Questor: avoid Rexam for the moment Meanwhile, 34pc of group sales now come from emerging markets, mainly from in Russia and Brazil. Sales from Brazil, where Rexam has 60pc market share, could rise significantly over the next couple of years as the company's customers begin to prepare for thirsty sports fans visiting to watch the Confederation Cup in 2013, the World Cup in 2014 and the Olympics in 2016. Rexam's efforts to add production capacity in Finland and India have also come in on budget and on time, setting a good precedent for its £115m investment in a new plant in Switzerland to support the expanding market for energy drinks. So that's the positive growth story some investors have bought into recently but Rexam is still facing some key issues, notably the decline in profits at the company's healthcare packaging division. Operating profits fell from £65m to £48m after a tough year of trading and key products heading off patent. As a result, there is speculation Rexam may look to sell off business - although this would please some investors as it would leave the company a pure-play beverage can maker. Clearly, Rexam is a quality company offering a combination of steady organic earnings growth, the possibility of opportunistic bolt-on takeovers and progressive cash returns through share buy-backs or dividends. Indeed, yesterday the company said it had increased the dividend by 6pc to 15.2p. However, the company is not particularly cheap. It is trading on a current price-earnings ratio of about 12.6, falling to 11.7 next year, while Crown, one of Rexam's major competitors, is on 11.9 times earnings, and Ball, another US-based rival, is a bit more expensive on 13.4 times earnings. So, there is not a huge amount of difference between three global packaging giants. Although Questor believes Rexam, with its not unattractive 3.7pc yield, is worth having in your portfolio, for the moment the advice is to wait for the shares to come off their current high before buying.