Oroton has certainly been a market darling - and for good reason too. But it has traded at a premium as a result. This is probably the first two pieces of bad news from this company in quite some time.
The reality is that under the circumstances ORL is worth less than $5 or so a share, and I will be very surprised if it does not trade below this level in the coming weeks. The one support that it may find is that the massive drop in NPAT will not occur until FY14, so the myopic fund managers may take their time unloading.
Great brand, but the risks have just increased dramatically.
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