Selected Reads

Smartkarma

Equity Bottom-Up

Capital-intensive industries like glass beverage manufacturers have problems with labour unions, raw materials, fuel costs for melting glass, which requires increasing average sales price to offset cost inflation— prospects are...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/O-I_GLASS_INC/3074246519">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

After making a number of functional changes to our model to better account for the full value of Owens-Illinois, we've raised our fair value estimate to $21.50 per share from $19.50. However, our thesis is unchanged. We expect near-term margin expansion as the firm optimizes its Asia-Pacific operations to achieve improved profitability but remain bearish on glass container demand over the long-run. We think long-term growth for the company will merely keep up with inflation. However, we still…

Despite management's upbeat commentary surrounding the first quarter, we think organic volume growth will remain a challenge over the coming years rather than being just a transitory issue. A strong dollar further challenged first-quarter results, dragging nearly every segment lower. Management indicated that at recent exchange rates, we should expect $2.92 in adjusted earnings per share for the year as opposed to its $3.00 headline figure. The former strikes us as more reasonable
Despite a…

Owens-Illinois is one of the world's largest glass container manufacturers, with furnaces in North America, South America, Europe, Australia, and Asia. The firm turns molten glass into beer, wine, spirits, and food containers using standard and custom molds for a wide variety of customers. Diverse end uses and popularity among craft brewers should help to protect volume amid a decline in the popularity of mainstream beers. Owens-Illinois' acquisition of Vitro broadens exposure to Latin America…

The purchase of Nueva Fenal, a Modelo bottle-making facility near Mexico City, continues the sustained pivot toward emerging market diets for Owens-Illinois. The purchase makes strategic sense for the firm, as we think Mexican beer consumption will continue to rise, supporting both sales and profits for the facility. We don't have anti-trust concerns, given that the facility previously served Anheuser-Busch Inbev (AB InBev) exclusively and is poised to continue doing so. Based on the $188…

United States

O-I Glass, Inc. manufactures packaging products. The Company produces various types of glass bottles for food, beverage, cosmetics, and other related industries. O-I Glass serves customers worldwide.

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