ORI – UBS rates the stock as Neutral

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.

Sector: Materials.

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).


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