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    ORE   AU000000ORE0

OROCOBRE LIMITED

(ORE)
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Morgan Stanley : rates ORE as Equal-weight

07/22/2021 | 10:31pm EDT

A strong move into battery grade production drove a small cost miss for Orocobre during the June quarter, but Morgan Stanley notes this was preflagged. The company achieved 66% production of battery grade production, compared to the broker's forecast of 55%. 

Orocobre has flagged a proportion of sales in the coming quarter will be into contracts agreed to in December 2020 and will therefore reflect pricing of that time. 

Following June quarter results Morgan Stanley forecasts for FY21 earnings per share decrease, while FY22 and FY23 earnings per share forecasts are updated to reflect increased cost assumption and battery grade production. 

Orocobre is Morgan Stanley's preferred lithium stock pick. The Equal-weight rating is retained and the target price increases 20% to $6.40 from $5.35. Industry view: Attractive. 

Sector: Materials.

Target price is $6.40.Current Price is $7.70. Difference: ($1.30) - (brackets indicate current price is over target). If ORE meets the Morgan Stanley target it will return approximately -20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena

Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY 2.73% 103.55 Delayed Quote.47.09%
OROCOBRE LIMITED 0.23% 8.9 End-of-day quote.99.11%
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Financials
Sales 2022 547 M 399 M 399 M
Net income 2022 78,2 M 57,1 M 57,1 M
Net Debt 2022 136 M 98,9 M 98,9 M
P/E ratio 2022 56,8x
Yield 2022 -
Capitalization 5 674 M 4 139 M 4 141 M
EV / Sales 2022 10,6x
EV / Sales 2023 7,85x
Nbr of Employees 548
Free-Float 82,4%
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Technical analysis trends OROCOBRE LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 8,90 AUD
Average target price 10,00 AUD
Spread / Average Target 12,4%
EPS Revisions
Managers and Directors
MartÝn PÚrez de Solay Chief Executive Officer, MD & Director
Neil Kaplan Chief Financial Officer & Joint Secretary
Martin Ronald Rowley Non-Executive Chairman
Hersen Porta Chief Operating Officer
Leanne Heywood Independent Non-Executive Director
Sector and Competitors