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Fairly valued
Morningstar Quantitative Rating as of 11 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 21.86 Fair value 23.78 One-star price 25.87
Morningstar Quantitative Rating as of 11 NOV 2026.
Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (21.86) to the one-star price (25.87).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 23.82 |
| Price - 12 month high | 26.47 |
| Price - 12 month low | 18.58 |
| Pricing date | 11 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.65 |
| Market capitalization | 11,041.58 |
| 12 Month High price date | 15 JAN 2026 |
| 12 Month Low price date | 25 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 1.40 |
| Price - 1 Day % Change | 4.47% |
| Price - 13 week price percent change | 3.12% |
| Price - 26 week price percent change | 8.77% |
| Price - 5 Day % Change | 8.08% |
| Price - 52 week price percent change | 4.43% |
| Price - YTD price percent change | -1.89% |
| Price % Change Month To Date | 3.25% |
| EPS excluding extraordinary items - most recent fiscal year | 0.563 |
| EPS excluding extraordinary items - trailing 12 month | 0.563 |
| EPS Normalized - most recent fiscal year | 1.257 |
| Revenue/share - most recent fiscal year | 17.706 |
| Revenue/share - trailing 12 month | 17.706 |
| Book value per share - most recent fiscal year | 8.119 |
| Book value per share - most recent half-year | 8.119 |
| Book value (tangible) per share - most recent fiscal year | 2.958 |
| Book value (tangible) per share - most recent half-year | 2.958 |
| Cash per share - most recent fiscal year | 1.644 |
| Cash per share - most recent half-year | 1.644 |
| Cash Flow per share - most recent fiscal year | 1.616 |
| Cash Flow per share - trailing 12 month | 1.616 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.605 |
| EBITD per share - trailing 12 month | 2.589 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.568 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.568 |
| EPS including extraordinary items - most recent fiscal year | 0.568 |
| EPS including extraordinary items - trailing 12 month | 0.568 |
| Free Cash Flow per share - trailing 12 month | 0.537 |
| P/E excluding extraordinary items, most recent fiscal year | 42.31 |
| P/E Normalized, most recent fiscal year | 18.96 |
| Price to sales - most recent fiscal year | 1.35 |
| Price to Tangible Book - most fiscal year | 8.63 |
| Price to Free Cash Flow per Share - most recent fiscal year | 44.36 |
| Price to Cash Flow per share - trailing 12 month | 14.74 |
| Price to Book - most recent fiscal year | 2.93 |
| P/E excluding extraordinary items high, trailing 12 months | 79.52 |
| P/E excluding extraordinary items low, trailing 12 months | 42.30 |
| Net Debt, LFI | 2,472.10 |
| Net Debt, LFY | 2,475.10 |
| Dividend Yield - 5 Year Average | 2.32% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.70% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.54% |
| Free Cash Flow - most recent fiscal year | 252.00 |
| LT debt/equity - most recent fiscal year | 70.38% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 83.97% |
| LT debt/equity - most recent half-year | 82.36% |
| Total debt/total equity - most recent half-year | 84.85% |
| Free Cash Flow - trailing 12 month | 252.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 8,308.80 |
| Revenue - trailing 12 month | 8,308.80 |
| EBITD - most recent fiscal year | 1,215.00 |
| EBITD - trailing 12 month | 1,215.00 |
| Earnings before taxes - most recent fiscal year | 483.80 |
| Earnings before taxes - trailing 12 month | 483.80 |
| Net Income available to common - most recent fiscal year | 264.20 |
| Net Income available to common - trailing 12 months | 264.20 |
| Earnings before taxes Normalized - most recent fiscal year | 838.60 |
| Net Income Available to Common, Normalized - most recent fiscal year | 589.70 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.26 |
| Net Profit Margin % - 1st historical fiscal year | 3.44% |
| Net Profit Margin % - trailing 12 month | 3.44% |
| Operating margin - 1st historical fiscal year | 7.98% |
| Operating margin - trailing 12 month | 7.98% |
| Pretax margin - trailing 12 month | 5.82% |
| Pretax margin - 1st historical fiscal year | 5.82% |
| Operating Margin - 5 year average | 8.87% |
| Pretax Margin - 5 year average | 5.89% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 4.03% |
| Free Operating Cash Flow/Revenue, TTM | 3.03% |
| Net Profit Margin - 5 year average | 3.61% |
| Return on average assets - most recent fiscal year | 2.90% |
| Return on average assets - trailing 12 month | 2.90% |
| Return on average equity - most recent fiscal year | 7.36% |
| Return on average equity - trailing 12 month | 7.36% |
| Return on average assets - 5 year average | 2.50% |
| Return on average equity - 5 year average | 5.50% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 9.79% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | 14.79% |
| Revenue/share (5 yr growth) | 6.70% |
| Growth rate% - Revenue, 3 year | 1.40% |
| Growth rate% - EPS, 3 year | -4.43% |
| Book value per share growth rate, 5 year | 3.95% |
| Capital Spending growth rate, 5 year | 9.39% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 31.40% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | SEP 22 | SEP 23 | SEP 24 | SEP 25 | SEP 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
ORI is one of the world’s largest providers of commercial explosives and blasting systems for the mining, quarrying, and infrastructure industries. The stock popped to six-year highs on Monday in line with a strong sector and market. September's trading update was mixed, and the stock slipped accordingly, but unlike an elephant, the market appears to have forgotten.
