Share Price Dip for No-Moat Orica Not Yet Sufficiently Enticing, No Change to FVE
We make no change to our AUD 15 per share fair value estimate for Orica. The firm's shares have fallen approximately 10% from March AUD 19.50 highs, but at AUD 17.65 remain at a material 18% premium to our fair value estimate. The share price of the global number one nitrogen-based products manufacturer has substantially mirrored the performance of the mining sector, enjoying a resurgence in commodity prices, including a 125% rise in iron ore prices from early 2016 lows, followed by a to-date st...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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