DAVY VIEW

Ardagh successfully negotiated the unexpected and sudden challenges that emerged last year. Fourth-quarter results were better than expected with organic revenue growth picking up and the metals business in the Americas delivering a stand-out performance. Significant projected investment in the latter, above what was previously flagged, provides the platform for future growth. The stock has ticked up in recent months and unsurprisingly gained on the latest update but remains 5% below where it stood this time last year. It remains attractively valued, and we believe it can continue to push ahead.