Orica Ltd

ORI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$56.00	Dvfzt	Ldkbcntk

Orica Earnings: Growth in Premium Products and Technology Supports Orica’s Bottom Line

Mark Taylor

May 9, 2024

We increase our fair value estimate for no-moat Orica Limited by 3% to AUD 17.00, equivalent to the time value of money. The world’s largest explosives provider posted a 10% increase in underlying first-half fiscal 2024 NPAT to AUD 179 million. Orica anticipated strong fiscal 2024 adoption of blasting and digital technologies but major plant maintenance, inflationary pressures, and heightened geopolitical risks were expected partial offsets.

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