Ontex - Margin Guidance allow for raise in estimates
Q4 sales were weaker than expected but EBITDA was in line. For 2024 the company is guiding for low single digit sales growth, in line with expectations, but the margin guidance of 11-12% should allow for some 5% increase in estimates. On FCF this is offset by higher than expected capexCompany continues to improve its results and to deleverage, but this is also expected by the market. We rate the company a Hold with a TP of EUR 8.50.Ontex 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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