AptarGroup Inc

ATR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$246.00	Kdwxzx	Crprnftw

Aptar Earnings: Maintaining $132 Fair Value After a Sound Start to the Year

Damien Conover

May 1, 2023

Narrow-moat Aptar posted solid first-quarter results. The firm saw a 4% increase in core sales year over year driven by strong demand in the pharmaceutical and beauty segments. In addition to higher volumes, the firm was able to increase prices to keep up with raw material inflation, despite resistance to pricing in prior quarters. We reaffirm our fair value estimate of $132 per share based on the firm’s sound start to the year.

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