AMC has delivered FY17 operating earnings of $1.09 billion, up 3% on FY16. The Board declared a final dividend of $0.235.
Underlying net profit for the 12 months to June, came in at $700 million or 4.5% higher on the same time last year.
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At 19x forward earnings, AMC is expensive.
However, earnings are defensive and the company should still achieve average EPS growth of 8% into FY18, (net profit in the range of $750 – $770 million), placing the stock of a forward yield of 3.7%.
We expect AMC to trade within a range of $15.00 to $16.50.
Amcor
