No-Moat Orica Reports First Half Fiscal 2018 Earnings Wobble but Issues are Short Term
Our fair value estimate for no-moat Orica remains at AUD 16.50. That’s despite first-half fiscal 2018 underlying NPAT falling 37% to AUD 124 million, 40% below our previous AUD 205 million target. The shares plunged 7.2% to AUD 18.85 intraday on the news. We think there will be operational improvement and still forecast high-single-digit five-year EBITDA CAGR to near AUD 1.4 billion by fiscal 2022, 60% above fiscal 2017’s AUD 883 million.Many first-half 2018 issues are one-offs. In addition to ...
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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