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. The interim dividend of 18cps unfranked was also above 16cps expected. Their outlook, while it appears conservative, still points to single-digit consensus earnings upgrades to flow through, and speaks to a more positive story around demand for explosives despite higher prices.
MM is neutral/bullish ORI
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