Orica Offers Much that Appeals at the Right Price But Remains Overvalued
We have completed an in-depth analysis of Orica and Incitec Pivot in our special report “Market Underplays Commodity Price Risk in Orica and Incitec Pivot.†We maintain, both Orica and Incitec Pivot are overvalued, with Orica marginally the cheaper on a price/fair value of 1.15 to Incitec Pivot's 1.25. That despite our increasing Orica’s fair value estimate by 10% to AUD 16.50 and Incitec Pivot’s by 13% to AUD 3.00. Fair value upgrades chiefly reflect increased near-term revenue growth expectati...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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