Fund Manager Summary
The fund managers believe there is a favorable outlook for Amcor CDI following its announcement of a merger with Berry Global Group. In their opinion, this merger will create significant synergies that enhance both companies' growth and return profiles. They view this development as a positive indicator for earnings growth, which is further supported by Amcor's attractive valuation multiple and strong cash flow generation. Overall, the fund managers see this merger as a strategic opportunity that positions Amcor for steady growth moving forward.
Source: Trading View
Commentary From The Managers
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Wilson Asset Management
10 Nov 2025
$12.92
Summary
- Amcor’s Q1 FY2026 result was in line with guidance and exceeded expectations amidst subdued volumes.
- Management reaffirmed FY2026 underlying earnings per share (EPS) guidance of US80-83 cps, indicating a year-on-year growth of 12-17%.
- This guidance incorporates expected synergies from the Berry acquisition of at least US$260 million, showing increased confidence.
- Wilson Asset Management continues to hold due to the constructive outlook for Amcor following the solid quarterly result.
- Potential catalysts include meeting or exceeding expectations in upcoming quarters and completing additional asset sales.
- With the share price and earnings multiple having recently derated, Amcor presents an attractive risk-reward profile for investors.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Wilson Asset Management
10 Nov 2025
$12.92
- Amcor’s Q1 FY2026 result was in line with guidance and exceeded expectations amidst subdued volumes.
- Management reaffirmed FY2026 underlying earnings per share (EPS) guidance of US80-83 cps, indicating a year-on-year growth of 12-17%.
- This guidance incorporates expected synergies from the Berry acquisition of at least US$260 million, showing increased confidence.
- Wilson Asset Management continues to hold due to the constructive outlook for Amcor following the solid quarterly result.
- Potential catalysts include meeting or exceeding expectations in upcoming quarters and completing additional asset sales.
- With the share price and earnings multiple having recently derated, Amcor presents an attractive risk-reward profile for investors.
Summary
Allan Gray
30 Sept 2025
$12.29
- Amcor is the world’s largest manufacturer of consumer packaging, serving many well-known brands across various sectors.
- Following recent mergers, including the merger with Berry in April 2025, Amcor's revenue exposure is now 50% from North America, 30% from Western Europe, and 20% from emerging markets.
- In mid-2023, Amcor experienced disappointing financial results after a period of strong profitability during COVID-19.
- The company is currently facing a destocking cycle as retailers manage excess inventory, impacting Amcor’s earnings.
- Allan Gray continues to hold its position in Amcor, believing that the current share price of US$8.09 offers an attractive price-to-earnings ratio compared to the broader market.
- Management expects synergy benefits from the Berry merger to add US$650 million to pre-tax earnings over three years, with US$260 million expected in FY26.
- Despite concerns over management's earnings expectations, historical performance suggests these expectations are reasonable.
- Allan Gray acknowledges risks associated with Amcor, including high debt levels and potential dis-synergies from the merger.
- The company’s scale provides competitive advantages in R&D, manufacturing, and procurement, which may help mitigate risks.
- Amcor is transitioning towards more sustainable materials, with an ongoing shift from plastic to paper/fibre-based products.
- Allan Gray believes that Amcor’s current valuation offers a margin of safety and continues to seek attractive opportunities in uncertain markets.
Summary
Tyndall Asset Management
31 Aug 2025
$13.11
- Tyndall Asset Management notes that Amcor has underperformed through August.
- The company reported a weak 4Q and FY25 result.
- A slowdown in consumer spending in the US has negatively impacted discretionary segments.
- Particularly affected are the confectionery and US beverages sectors.
Summary
Tyndall Asset Management
31 July 2025
$14.75
- Tyndall Asset Management notes that Amcor (AMC) underperformed through August due to a weak 4Q and FY25 result.
- The consumer slowdown in the US has negatively impacted discretionary segments of the business, particularly confectionary and US beverages.
