Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Thematic (Sector/Industry)

<ul><li>The precipitous slide in oil prices since fall 2014 has eroded the financial health of most exploration and production, or E&amp;P, firms.</li><li>Natural gas has been no safe haven either, with prices entrenched near 10- year lows.</li><li>Near-term fundamentals remain challenged for both commodities, and investors should be prepared for weak pricing to persist for much if not all of 2016&ndash;17.</li><li>As a result, many operators&mdash;who outspend cash flows even during the best of times&mdash;are currently hemorrhaging cash and seeing leverage rise to uncomfortable levels.</li><li>Investors are right to be concerned about whether the upstream space has the financial wherewithal to endure this sustained period of low oil and natural prices, and which firms might be casualties of such an environment.</li><li>Having analyzed the balance sheets, cost structures, and operations of our E&amp;P coverage list, we found that in the vast majority of cases, the E&amp;P firms we cover are well-equipped to cope with multiple years of low prices.</li><li>That's partly due to cost deflation and efficiency gains but most critically from the prompt utilization of capital markets earlier this year to prop up liquidity reserves.</li><li>To be sure, even within our coverage there exists a handful of firms that entered the downturn with too much leverage and hold lower quality assets&mdash;these are the few that may not emerge from the current environment unscathed.</li><li>But as a group, our E&amp;P universe seems more financially sound than headlines and investor sentiment might otherwise suggest.</li></ul>Analysts: David Meats, Mark Hanson CFA, Stephen Simko CFA, Brandon Hurst.Full report below the fold....

The precipitous slide in oil prices since fall 2014 has eroded the financial health of most exploration and production, or E&amp;P, firms.Natural gas has been no safe haven either, with prices entrenched near 10- year lows.Near-term fundamentals remain challenged for both commodities, and investors should be prepared for weak pricing to persist for much if not all of 2016&ndash;17.As a result, many operators&mdash;who outspend cash flows even during the best of times&mdash;are currently hemorrhaging cash and seeing leverage rise to uncomfortable levels.Investors are right to be concerned about whether the upstream space has the financial wherewithal to endure this sustained period of low oil and natural prices, and which firms might be casualties of such an environment.Having analyzed the balance sheets, cost structures, and operations of our E&amp;P coverage list, we found that in the vast majority of cases, the E&amp;P firms we cover are well-equipped to cope with multiple years of low prices.That's partly due to cost deflation and efficiency gains but most critically from the prompt utilization of capital markets earlier this year to prop up liquidity reserves.To be sure, even within our coverage there exists a handful of firms that entered the downturn with too much leverage and hold lower quality assets&mdash;these are the few that may not emerge from the current environment unscathed.But as a group, our E&amp;P universe seems more financially sound than headlines and investor sentiment might otherwise suggest.Analysts: David Meats, Mark Hanson CFA, Stephen Simko CFA, Brandon Hurst.Full report below the fold....

E&P Financial Health: Better Than You Think. Liquidity Reserves Will See Most Firms Through Downturn

United States

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world.  The Company's primary products include steel and aluminum cans for food, beverage, household, and other consumer products.  Crown also provides a variety of metal caps, closures, and dispensing systems.

WestRock Company provides consumer and corrugated packaging solutions. The Company offers merchandising displays, paperboard, recycling, and waste solutions. WestRock conducts business in the United States.

Graphic Packaging Holding Company is an integrated provider of paperboard and integrated paperboard packaging solutions to multinational beverage and consumer products companies.  The Company manufactures folding cartons for frozen and non-frozen food and beverage products.

Graphic Packaging Holding Company (GPK US)

Berry Global Group Inc. manufactures plastic products and containers. The Company produces agricultural film, moisture control products for buildings, closures, disposable cutlery, drop cloths, flexible packaging, overcaps, tapes, tubes, bottles, drink cups, lids, and trash bags. Berry Plastics markets its products worldwide.

Sealed Air Corporation manufactures packaging and performance-based materials and equipment systems that serve food, industrial, medical, and consumer applications.

Greif Inc. manufactures and markets industrial packaging products and services. The Company provides steel, plastic, fiber, corrugated and multiwall containers. Greif also produces containerboard and has operations nationwide.

International Paper Company produces and distributes paperboard-based industrial and consumer packaging, uncoated printing & writing papers and market pulp. It maintains a global network of manufacturing operations in North America, Europe, Latin America, Russia and Asia.

Silgan Holdings Inc. and its subsidiaries manufacture consumer goods packaging products.  The Company currently produces steel and aluminum containers for human and pet food, custom designed plastic containers for various markets, plastic closures and caps, thermoformed  plastic tubs, and specialty packaging items.  Silgan markets its products in North America.

Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world.  The Company's products include flexible packaging, high density film products, and folding cartons.  Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement.

Packaging Corporation of America manufactures containerboard and corrugated packaging products for use in protecting goods during shipment.  The Company also produces multi-color boxes and displays, as well as meat boxes and wax-coated boxes for the agricultural industry.

Packaging Corporation of America (PKG US)

DS Smith Plc is an International paper company focused on packaging and office products. The Group collects waste paper, manufactures paper, converts corrugated packaging and produces bag-in-box, plastic corrugated and heavy duty corrugated packaging, as well as wholesales office supplies.

CCL Industries Inc. supplies manufacturing services and specialty packaging products for the non-durable consumer products market.  The Company provides formulation and manufacturing services, labels, aluminum and plastic specialty tubes, containers, and closures to marketers of cosmetic, personal care, pharmaceutical, household, and specialty food products.

Amcor Limited is an international integrated packaging company offering packaging and related services.  Amcor primarily produces a wide range of packaging products which include corrugated boxes, cartons, aluminum and steel cans, flexible plastic packaging, PET plastic bottles and jars, and multi-wall sacks.

Vidrala SA manufactures glass bottles and markets them throughout Europe.  The Company produces bottles for beverages, vegetable oils, and preserves.

Huhtamaki Oyj manufactures consumer packaging products.  The Company produces disposable food service and tableware products, such as cups, plates, and trays, as well as containers for fresh meats, fruits, dairy products, frozen foods, coffee, and detergents.  Huhtamaki makes the containers of paper, molded fibers, and plastics.  The Company manufactures in many countries and sells worldwide.

Klabin S.A. produces, exports, and recycles paper. The Company's products include packaging paper and board, corrugated boxes, industrial sacks and timber in logs for saw mills and veneer plants.

SCG Packaging Public Company Limited provides packaging services and solutions. The Company offers fiber-based packaging, performance and polymer packaging, and food service products, as well as designing and printing services. SCG Packaging serves customers worldwide.

Toyo Seikan Group Holdings Ltd primarily manufactures, markets, and sells metal, plastic, and glass packaging products and containers.  The Company specializes in food cans, 18-liter cans, and other beverage cans.  Toyo Seikan also produces steel products such as steel sheets.

Orora Limited provides packaging products and services. The Company offers fiber, glass, and beverage can packaging materials in Australia and Asia and packaging distribution services in North America and Australia.

AptarGroup, Inc. designs, manufactures, and markets pumps, dispensing closures, and aerosol valves.  The Company's products are used for fragrance/cosmetics, personal care, pharmaceutical, household/industrial, and food products. AptarGroup operates worldwide.

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Aptargroup Inc (ATR US)

E&P Financial Health: Better Than You Think. Liquidity Reserves Will See Most Firms Through Downturn

The precipitous slide in oil prices since fall 2014 has eroded the financial health of most exploration and production, or E&P, firms. Natural...

Morningstar, Inc.

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