Group 1 - Amcor plc is strategically pivoting from commodity plastics to high-margin healthcare and hygiene segments through an all-stock merger with Berry Global, valued at $13.8 billion with over $7 billion of assumed debt, positioning it as the largest player in flexible plastics with a global market share of approximately 7% [2] - The healthcare and hygiene businesses provide a compound annual growth rate (CAGR) of 3-4% and improve margins, with healthcare nonwovens delivering around 19% EBITDA [3] - Amcor's core flexible plastics and rigid packaging businesses serve multinational FMCG giants like Nestle, P&G, and J&J, benefiting from scale, reliability, and bundled offerings that are difficult for competitors to replicate [3] Group 2 - Amcor trades at a forward P/E of approximately 10x, below peers at 12-15x, reflecting execution risk and a highly leveraged balance sheet of around 3.5x post-merger [4] - If management successfully realizes merger synergies, free cash flow could double, enabling debt reduction to approximately 3.1x-3.0x and supporting a rerating toward 12x P/E, potentially delivering a 20-30% upside [4] - Near-term catalysts include $260 million in FY26 synergy milestones, asset sales, and deleveraging, while medium- and long-term growth drivers include full synergy realization, organic expansion in healthcare/nonwovens, and sustainability mandates favoring recyclable packaging [5] Group 3 - Amcor offers a compelling risk/reward profile with a 5% dividend yield and a 10% free cash flow yield, strategically positioned to convert scale, sustainability, and healthcare exposure into a resilient, high-return compounder [7] - The combination of synergies, leverage reduction, and market leadership makes the current share price an attractive entry point with significant upside potential [7]