We Still Think Too Much Is Priced in to No-Moat Orica
We maintain our AUD 15 discounted cash flow-based fair value estimate for the world’s leading global explosives company. This equates to a fiscal 2017 EV/EBITDA of 7.5, declining to 6.3 by fiscal 2021. In other words, with regard to our explicit five-year forecast period, our AUD 15 fair value estimate sees us with a growth-like multiple in fiscal 2017 and exiting with a low growth multiple by fiscal 2021. This is in accord with our thesis for slowing EBITDA post fiscal 2021 to approximately 3% ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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