{
  "docId": "019dd923-622b-71dc-a6dc-a5270ef43ae6",
  "docSlug": "8132e2a7dbeb",
  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "21_Ancora",
  "authorName": "James Chadwick",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 9,
  "pageCount": 15,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 7,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-a5270ef43ae6/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-a5270ef43ae6",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-a5270ef43ae6.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-a5270ef43ae6#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.94,
        "x": 0.03,
        "y": 0.83
      },
      "kind": "callout",
      "text": "We estimate 50% to 70% upside in Amcor shares as the combined company executes on synergies and the acquisition integration comes to fruition.(2)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2733695b-a974-4e4e-a3bc-fc52de743be1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We estimate 50% to 70% upside in Amcor shares as the combined company executes on synergies and the acquisition integration comes to fruition.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c88-1031ee92ddec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.43
      },
      "kind": "list",
      "text": "The companies identified $650M of cost, growth and financial synergies, which Ancora believes is a conservative estimate",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "069b7bca-5561-41c2-83b1-bc2702b7cc13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.13
      },
      "kind": "list",
      "text": "Creates largest global packaging company focused on consumer non-discretionary end markets with a durable free cash flow profile",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "112d0bf1-773f-4851-972d-7176597a7f0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.63
      },
      "kind": "list",
      "text": "Proforma 8.0x EBITDA valuation of combined company represents a significant discount to historical valuation levels(2)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29970cba-97e4-481c-9a25-235cc5c8e865",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.53
      },
      "kind": "list",
      "text": "Transaction is estimated to be more than 40% accretive to adjusted EPS as synergies are realized(1)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75235d4f-526a-49ec-b129-2b035ba2c85c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.33
      },
      "kind": "list",
      "text": "The combined business will generate $24B in revenue, $4.5B in EBITDA and more than $3B in cash flows on proforma basis(1)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dabba534-62c2-46aa-a9c5-01fd5135d98b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.23
      },
      "kind": "list",
      "text": "Offers shareholders a significant value creation opportunity as synergies are realized upon transaction closing",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3053df7-707e-4785-b2bf-c14843afaed4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.73
      },
      "kind": "list",
      "text": "Limited to no real Hart-Scott-Rodino Act risk as combined companies have highly complementary businesses and geographies",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1d5b3cc-52bf-4b19-925c-cbc0667675c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price upside: 50% to 70%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c88-15b76867cc6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Ancora, company filings. (1) Ancora estimate, (2) Ancora estimate using proforma 2025 AMCR EBITDA with 11-11.5x EBITDA multiple. *Estimated data is hypothetical in nature. Please refer to the disclosures page for additional information.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3cb2cf83-413f-4533-8a86-41a3813a536b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.03,
        "y": 0.05
      },
      "kind": "title",
      "text": "Why Ancora Likes the Combination of Amcor and Berry",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fd7bd12-2340-4651-ae16-270c7ce33bd5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 7,
      "beatId": "040dd218-3da9-43d7-a011-06fd747de718",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The presentation provides valuation reveals, tables, and revenue buildups to support the investment opportunity",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 4,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "aabc8534-d591-4b34-9958-ce62b0400833",
      "evidence": "The presentation provides a clear chain of logic, starting with the thesis headline and then providing evidence and proof to support the investment opportunity",
      "position": 0,
      "objective": "To demonstrate the logic behind the investment opportunity",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    },
    {
      "to": 12,
      "from": 6,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "0abd341a-0a70-4972-9132-c21c0a9fded6",
      "evidence": "The presentation provides valuation reveals and tables to support the investment opportunity",
      "position": 1,
      "objective": "To reveal the underlying value of the combined company",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}