2240 GMT - Packaging company Amcor's debt metrics are likely to stay elevated for longer, signals Barrenjoey. Amcor's 3Q cash flow of US$101 million fell short of hopes, as did that of recently acquired Berry. Analyst Brook Campbell-Crawford says the market often does a poor job of profiling Amcor's cash flow, which mostly comes through in 4Q. "Nevertheless, we do believe Amcor's cash earnings persistently underperform its adjusted profit-and-loss earnings," Barrenjoey says. That's partly due to regular FX headwinds from emerging markets and capex. "While Amcor is only trading on 11x our near-term EPS, we don't expect the shares to re-rate given cash conversion remains weak, volume growth is subdued, and there could be structural issues in North America Beverage," says Barrenjoey. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 01, 2025 18:40 ET (22:40 GMT)
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