciation. Compare that to debt repayments, which maybe the yield is similar but you don't get that compounding on capital. So very smart. Everything below EBITDA in the financial statement is a result of good management - and while EBITDA grew by ~9%, we have seen EPS grow by ~14%.

Outside of the financial statement, some great innovation particularly in the health care packaging ("changing the world one dose at a time" - ergh, not the best marketing clearly) as well as partnering with Nestle on the recyclable nespresso pods, etc. Really decent runway for organic growth, good CAPEX investment in general.

This year we can be expecting around 14-15% EPS growth + 4% dividend yield, so almost 20% return on our investment for a boring company. Phenomenal. How it is priced in the stock market at the same levels of 2015-16 amazes me.