Ann: 2023 Half-Year Results Presentation, page-17

For context, listed packaging peer, ORA reported results today.  




Generally, it was a better quality result from a business that is generally of a higher quality than PHG.

The difference is that PGH trades at 7.5x P/E, while ORA's multiple is almost double that, at around 14x-15x.

But I don't believe PHG is only half the quality of ORA, maybe three-quarters of the quality.

So if the market is happy to pay 14x-15x for ORA, then I think a fair multiple for PGH should be around 11x.

...which translates into a share price for PGH of closer to $1.70 (or, $1.50, at a very minimum).

..