ORI is now not only the world's largest explosives company, it is the global leader in geotechnical and structural monitoring in mining and civil infrastructure and the world's largest producer of sodium cyanide. In our view, ORI is leading the industry with its technology offering. Importantly, this area is high growth and high margin work. ORI is set to deliver solid earnings growth over coming years reflecting strong demand, recontracting benefits, further mix/margin benefits and strong growth from Digital Solutions and Specialty Mining Chemicals. ORI's management team continues to execute well and has demonstrated a track record of under promising and over delivering. ORI is trading on attractive multiples on an FY26 PE of 14.8x (5-year average is 18.1x) and EV/EBITDA of 6.7x (5-year average is 7.8x). ORI is therefore included on Morgans Best Ideas list.
Morgans Target $21.70
ORI Price at posting:
$18.29 Sentiment: Buy Disclosure: Held
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