The chemical and explosives business ORI rallied +2.8% on Thursday after it reported its annual profit had increased almost fivefold. It expects earnings to rise in the fiscal year on strong demand from miners. Before interest and taxes from continuing operations, earnings increased by 24% to almost $700mn million, and directors declared a final dividend of 25c, up from 22c a year ago.
- We like ORI around $15.50, targeting the $18 area, or ~15% higher.
MM is cautiously bullish towards ORI
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