Orica Meets Fiscal 2018 Expectations in What we Anticipate Is the Earnings Nadir. No Change to FVE.
We make no change to our AUD 16.50 fair value estimate for no-moat Orica, predicated on material margin expansion due to mix shift and cost efficiencies. EBITDA expansion in the second half of fiscal 2018 highlights this potential and we expect there is more to come. Underlying fiscal 2018 NPAT fell 16% to AUD 324 million, in line with our forecast. This excludes AUD 372 million in exceptional items after tax, comprising AUD 204 million Minova impairment, AUD 80 million Botany environmental prov...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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