Ongoing Global Economic Recovery Supportive of Packaging Demand in Late Fiscal 2021

The strength of the ongoing recovery of the global economy from the coronavirus pandemic supports near-term earnings for Australian packaging stocks. Set against global economic activity that is rebounding at its fastest post-recession pace in some 80 years, we still expect robust near-term demand for consumer packaging. Accordingly, we maintain our fiscal 2021 earnings estimates for narrow-moat Amcor and Pact Group and no-moat Orora.