The broker’s satellite monitoring of the Burrup plant rebuild indicates works have commenced and appear to be tracking to schedule. Monitoring will continue.
Meanwhile UBS has lifted its target to $23.20 from $21.25 on a mark to market of target multiples. The stock is now trading at 22x FY20 earnings which is consistent with the industrials ex-financials index. Neutral retained.
Target price is $23.20.Current Price is $23.37. Difference: ($0.17) – (brackets indicate current price is over target). If ORI meets the UBS target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).