- Despite recent challenges, Tyndall Asset Management remains positive on AMC.
- The positive outlook is supported by a strong earnings growth profile.
- Amcor has a proven track record of successful acquisition integration.
Summary
Atlas Funds Management
25 July 2025
$14.86
- Atlas Funds Management continues to hold Amcor CDI due to its strong market position.
- They are benefiting from a range of acquisitions, notably the recent acquisition of Berry.
- This acquisition is expected to significantly increase their size and market influence.
- Projected earnings per share accretion of around 10% per year for the next couple of years.
- Amcor trades on a 5% yield, paid in US dollars and distributed quarterly.
- The payout ratio is approximately 60%, which is a key consideration for Atlas Funds Management.
- There is a lack of alternative packaging options, especially in the medicine and food sectors.
- Amcor is viewed as a high-quality pick with a consistent dividend payment history.
Summary
BKI Investment Company
30 June 2025
$14.20
- BKI Investment Company continues to hold Amcor (AMC-ASX).
- Recent acquisition of Berry Global has been fully in stock.
- This acquisition creates a global leader in consumer and healthcare packaging.
- Amcor's portfolio and market presence have been significantly expanded.
- The strategic move is expected to generate substantial synergies.
- BKI anticipates improvements in consistent growth, margins, and dividends.
Summary
Tyndall Asset Management
30 Apr 2025
$14.60
- Tyndall Asset Management notes that Amcor (AMC) detracted from performance in April due to concerns around volume outlook for packaging companies.
- There is an increasing focus on synergy realization following the closure of the Berry deal.
- Ongoing concerns regarding leverage have been noted.
- Despite these challenges, Tyndall Asset Management remains positive on AMC due to expected near-term earnings growth.
- This growth is underpinned by the Berry transaction and the associated synergies.
Summary
Equity Trustees Asset Management
31 Dec 2024
$14.97
- Equity Trustees Asset Management sees potential in the merger between Amcor and Berry Global.
- The merging of two complementary businesses is expected to enhance growth and return profile.
- Considerable synergies are anticipated from the merger.
- Stronger earnings growth profile is expected as a result of the merger.
- Amcor is currently trading at a relatively attractive valuation multiple.
- Expected to generate steady growth and strong cash flow.
Summary
Clime Investment Management
28 Feb 2024
$13.76
- Clime Investment Management noted that AMC's half yearly results indicated progress in their cost reduction program.
- Despite this progress, earnings were slightly below expectations.
- There is uncertainty around the volume outlook for the remainder of the year.
- Clime does not see catalysts for upside in the near future.
- As a result, Clime Investment Management has decided to exit their position and reallocate the proceeds to other opportunities.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While the merger with Berry Global seems poised to unlock significant synergies, the real test for Amcor will be whether it can translate this potential into sustainable earnings growth, especially at its current valuation. Investors might want to keep a close watch."
Last Updated: 10 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Amcor CDI (ASX:AMC)?
Fund managers including Equity Trustees Asset Management, Atlas Funds Management, Clime Investment Management, BKI Investment Company, Tyndall Asset Management, Allan Gray and Wilson Asset Management have invested in Amcor CDI (ASX:AMC).
Why do fund managers invest in Amcor CDI?
Fund managers are investing in Amcor CDI due to its strategic merger with Berry Global, which is expected to create significant synergies and enhance growth potential. The company offers a strong earnings growth profile and is valued attractively, making it a compelling choice for steady growth and robust cash flow generation.
What happened to Amcor CDI (ASX:AMC)?
Fund managers are optimistic about investing in Amcor CDI due to its strong earnings growth potential, supported by a robust track record of successful acquisitions and integration. Despite recent underperformance linked to a consumer slowdown and destocking challenges, the company is positioned for recovery with expected synergies from the Berry merger projected to enhance earnings significantly. Amcor's extensive global presence and scale provide a competitive advantage, while its current valuation offers a margin of safety for investors amidst market uncertainties.