No-Moat Orica Delivers Strong 1H Earnings Growth a Touch Shy of Target. No Change to AUD 16.50 FVE
We make no change to our AUD 16.50 fair value estimate for no-moat Orica, still anticipating material margin expansion due to mix shift and cost efficiencies. First-half fiscal 2019 EBITDA expansion to 15.4% from 14.9% in the previous corresponding period highlights this potential, and we expect there is more to come. Underlying first-half fiscal 2019 NPAT increased 35% to AUD 167 million, though below our AUD 197 million forecast. Expected ammonium nitrate, or AN, price appreciation was a key d...Orica is engaged in the manufacture and distribution of commercial blasting systems and various chemical products and services. Co.'s segment comprised of: Australia/Pacific and Indonesia, North America, Latin America, Europe, Africa and Asia, which is involved in the manufacture and supply of commercial explosives and blasting systems; Minova, which is involved in the manufacture and supply of bolts, accessories and chemicals for stabilisation and ventilation systems in underground mining and civil tunnelling works; and Global Support, which is involved in the corporate and support costs, operation of the Botany Groundwater Treatment Plant and non-operating assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.