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Ringmetall’s position as a leading global packaging specialist has evolved both organically and through acquisitions, as exemplified in its 2016 results where EBITDA more than doubled, boosted by the late 2015 acquisition of Self Industries. In a challenging global macro environment with slowing Chinese growth, 2017 will be a year of more limited progress. Guidance still implies a 7.8% increase in EBITDA driven by market share gain in China, organic growth and margin expansion from internal efficiencies. The company’s valuation multiples have expanded recently, but an FY18e P/E of 14.3x represents a significant discount to its peers.

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