Australia's Orora extends fall, Macquarie sees modest annual earnings growth

Orora

20/10/2023 02:18

** Shares of Australian packaging co Orora  ORA.AX  down
1.7% at A$2.545 after a 4.4% fall on Thursday
    ** Orora expected to record modest underlying EBIT growth in
FY24 - Macquarie
    ** Brokerage has a PT of A$3.40, "outperform" rating
    ** "ORA well-placed to benefit from a recovery in the US box
market with investment in sales capability underway and account
profitability programmes" - Macquarie
    ** Brokerage says ORA expects to close the Saverglass
acquisition by Dec-end, against their expectation of mid-Nov
    ** Macquarie cuts co's FY24 EPS guidance by 5% on
acquisition delay     
    ** Three of 11 analysts rate stock "buy" or higher, 8
"hold"; their median PT is A$3.30 - LSEG
    ** Stock down ~4% YTD, as of last close

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))