ORI is one of the world’s largest commercial explosives and blasting systems to the mining, quarrying, oil and gas, and construction market - it's noticeably outperformed the miners it supplies over the last 12-months.
Leading mining and infrastructure solutions provider ORI has been on the MM Hitlist since early June. However, the stock has trod water for the last six months, leaving us wondering if there's still good reason to consider the chemical and explosive business - i.e., is there a catalyst that can wake the stock from its recent slumber?
The chemical and explosive business has been a quiet achiever over the last nine months, aided by a solid report in late May. This report showed ~10% in earnings, driving the stock to fresh four-year highs. The stock's 2.5% unfranked yield isn’t overly exciting, but it is trading 5% below its historical 5-year average P/E, which we believe is cheap considering its recent results.
Yesterday saw chemical and explosive business ORI slip 1.7%, with a little profit taking probably creeping into the stock. Earlier this month, ORI delivered a solid earnings report, which drove the stock to fresh four-year highs—EBIT came in at $353.7mn, up 10%, while underlying EPS of 38.8c which was up 2.8c on the prior corresponding period (pcp). Buying strong stocks/companies into overall market weakness is one of our preferred investment paths.
Chemical and explosives business ORI closed up +1.1% on Monday, taking its year-to-date gain to 11.1%. We like this business, but it's not exciting in the current “risk-on” environment and is unlikely to be on our Hitlist this FY.
Unlike other stocks in today's report, chemical and explosives business ORI has ground out, as opposed to exploded, to new 52-week highs. The company recently raised $400mn at $15.84
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.
ORI +0.85%: edged higher today following solid 1H23 results and decent guidance for the 2H. For the half, sales were up 22% to $4bn which was about ~20% above consensus and that dropped down to underlying net profit after tax (NPAT) of $164m, up 27% and around 6% above consensus expectations with increased interest expense having an obvious negative influence.
Chemical / explosives business Orica (ORI) was the market worst performing stock yesterday falling -9.3% after emerging from a trading halt following its successful $650mn cap raise primarily for the acquisition of Axis Mine Technology for up to $350mn, the remaining funds are earmarked for working capital.
MM is cautiously bullish towards ORI
MM is neutral towards ORI around $20
MM has turned more neutral on ORI, removing it from our Hitlist
MM is bullish towards ORI
MM is bullish towards ORI
MM is cautiously bullish to neutral on ORI
MM is cautiously bullish on ORI, around $17
MM is cautiously bullish towards ORI
MM is neutral/bullish ORI
MM likes ORI around $15 after its large rise – arguably an “over raise”
Orica is a leading global manufacturer and supplier of explosives and chemicals, primarily to the mining industry. It has operations in around 50 countries across six continents. Blasting solutions to the mining industry is the chief earnings engine. Orica has an approximate 28% share of the global commercial explosives market. It provided resins, steel bolts, and other products for underground mining and tunneling though this business is now sold. It also supplies chemicalssuch as sodium cyanide to the mining industry.
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