EPL is a global leader in laminated tubes selling ~7 billion tubes across 10 countries. EPL's clientele includes marquee global brands (Colgate, HUL, etc) in the oral care, beauty, cosmetics and pharmaceutical industries. Increasing presence in emerging markets and further penetration in the fast growing beauty, cosmetics and pharmaceutical segments is expected to accelerate growth, going forward. We believe revenue, earnings CAGR of ~12%, ~13% in FY18- 21E would largely led by strong performance in emerging markets. We believe a demand recovery in the Amesa and Europe region will be a key trigger for future growth. With a target market cap, the deal is valued at 20xFY20E, 17xFY21E earnings and 8xFY20E, 7xFY21E EBITDA, respectively. We believe the stock would hover around the deal price.