Fiscal 1H2018 Earnings Confirm Better Outlook for No-Moat Orora; Stock Still Expensive
No-moat Orora reported good earnings growth in its fiscal first-half 2018, with revenue increasing 6.2% on the pcp to AUD 2,098 million and operating leverage driving net profit growth of 12.7% pcp to AUD 104 million. We were most impressed by the better top line growth in the Australian fibre and beverage packaging business, which accelerated to 5% pcp, and translated nicely into double-digit earnings growth.The first half is slightly ahead of our full fiscal year 2018 estimates on both revenu...
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