Ann: Form 8-K - Q3 22 Results, page-13

Not a lot to talk about I suppose? Boring can be beautiful!

Analysts are busy upgrading the stock - catching up to what the market already knows. UBS upped to $20 back in June; Macquarie upped to $19 in July; only Credit Suisse isn't on the Amcor-Train.



Share price has done well recently. But much of this is simply the exchange rate. From the March 2022 lows this year, Amcor on the ASX is up 25%. But Amcor on the NYSE is only up 13%. This will help with the results going into the reporting season though for CDI holders.

Market is perhaps still under estimating the cash that the Bemis acquisition and organic growth is about to gush. The below graph shows the forward consensus estimates for cash from operations, free cash flow, and net income. Lots of CAPEX being invested by Amcor (both maintenance and growth CAPEX). Net income is only expected to increase by 20% from FY21-26. However, there is a step-wise increase in the free cash flow expected - a 50% increase from FY21-26 is pretty impressive for a "mature" business. And that's why I'm here, because management are just so adept at M&A, buy backs, etc and putting that FCF to work.