Davy Research

Ardagh Group (ARD.N, ARD US)

  • 4454.7
  • 238.7
  • 7.9

Company Profile

Ardagh is a global leader in the manufacture and supply of rigid packaging products. Its main activities are the production of metal and glass containers for the food and beverage markets. Having undertaken a number of transformational acquisitions, Ardagh now has an operating platform of considerable scale. It produces around 85bn components per annum and serves over 2,000 customers in more than 80 countries with a focus on Europe, North America and Brazil. The group has 109 production facilities (74 metal, 35 glass) in 22 countries with circa 23,500 employees. Ardagh operates in what are stable, consolidated markets, although the business is not without growth opportunities. It generated revenues of €6.3bn in 2016 with underlying EBITDA of €1.16bn. Reflecting the full year's impact of a significant mid-2016 acquisition (the Beverage Can assets from Ball Corporation), revenues and adjusted EBITDA on a pro-forma basis were €7.65bn and €1.33bn respectively last year. Ardagh has leading positions in what are typically mature markets controlled by a small number of large players. It operates in end-markets worth an estimated $120bn, and 95% of group revenues are generated in regions where it is a top-three player. Over 90% of group revenues are in the developed markets of North America and Europe, with Brazil offering the main emerging market exposure. It is expected that Ardagh will remain primarily focused on developed markets.

Major Shareholders%
Citadel Advisors6.9

    Closing Price (c): 1866.0

  • RATING 12/04/17





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