ORA delivered a solid result last week with earnings beating expectations thanks to a positive surprise from Saverglass, its large European acquisition. The result beat expectations and with Saverglass driving the result, the last few years weakness on concerns around the huge ~$2.2bn acquisition are looking over done, or literally wrong. Although ORA has bounced significantly in the last few months, it’s still trading on the cheap side compared to the last few years, when we believe, if anything, it should now be on the other side of the ledger.
- We are bullish towards ORA, targeting a test of the $2.75-3 region, or 15-20% higher
MM is cautiously bullish towards ORA
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