We Downgrade Orica’s Near-Term Earnings Following a More Cautious Outlook. FVE Unchanged at AUD 15
No-moat Orica’s fair value estimate is unchanged at AUD 15.00--that is despite reducing our fiscal 2018 and fiscal 2019 EPS forecasts by 24% and 13% to AUD 1.07 and AUD 1.22, respectively. Longer-term forecasts are substantially intact, only slightly reduced, and account for the majority of fair value. Our fair value estimate equates to a fiscal 2022 EV/EBITDA of 6.7, a dividend yield of 4.2% and P/E of 12.0, all discounted at weighted average cost of capital, or WACC. At AUD 18.50, shares scree...
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