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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "Uses a combination of a bar chart for industry growth and a table for financial estimates to highlight the discrepancy.",
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      "kind": "callout",
      "text": "From Amcor Scheme Booklet: \"Over the five years to 2023, global packaging industry revenue is expected to grow at an average of 2.9% per annum to US$1,046 billion.50 Plastic packaging is expected to experience the strongest growth...\"",
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      "text": "Figure 11: Average annual plastic packaging industry growth CY18 to CY23 by region",
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      "text": "Amcor's merger document filed in Australia in early 2019 used expert projections claiming that global average plastic packaging growth would be 3.7% p.a. through 2023. Yet, it is already clear that the market doesn't believe these forecasts.",
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      "text": "Source: Amcor Scheme Booklet March 19, 2019",
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      "kind": "table",
      "text": "Market Forecasting 1.5% - 2.0% Sales Growth And EBITDA Margin Expansion Despite Tobacco, A Big Profit Driver, Declining",
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      "text": "Below Industry Growth Projected",
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