Orora's FY21 result outpaced the broker, thanks to a margin recovery in the company's North American businesses.

Australia's revenue outperformed but margins underperformed.

Operating cash flow was strong allowing a higher than expected dividend of 8c.

Morgan Stanley expects Australia will perform in line with FY21 and is tipping an increase North American earnings.

Target price steady at $3.20. Equal-weight rating retained. Industry view: In-Line.

Sector: Materials.

Target price is $3.20.Current Price is $3.42. Difference: ($0.22) - (brackets indicate current price is over target). If ORA meets the Morgan Stanley target it will return approximately -7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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