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. The stock has rallied +17% year-to-date, primarily due to strong revenue and earnings growth, with an 8% lift in revenue to $3.94bn, and a 40% jump in profit in 1H25. However, the stock is coming off a relatively low base, and while it’s not expensive, the miners themselves are starting to appear more appealing, time to move on from the “picks and shovels”, perhaps.
- We can see ORI consolidating around $20 as investors in the Materials Sector start to shift their attention to the miners.
MM is neutral towards ORI around $20
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