While organic volume growth eluded narrow-moat Amcor again in its fiscal-year 2020 second quarter, the near-term softness in volumes experienced by both Amcor’s flexibles and rigids businesses provides us no grave cause for concern. Certainly, Amcor’s flat year-to-date volumes act as a headwind for fiscal 2020 earnings. Accordingly, we reduce our full-year fiscal 2020 EBIT estimate by 2% to USD 1,423 million, inclusive of the planned realisation of USD 80 million in Bemis integration synergies. However, with demand for plastic packaging intrinsically linked to household consumption, our long-term expectations for modest top-line growth approximating 3% remain intact. And with our long-term operating margin forecasts--which remain set to benefit from the delivery of Bemis deal cost synergies--also unchanged, our long-term earnings expectations for Amcor also remain in place. Despite the lack of change to our fundamental view of Amcor, we’ve raised our fair value estimate by 5% to AUD 15.30 per share. The recent depreciation of the Australian dollar and the time value of money drives our fair value estimate revision. Amcor shares continue to screen as approximately fairly valued, trading at a slim 3% premium to our valuation.