Silgan Holdings Inc (SLGN.N): Solid 2Q on Pockets of HSD% Vol Growth; Reiterated FY Guide

研报英文原文证据摘录

Silgan Holdings Inc (SLGN.N): Solid 2Q on Pockets of HSD% Vol Growth; Reiterated FY Guide

, but near-

term earnings may fluctuate based on recent trends.

If the impact on the company from any of these factors proves to be greater than we anticipate, the stock could have difficulty

achieving our target price. On the other hand, we may have overestimated these risk factors and the stock could increase more

than we expect.

Crown Holdings Inc

(CCK.N; US$121.2; 1; 28 Jul 26; 16:00)

Valuation

We derive our target price by applying a 9.5x multiple on NTM EBITDA. Deducting net debt and pension underfunding, we

arrive at a $137 target price. Over the past 10 years, CCK has traded at an average NTM EV/EBITDA multiple of 9.5x, with an

upper bound of 12.2x and a lower bound of 6.5x.

Risks

Developed Market Volume Decline – If North American and European demand for beverage cans experiences a decline, this

could cause producers to cut prices in order to protect market share, which could pressure CCK's margins.

Raw Material Prices & Substitution – Metal can producers do an excellent job of passing through rising aluminum and tinplate

steel costs; however, rising metal prices may encourage beverage and food producers to switch to alternative packaging

materials.

Large Customer Share Shift – Due to the concentrated nature of food and beverage producers, 33% of CCK’s sales come from

their top-ten customers. While CCK’s contracts are generally long-term in nature, the market remains competitive and share

shifts do occur. Loss of a customer or large piece of business may negatively impact CCK’s earnings.

Asbestos Liability – CCK carries asbestos liabilities on its balance sheet, and is the subject to numerous lawsuits. If the number