"I think we shareholders should be pretty happy with this. Well...

"I think we shareholders should be pretty happy with this. Well done for holding revenues and controlling costs. I’ll have a deep dive into this in the coming days but this reiterates Amcor as a long term hold for me."

I'd be interested to hear your interpretation of the result.

I had a look at it for about 20 minutes and then thought my head was going to explode.

Gauging company performance - especially large oil tankers such as Amcor - over a period of just 3 months is usually fraught, but with all the moving parts in this particular result, its hard to know its true underlying quality.

So it boils down to taking one's cues from what management are saying, which is this:

1. Upgraded earnings forecasts for FY2020 (which is quite something, I think, given the economic upheaval globally)

2. The business will generate more than US$1bn in Free Cash Flow this year (not immaterial for a company valued at A$15m (US$9.75bn)

3. Organic momentum in the business is building (not sure how many company CEO's can stand up today and reflect that sort of sentiment)

4. Faster than expected Bemis synergies ("We're coming up for the one-year anniversary of the acquisition of Bemis and on all measures, that acquisition is exceeding expectations.")


Ordinarily, I'm a bit loathe to adopt a blanket "Trust Management" philosophy when it comes to investing my money.

But there are a few rare exceptions to the rule.

Amcor is one of those.

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