Ann: 2020 Half Year Result Investor Presentation Pack, page-3

CCL has definitely been hit quite hard, but not as hard as the stock price (around -35%) warrants.

The results aren't pretty in terms of lower margins and impairments on international investments. However, the free cash flow (-15%) and EBITDA (-20%) isn't so bad, and they've even been paying down debt (-$50m). One major concern I suppose is Indonesia, which is meant to be the growth engine, but seems pretty far away at this point.

If this half is as bad as it gets, then things are looking pretty bright I reckon. Afterall, they are gaining some market share from others, and revenue is already starting to rebound as Covid-19 restrictions are being eased. History shows that CCL is able to rebound pretty well (see post-2000 and post-2008 recessions).