24 June 2005
	SA's Top 20 Companies 13 ASTRAPAK Total score: 56,4 Historic score: 32,9 FM's score: 72

Using liberal amounts of gearing at times, Astrapak has followed an aggressive acquisitive growth strategy in the plastic packaging sector since listing in 1997. The business model has worked well, delivering average headline earnings growth of 22%/year over five years. There appears to be more to come in a still-fragmented sector, offering further acquisition opportunities. Astrapak's ability to exploit these is underpinned by strong cashflow and a balance sheet again capable of taking on considerable gearing. Astrapak has also displayed strong pricing power that has enabled it to withstand threats from cheap imports and rising raw material costs. Completing a positive picture is a formidable black economic empowerment profile.