No-Moat Orica's 1H Turnaround Confirmed but Softer Than Expected; No Change to FVE
We make no change to our AUD 15 fair value estimate for Orica. A softer-than-expected 3% improvement in underlying first-half fiscal 2017 earnings to AUD 195 million fell short of our AUD 235 million forecast but doesn’t have material long-term implications. First-half revenue declined 4% to AUD 2.5 billion, in line with expectations, with price resets in the context of weaker post-China boom commodity price environment, more than offsetting improved ammonium nitrate volume, up 4% to 1.8 millio...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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