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Jefferies backs Orica after bagging FY27 ammonium nitrate supply contracts

By Reuters News21:02 (UTC), 28 September 2026 Updated

** Jefferies bets on Australia's Orica ORI.AX after it secured ammonium nitrate supply contracts for FY27

** On Monday, the commercial explosives supplier sourced ammonium nitrate supply for contracted customers in North America for FY27

** Brokerage says ORI remains exposed to favorable industry tailwinds, notes security of supply becoming a competitive advantage in explosives after fragmenting global supply

** Expects strong demand for ammonium nitrate from Australian and North American markets into 2H26

** Adds that resolving recent supply disruptions will boost investor confidence and support valuation re-rating for the stock, reiterates "buy" stock rating with PT of A$25.21

** All 14 analysts rate the stock "buy" or higher; their median PT is A$26.2, as per data compiled by LSEG

** YTD, stock down 4.4% as of co's last close

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