Orora Ltd. (AU:ORA)
ASX:ORA
Top Page
Orora
(Sydney:ORA)
Select Model
Select Model
Rating:57Neutral
Price Target:
AU$2.00
▲(2.56% Upside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by weakening financial trends (sharp revenue and free-cash-flow deterioration) and bearish technical momentum (below key moving averages with negative MACD). Valuation is a partial offset (moderate P/E and high yield), and the latest earnings call was moderately positive with maintained guidance and improved cash flow, though tempered by Saverglass pressures and higher depreciation.
Positive Factors
Balance Sheet Strength
Low reported debt-to-equity (0.23), net debt ~A$386–387m and liquidity >A$1.2bn provide durable financial flexibility. Conservative leverage supports funding of large capex programs, dividends and buybacks without threatening solvency during cyclical downturns or investment ramp phases.
Negative Factors
Sharp Revenue & FCF Deterioration
Steep revenue decline (~−41.7%) alongside a dramatic free cash flow drop (~−346%) signal underlying demand, pricing or working-capital issues. That erosion constrains reinvestment capacity, increases reliance on asset sales or leverage, and raises execution risk for management's recovery plans over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Low reported debt-to-equity (0.23), net debt ~A$386–387m and liquidity >A$1.2bn provide durable financial flexibility. Conservative leverage supports funding of large capex programs, dividends and buybacks without threatening solvency during cyclical downturns or investment ramp phases.
Read all positive factors
Orora (ORA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.40B
Dividend Yield4.5%
Average Volume (3M)3.72M
Price to Earnings (P/E)11.8
Beta (1Y)1.26
Revenue Growth-55.50%
EPS Growth-25.65%
CountryAU
Employees7,533
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,233,784,300
10 Day Avg. Volume3,466,642
30 Day Avg. Volume3,718,794
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.86
Price to Sales (P/S)1.20
P/FCF Ratio23.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.28Price Target Upside16.70% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.13
Revenue Forecast (FY)AU$2.22B
Orora Business Overview & Revenue Model
Company Description
Orora Limited designs, manufactures, and supplies packaging products and services to the grocery, fast moving consumer goods, and industrial markets in Australia, New Zealand, the United States, and internationally. The company operates through Or...
How the Company Makes Money
Orora makes money primarily by selling packaging products and related services to business customers. Its revenue model includes: (1) manufacturing and sale of packaging: Orora generates revenue by producing packaging items (including beverage pac...
Orora Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial update: strong group EBITDA growth, significant operating cash flow improvement, robust Cans volume and revenue expansion, balance sheet strength and active shareholder returns. These positives are tempered by ongoing challenges at Saverglass (revenue/mix pressure, higher depreciation and near-term restructuring/closure costs), some softness in Gawler volumes, higher D&A that constrains EBIT growth, and short-term working capital and freight pressures. Management has announced targeted actions (Saverglass restructuring, capacity investments, inventory normalization) and the outlook for FY'26 was maintained with expectations of EBITDA and cash flow growth across businesses, suggesting confidence in recovery and future leverage from completed investments.Positive Updates
Group EBITDA, EBIT and NPAT Growth
Group EBITDA of $218 million, up 14.4% year-on-year; EBIT of $131 million, up 8.5%; underlying NPAT of $77.8-78 million, up ~32% — driven by broad-based EBITDA growth across all divisions and lower net finance costs.
Negative Updates
Saverglass Revenue and Profitability Pressure
Saverglass revenue declined 2.6% to €298 million despite volume growth of 2.6%; EBITDA up only ~0.9% to €69.1 million while EBIT fell ~9% to €34.9 million due to a ~24.7% rise in group D&A and a $3.9m increase in D&A at Saverglass.
Read all updates
Q2-2026 Updates
Positive
Negative
Group EBITDA, EBIT and NPAT Growth
Group EBITDA of $218 million, up 14.4% year-on-year; EBIT of $131 million, up 8.5%; underlying NPAT of $77.8-78 million, up ~32% — driven by broad-based EBITDA growth across all divisions and lower net finance costs.
