Credit Suisse extends its review of the company’s debt levels, reducing FY19 net debt estimates to US$4.6bn from US$5.1bn. This adds around $0.30 to valuation.
The broker also makes minor downgrades to estimates based on weak revenue momentum being observed in US and European food and US tobacco & beverages. Neutral rating maintained. Target is raised to $15.60 from $14.90.
Target price is $15.60.Current Price is $16.65. Difference: ($1.05) – (brackets indicate current price is over target). If AMC meets the Credit Suisse target it will return approximately -7% (excluding dividends, fees and charges – negative figures indicate an expected loss).