4 profit upgrades in the last 12 months, management confident of...

4 profit upgrades in the last 12 months, management confident of achieving the Bemis synergies of $180m almost a year ahead of schedule, strong free cashflow generation, valuation that is not expensive and an attractive yield. It is surprising that the stock is not getting the attention it deserves.

I think the recent strength in the $A and Europe will explain why it has lagged the market. The company is sensitive to currency movements and Europe accounts for some 25% of revenue.

I would think we begin to see AMC rally, the $A has pulled back from its highs, it wasn't that long ago that the gurus where telling us the $A was going to 80c. The gurus have not changed their estimates but the $A is closer to 76c and the $US is catching a bid. Europe is still in lockdown but light at the end of the tunnel emerging.