Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent considerable time reading Amcor's most recent 10-Q for the quarter ended March 31, 2026, the company's history, the Berry Global merger documents, and the broader packaging industry landscape. Our conclusion, reached independently and applying the principles we have used for sixty years, is that Amcor is an average business — a sprawling, capital-intensive, modestly-moated converter of plastic and paper into containers — and that following its $10.4 billion equity-financed, $5.2 billion debt-assumed acquisition of Berry Global Group, the company has become a more leveraged version of an already-mediocre business. This is not the kind of franchise we would want to own at any reasonable price, and at the current quotation it offers only a high dividend yield and the speculative hope that integration synergies arrive on schedule. We rate AMCR ★★ Sell.
Recent filings analysed: 8-K (2026-06-15), 10-Q (2026-05-07), 8-K (2026-05-06), 8-K (2026-05-06).
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