Read all positive updates
Company Guidance
Orora left FY‑26 guidance broadly unchanged: at a group level management expects EBITDA and cash‑flow growth across all businesses but FY‑26 EBIT will be partly offset by an extra ~A$7m of corporate costs and higher depreciation; group net finance costs guidance is ~A$55–60m (assumes a 10% on‑market buyback), FY‑26 total CapEx ~A$200m (base CapEx A$70–95m pa thereafter; Saverglass decarbonisation A$15–25m pa; total post‑FY26 A$85–120m pa), and D&A is expected to be ~A$180–185m for the year. Segment guidance: Cans — EBIT is expected to be higher with volumes “consistent with long‑term projected growth” (management cites long‑term growth of ~4–6% and models ~5% p.a. capacity support to 2030), a one‑off H2 raw‑material/finished‑goods inventory build of ~A$30m, Rocklea will add ~13% network capacity and commission in H1 FY‑27 as part of ~A$360m of Cans investments expected to deliver >A$50m incremental EBIT when ramped; Saverglass — FY‑26 EBIT is expected to be broadly in line with FY‑25 in euros (H1: volumes +2.6%, revenue −2.6%, EBITDA €69.1m; order intake +18% average monthly for Jul–Jan; customer‑owned inventory −18% at Dec, −15% at Jan), Saverglass restructuring incurs A$7.8m after‑tax costs to deliver ~A$6m annual EBIT from late FY‑26 and Le Havre closure has an incremental after‑tax cost of EUR2.8m with an annualised benefit of EUR9m EBIT from Feb‑2026; Gawler — focus on delivering ~A$30m EBIT in FY‑26 (G3 furnace delivering ~31% energy efficiency improvement). Balance sheet/dividends: net debt ~A$386–387m, leverage ~0.9x EBITDA, liquidity >A$1.2bn, interim dividend A$0.05 per share (79% payout) and a new on‑market buyback up to ~A$270m (10% of shares).Orora Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
60
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.19B | 2.09B | 4.70B | 4.29B | 4.09B | 3.54B |
| Gross Profit | 554.60M | 482.70M | 915.60M | 799.80M | 772.70M | 674.20M |
| EBITDA | 408.90M | 299.50M | 588.90M | 403.20M | 399.80M | 320.40M |
| Net Income | 124.40M | 973.10M | 185.20M | 184.80M | 184.70M | 135.80M |
Balance Sheet | ||||||
| Total Assets | 4.79B | 4.85B | 5.99B | 2.90B | 2.78B | 2.39B |
| Cash, Cash Equivalents and Short-Term Investments | 283.50M | 257.40M | 274.70M | 58.40M | 52.60M | 50.60M |
| Total Debt | 931.30M | 653.30M | 2.42B | 1.06B | 906.10M | 756.30M |
| Total Liabilities | 2.02B | 1.95B | 3.90B | 2.09B | 2.04B | 1.62B |
| Stockholders Equity | 2.77B | 2.90B | 2.09B | 800.20M | 731.70M | 768.60M |
Cash Flow | ||||||
| Free Cash Flow | 211.60M | 106.10M | 126.80M | 60.60M | 165.40M | 213.50M |
| Operating Cash Flow | 412.50M | 372.70M | 387.60M | 250.30M | 257.60M | 270.60M |
| Investing Cash Flow | -198.40M | 1.51B | -2.40B | -183.90M | -99.90M | -36.50M |
| Financing Cash Flow | -190.20M | -1.91B | 2.23B | -65.60M | -155.80M | -286.20M |
Orora Technical Analysis
Negative
1.95
Price Trends
2.06
Negative
2.09
Negative
2.04
Negative
Market Momentum
-0.05
Positive
43.78
Neutral
56.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ORA, the sentiment is Negative. The current price of 1.95 is below the 20-day moving average (MA) of 1.99, below the 50-day MA of 2.06, and below the 200-day MA of 2.04, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 43.78 is Neutral, neither overbought nor oversold. The STOCH value of 56.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:ORA.
