Return of doubts about Orora
A weak trading update, especially for its expensive French buy in late 2023, has seen the return of investor doubts about packaging group (and Amcor spin off a decade ago) Orora Ltd.
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Orora’s $2.16 billion deal to acquire French glass bottles maker Saverglass
Melbourne-based packaging company Orora (ASX:ORA) is set to raise over $1.3 billion from its shareholders in order to acquire Saverglass.
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Orora Surprises With Growth In North America
Orora has strengthened its packagingbusiness in North America in the first quarter, with earnings growth that surprised to the upside, while Australasia remains flat.
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Orora Shakes Off Virus To Package Better Outlook
Shares in packing group, Orora, surged more than 8% in one of the best days for the stock this year after the company said it had shaken off the impact of COVID that many investors had thought would threaten its core bottling operations.
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Fibre Sale Papers Over Margin Pressures At Orora
Melbourne-based packaging business Orora (the rump of Amcor) will make another buyback of up to 10% at cost of $230 million in the wake of a solid full-year result for 2019-20. The buyback is the second from the company rewarding shareholders with the $1.55 billion profit from the sale of its Australian Fibre business in April.
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Analyst Views
ORA – Credit Suisse rates the stock as Neutral
The company has signalled a seasonally lower profit is expected in the Americas in the June half. Neutral maintained. Target is $3.75.
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ORA – UBS rates the stock as Neutral
The Neutral rating is retained and the target price increases to $3.80 from $3.65.
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ORA – UBS rates the stock as Neutral
A turnaround in North America is considered key to any re-rating. Neutral maintained. Target rises to $3.65 from $2.90.
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ORA – Morgans rates the stock as Hold
Orora's first half result was comfortably ahead of Morgans expectations and the broker increases underlying earnings forecasts by between 1-2% for FY21-23. Hold rating and the target is increased to $3 from $2.61.
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ORA – Credit Suisse rates the stock as Outperform
The company expects to complete the sale of the fibre business by the end of the month. Credit Suisse now assumes $750m is distributed by way of a special dividend of $0.62. A $200m buyback is then expected in FY21.
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