ORG delivered a messy FY22 result back in August but it hasn’t had a material impact on the stock which continues to rotate around $5.50 i.e. EBITDA for the 2nd half came in at a little over $1b, around 10% behind the market consensus for the period, the miss was driven by weaker-than-expected electricity earnings which came under pressure from higher energy purchase costs – sounds like ORG are feeling the same pinch as all of us!
- We like ORG’s projected yield above 6% for the next 12 months but are not overly excited by the share price into 2023.
MM is neutral ORG around $5.50
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