This report is an updated version of the report published on 12 November 2025, at 2:02 PM AEDT.

Orora Limited (ASX: ORA)

Company Overview: Orora Limited (ASX: ORA) is a global leader in the design, manufacture, and decoration of glass bottles and aluminum cans. It is listed on the Australian Securities Exchange (ASX) and operates across Australasia, North America, Europe, and the UAE. 

Recommendation Rationale: SELL at AUD 2.280

• Technical Standpoint: ORA’s share price has surpassed the ‘Resistance 1’ level recommended on 9 September 2025, while the momentum oscillator 14-day RSI (~76.65) confirms the overbought zone. Therefore, share price could face consolidation in the near term.
• Glass Segment Challenges:The Gawler glass facility experienced a 54% YoY decline in FY25 EBIT due to the complex and delayed G3 furnace rebuild, which was costly and impacted profitability. The commercial wine market in Australia remained structurally challenged with declining demand, leading to the planned closure of the G1 furnace. 
• Saverglass Performance Weakness:Saverglass saw a 16.5% YoY decline in FY25 revenue and a 5.5% YoY decline in FY25 EBIT compared to the prior pro-forma year, driven by prolonged global de-stocking especially in Europe.
• Divestment Impact and Transition:While the sale of the OPS business reduced debt and improved leverage, transitions and restructuring associated with the divestment add uncertainty and cost in the near term.

Daily Price Chart

Valuation Methodology: Price/Cash Flow Multiple Approach (FY June'26E) (Illustrative)

Orora Limited can trade at a premium for several reasons, including long-term supply contracts in the beverage and food packaging industry, global demand for sustainable and recyclable packaging, strategic portfolio transformation by divesting non-core OPS and focusing on beverage packaging, among others.

For valuation, following peers have been considered - Mineral Resources Ltd (ASX: MIN), Develop Global Ltd (ASX: DVP), and Nickel Industries Ltd (ASX: NIC).

Given the stock is approaching to its R2 level, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 2.28, as of 12 November 2025, at 1:16 PM AEDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 12 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.