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Orica Ltd

ORI: XASX (AUS)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
A$91.00FbmlTwspcgfz

Orica: Re-Contracting Into a Tighter Explosives Market Underpins Core Growth

Our AUD 16.50 fair value estimate for no-moat Orica stands. Our fiscal 2023 EPS and DPS forecasts are unchanged at AUD 0.85 and AUD 0.42, respectively. The dividend equates to a modest 2.7% unfranked yield at the current share price, on a modest 50% payout. Orica shares currently trade 8% below levels prevailing when the fiscal first-half results were released and at AUD 15.40 are somewhat undervalued, though still in 3-star territory.

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