Ontex - EPS growth and deleverage to drive share price
On May 3, we expect Ontex to publish its 7th consecutive quarter of EBITDA growth. More importantly, we expect this strong trend to continue. The increase in EBITDA and lower financial charges should result in strong earnings growth.Deleverage is expected to continue and will get another boost from the expected sale of its Brazilian and Turkish activities. The improved financial position should also allow for a smooth refinancing exercise. Given this all, we expect a further rise in the share price and raise our TP by 60% to EUR 13.5. We upgrade from Hold to BuyOntex Group NV is a Belgium-based company, which operates in the manufacturing sector of industry. The Company is a producer of disposable personal hygiene solutions for babies, women and adults. It offers a range of such products as baby diapers, baby pants, baby wet wipes, pads, pantyliners, tampons, light incontinence products, pull-ups, belt diapers, all-in-one tape systems, shaped pads and underpards. Its products are distributed through retail partner brands, as well as under its own brands (canbebe, canped, Helen Harper, Moltex, Baby Charm) across several distribution channels, such as retail trade, care institutions and pharmacies. The Company is present in Europe, Northern Africa, Australia and Asia.
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