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AptarGroup Inc ATR

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Morningstar’s Analysis

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Aptar Falls Short of Consensus EPS but No Change to Our Longer-Term Outlook, Maintain $125 FVE

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Narrow-moat Aptar had a steady second quarter, and we are maintaining our $125 fair value estimate. While revenue surpassed expectations with somewhat surprising 16% top-line growth, about 6% of this growth was currency-related, and price adjustments contributed several percentage points as well. We see shares as fairly valued in light of the 7% decline in the stock price following earnings.

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Company Profile

Business Description

Headquartered in Charles Lake, Illinois, AptarGroup is a leading global supplier of dispensing systems such as aerosol valves, pumps, and closures to the consumer goods and pharmaceutical markets. With the bulk of its annual net sales coming from Europe (50% of sales) and the United States (33%), Aptar aims to increase its presence in Asia (10%) and Latin America (7%). Aptar's pharmaceutical division generates roughly one third of group sales but over two thirds of group profits.

265 Exchange Drive, Suite 100
Crystal Lake, IL, 60014
T +1 815 477-0424
Sector Consumer Cyclical
Industry Packaging & Containers
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 13,000