The study calculates operating margins as follows: Glass containers = 15.9%; Flexible packaging =10.9%; Corrugated container = 8.1%; Plastic container = 6.9%; Folding carton = 6.3% Metal container = 4.5%. The report concludes that flexible packaging corporations average valuations, in terms of price-to-sales ratio, has in the past five years gone from a high of 1.14 in 1999 to a low of 0.90 in 2000. For 2001, the ratio improved to 1.03.
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