Ontex - Results beating, guidance prudent
• Q2 results from continued activities marginally exceeded expectations. Leverage came down to 4.5x. Guidance looks prudent• Based on the Q2 results and guidance we expect to marginally raise our estimates. No further news on the disposal process. • We maintain our Hold ratingOntex 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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