2343 GMT - Orora's transition to a specialist drinks packaging company allows Citi to get a cleaner look at its cans business, which previously was folded into a business unit with glass manufacturing. Citi's initial conclusion: it looks world class. "On first take Ebitda margins at 15-16% appear comparable to global comparisons of 15-17%," says analyst Samuel Seow, who is also impressed by the four-year growth outlook for cans sales. Still, investors may not reward Orora much in the near term. Citi notes that valuations of Orora's global peers have pulled back materially in the past six months, "potentially reducing some re-rating opportunity." Citi has a neutral call on Orora, which is down 3% today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

February 12, 2025 18:43 ET (23:43 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.