Orora Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$1.41B | 15.48 | 29.62% | 2.15% | 15.28% | 18.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | AU$2.40B | 11.83 | 4.39% | 4.50% | -55.50% | -25.65% | |
56 Neutral | AU$26.99B | 26.94 | 7.73% | 6.34% | 31.27% | -33.87% | |
48 Neutral | AU$3.27M | -0.04 | -49.58% | ― | -11.30% | -609.09% |
* Consumer Cyclical Sector Average
AU:ORA
Orora
1.95
0.07
3.73%
AU:PPG
Pro-Pac Packaging Limited
0.02
0.00
0.00%
AU:SNL
Supply Network Limited
32.26
-3.09
-8.75%
AU:MCO
SECOS Group Ltd
0.01
>-0.01
-18.75%
AU:AMC
Amcor PLC Shs Chess Depository Interests
57.30
-15.06
-20.81%
Orora Corporate Events
Orora Logs Daily Progress on Ongoing On‑Market Share Buy‑Back
Mar 25, 2026
Orora Limited has issued an updated notification to the ASX confirming the ongoing execution of its on-market share buy-back, covering ordinary fully paid shares under code ORA. The latest daily report shows that a total of 7,720,091 shares had be...
Orora Updates Dividend Reinvestment Plan Pricing for December Half-Year
Mar 24, 2026
Orora Limited has updated its previously announced dividend details for ordinary fully paid shares, relating to the six‑month period ended 31 December 2025. The update, released on 24 March 2026, specifically concerns a revision to the Divid...
Orora updates market on progress of on‑market share buyback
Mar 23, 2026
Orora Limited has provided an update on its on‑market share buyback program for its ordinary fully paid shares listed on the ASX under the ticker ORA. The company reported that, as of the latest notification, a cumulative total of 7,253,558 ...
Orora updates market on progress of on‑market share buy‑back
Mar 22, 2026
Orora Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The latest daily disclosure notes that, as of the previous trading day, the company had repurch...
Orora updates market on progress of on‑market share buy‑back
Mar 19, 2026
Orora Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The company reported that a cumulative 6,003,164 shares had been repurchased prior to the lates...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 18, 2026
Orora Limited has provided an updated notification on its on‑market share buy‑back of ordinary fully paid shares, initially announced on 12 February 2026. The latest daily update dated 19 March 2026 reports that the company had bought ...
Orora appoints veteran finance executive Paul Victor as new CFO
Mar 18, 2026
Orora has appointed Paul Victor as its new Chief Financial Officer, effective 4 November 2026, following an extensive search to replace outgoing CFO Shaun Hughes after his six-year tenure. Victor brings more than 30 years of strategic and financia...
Orora reports daily progress on ongoing on‑market share buy‑back
Mar 16, 2026
Orora Limited has issued an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares. The latest filing, dated 17 March 2026, confirms that the company is continuing to execute purcha...
Orora Continues On-Market Share Buy-Back With Daily Update
Mar 15, 2026
Orora Limited has provided an update on its on-market share buy-back program for its ordinary fully paid shares, disclosing that a total of 5,112,584 shares had been repurchased before the previous trading day. The latest daily notification shows ...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 12, 2026
Orora Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares under code ORA. The latest daily report shows that the company has bought back a cumulative 4,44...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 11, 2026
Orora Limited has provided an updated notification to the ASX regarding its on‑market share buy‑back program for ordinary fully paid shares. The company reported that a total of 4,145,497 shares had been repurchased before the previous...
Orora Updates Market on Progress of On-Market Share Buy-Back
Mar 10, 2026
Orora Limited has provided an updated notice to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update specifies that the company repurchased a total of 575,629 shares on the previous trading day, bringing...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 8, 2026
Orora Limited has provided an updated daily notification on its on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 3,386,342 shares had been repurchased prior to the previous trading day, with...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 4, 2026
Orora Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back of ordinary fully paid shares under code ORA. The update, dated 5 March 2026, follows the initial buy‑back notification ...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 3, 2026
Orora Limited, traded on the ASX as ORA, is executing an on-market buy-back of its ordinary fully paid shares as part of its ongoing capital management strategy. The company continues to report daily on the progress of this program, with a total o...
Orora Issues Daily Update on Ongoing On‑Market Share Buy‑Back
Feb 26, 2026
Orora Limited has provided an updated notification to the ASX regarding its on‑market share buy‑back program for its ordinary fully paid shares. The announcement, dated 27 February 2026, confirms that the company is continuing to execu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.