2024-01-26 15:28:29 ET
Summary
- Crown Holdings specializes in metal packaging for consumer goods, with 80% of its revenue coming from metal and aluminum products.
- Between 2020 and 2023, the company has been allocating $800 million annually in CapEx to expand its productive capacity.
- By 2024 it seems that this figure will normalize to the $500 million of recent years, but even taking this into account the valuation does not seem compelling enough to me.
Investment Thesis
Crown Holdings, Inc. (NYSE: CCK ) is a well-established company specializing in metal packaging. This segment, while somewhat less competitive, remains crucial and benefits from tailwinds due to its ease of recycling, durability, and product protection....
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Crown Holdings: Valuation Is Not Convincing Enough For Me