No-Moat Orica Disappoints with Flat Fiscal 2017 NPAT. FVE Unchanged at AUD 15.
We make no change to our AUD 15 per share fair value estimate. That does represent a near-9% one-year decline in real terms due to time value of money. Orica reported disappointingly flat fiscal 2017 NPAT of AUD 386 million, approximately 14% below our AUD 447 million forecast. But one year’s result does not a fair value make, and our long-term assumptions are largely intact. The market vented its dis-satisfaction, the shares down 12% immediately post-announcement but continuing to screen as ove...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.
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