Analysts positive on Australia's Orica after robust FY results

ORICA

09/11/2023 22:00

** Analysts from Citi and Jefferies expect a strong FY24 and
FY25 for Australia's Orica after the company reported positive
FY23 results 
   ** The mining and infrastructure solutions provider posted
FY23 underlying EBIT from cont ops of A$698.1 mln ($445.39 mln),
up 24% YoY vs Visible Alpha Estimate of A$690 mln
    ** Analysts at Jefferies hike price target for Orica
 ORI.AX  by 21% to A$18.80; maintains "buy" rating 
    ** Jefferies expects co's net EBIT to be as much as A$755
mln in FY24
    ** Citi predicts co's EBIT in FY24 and FY25 to increase by
about 7% and 6%, repectively; brokerage maintains PT of A$17 per
share and retains a "Buy" rating 
    ** 11 of 12 analysts rate the stock "buy" or higher and one
"hold"; their median PT is A$17.82 – LSEG data
    ** Stock up 2.8% this year, as of last close
    

($1 = 1.5674 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))