Orora Ltd. (AU:ORA)
ASX:ORA
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Orora
(Sydney:ORA)
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Rating:56Neutral
Price Target:
AU$1.50
▲(8.70% Upside)
Action:ReiteratedDate:04/11/26
Overall score reflects mixed fundamentals: profitability and a low-leverage balance sheet are positives, but steep revenue and free-cash-flow deterioration weigh heavily. Technical indicators are notably weak, while valuation (moderate P/E and high yield) and a broadly constructive earnings update provide partial support.
Positive Factors
Conservative leverage and liquidity
Orora's balance-sheet metrics show conservative financial capacity: net debt near A$386–387m but leverage around 0.9x EBITDA and liquidity in excess of A$1.2bn. This durable financial flexibility supports continued capex, operational scaling and shareholder returns over the next 2–6 months.
Negative Factors
Sharp revenue decline historically
A near‑term historical revenue drop of ~41.7% signals loss of scale and revenue volatility that can erode pricing leverage and fixed‑cost absorption. If sustained, weaker top‑line trends reduce margin sustainability and limit the durability of recent cash and earnings improvements.
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Positive Factors
Negative Factors
Conservative leverage and liquidity
Orora's balance-sheet metrics show conservative financial capacity: net debt near A$386–387m but leverage around 0.9x EBITDA and liquidity in excess of A$1.2bn. This durable financial flexibility supports continued capex, operational scaling and shareholder returns over the next 2–6 months.
Read all positive factors
Orora (ORA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.70B
Dividend Yield4.5%
Average Volume (3M)3.72M
Price to Earnings (P/E)11.8
Beta (1Y)0.70
Revenue Growth-55.50%
EPS Growth-25.65%
CountryAU
Employees7,533
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)0.06
Shares Outstanding1,225,342,800
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$1.78Price Target Upside29.13% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)0.12
Revenue Forecast (FY)AU$2.20B
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.
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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
1.38
Price Trends
1.98
Negative
2.06
Negative
2.04
Negative
Market Momentum
-0.13
Positive
19.33
Positive
0.17
Positive
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 1.38 is below the 20-day moving average (MA) of 1.83, below the 50-day MA of 1.98, and below the 200-day MA of 2.04, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 19.33 is Positive, neither overbought nor oversold. The STOCH value of 0.17 is Positive, 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$1.46B | 15.48 | 29.62% | 2.15% | 15.28% | 18.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | AU$1.70B | 11.83 | 4.39% | 4.50% | -55.50% | -25.65% | |
56 Neutral | AU$26.55B | 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
1.38
-0.29
-17.37%
AU:PPG
Pro-Pac Packaging Limited
0.02
>-0.01
-10.00%
AU:SNL
Supply Network Limited
32.41
-4.67
-12.60%
AU:MCO
SECOS Group Ltd
0.01
>-0.01
-37.50%
AU:AMC
Amcor PLC Shs Chess Depository Interests
56.80
-12.40
-17.92%
Orora Corporate Events
Orora director Tardy lifts stake via dividend reinvestment
Apr 9, 2026
Orora has disclosed a change in director Claude-Alain Tardy’s indirect shareholding following his participation in the company’s Dividend Reinvestment Plan. Société Générale holds the shares on his behalf, reflectin...
Orora cuts Saverglass FY26 earnings outlook as Middle East conflict forces RAK shutdown
Apr 8, 2026
Orora has cut its FY26 underlying EBIT forecast for its Saverglass glass-packaging business to €63m–€68m from about €79m previously, and now expects reported EBIT of €52m–€59m, as the Middle East conflict ...
Orora cancels 8.4 million shares in on-market buy-back
Apr 1, 2026
Orora Limited has cancelled 8,441,492 ordinary fully paid shares following the completion of an on-market buy-back, as disclosed in its latest notification of cessation of securities. The reduction in issued capital may enhance earnings per share ...
Orora updates market on progress of on‑market share buy‑back
Apr 1, 2026
Orora Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The filing reports that the company had repurchased a cumulative total of 8,258,890 shares pri...
Orora Updates ASX on Progress of On-Market Share Buy-Back
Mar 30, 2026
Orora Limited has issued an updated notification to the ASX confirming ongoing on-market share buy-backs of its ordinary fully paid shares under an existing program first disclosed on 12 February 2026. The latest daily update, dated 31 March 2026,...
Orora Updates Market on Progress of On‑Market Share Buy‑Back
Mar 29, 2026
Orora Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares, traded under the code ORA. The update, dated 30 March 2026, confirms that the comp...
Orora Cancels 879,001 Lapsed Performance Rights
Mar 27, 2026
Orora Limited has notified the market of the cessation of 879,001 performance rights, recorded under the ASX security code ORAAB, following the lapse of conditional rights that could not be satisfied. The cancellation of these rights, effective 20...
Orora Corrects Filing to Clarify Cessation of Performance Rights
Mar 27, 2026
Orora Limited has corrected a previous capital markets filing, clarifying that an earlier notice of cessation related to performance rights rather than ordinary shares. The updated Appendix 3H, lodged on March 27, 2026, refines the description of ...
Orora clears 879,001 lapsed conditional rights from equity register
Mar 26, 2026
Orora Limited has advised the market that 879,001 ordinary fully paid shares have ceased due to the lapse of conditional rights that could no longer be satisfied. The cessation, effective 20 January 2026, reflects the expiry of unfulfilled equity-...
Orora Issues 468,967 Unquoted Performance Rights Under Employee Incentive Plan
Mar 26, 2026
Orora Limited has notified the market that it has issued 468,967 unquoted performance rights under its employee incentive scheme. The securities, which are not intended to be quoted on the ASX, were issued on 26 February 2026 and reflect the compa...
Orora Updates Market on Daily Progress of On-Market Share Buy-Back
Mar 26, 2026
Orora Limited, an ASX-listed packaging group trading under the ticker ORA, has ordinary fully paid shares on issue that are actively traded on the Australian Securities Exchange. The company utilizes on-market transactions as a tool for managing i...
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.