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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "The table highlights that Amcor's valuation is rich relative to its peers when considering the underlying financial challenges.",
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      "text": "Amcor screens as if its valuation is reasonable for a global paper and packaging company. In addition, its sales and earnings are temporarily showing growth from the addition of Bemis, but as we've illustrated, there is underlying revenue deterioration.",
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      "text": "valuation multiples: 5.1%",
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      "text": "Amcor screens as if its valuation is reasonable for a global paper and packaging company. In addition, its sales and earnings are temporarily showing growth from the addition of Bemis, but as we've illustrated, there is underlying revenue deterioration. Investors might think they are being compensated with a generous dividend yield as well. However, its valuation is predicated on overly aggressive revenue and earnings growth expectations. We've presented strong evidence why we believe sales will decline, margins disappoint, and the dividend potentially cut or eliminated.",
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      "text": "* Most representative comps for Amcor\nSource: Company filings, Wall St estimates.",
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      "text": "Peer comparison table including Stock Price, Ent. Value, Margins, Growth, P/E, EV/EBITDA, EV/Sales, FCF, P/B, Net Debt/EBITDA, Rating, and Dividend Yield.",
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      "kind": "title",
      "text": "Amcor Valuation Rich In Context Of Its Financial Challenges",
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