Davy Research

Ardagh Group

Initiating coverage: cash generation, acquisition potential and margin expansion all provide cause for optimism
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Ardagh Group

DAVY VIEW

We are initiating on Ardagh Group with an ‘Outperform’ rating and a price target of $23.50, representing upside of 11% from current levels. While the group’s markets are relatively mature, it continues to expand margins and returns through a relentless focus on performance. Strong cash generation provides management with numerous shareholder value-enhancing options. Earnings, cash and returns will continue to grow from here. With a dividend yield of 2.5-3%, Ardagh represents a very attractive investment opportunity.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Ardagh Group

    Closing Price: $21.10

  • RATING 12/04/17

  • PREVIOUS RATING N/A

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