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BASIC INDUSTRIES: Amcor (AMCR Baa2[N]/BBB/NR): 4Q24 Results

BASIC INDUSTRIES

We see this as credit neutral.

  • Amcor reported revenue and adj. EBITDA just shy of consensus. Although revenue fell 4% YoY, EBITDA is up 2% on cost reductions and higher volumes
  • Adj. FCF was 7% better than expected with a large seasonal working capital release. Leverage is unchanged YoY at 3.1x.
  • FY25 FCF guidance of $0.9-1bn is in line with consensus and this year’s result.
  • Webcast replay https://www.amcor.com/investors/financial-information/results.

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