Ontex Conference call feedback
Below are the highlights from the conference call. We remind that 3Q Core adj EBITDA jumped 81% y/y to € 43.6m which was slightly below our and CSS forecasts (c. € 2m), whilst the non-core Emerging markets business posted a much better than expected performance, which should help the divestment process. Importantly, Ontex reiterated FY adjusted EBITDA margin guidance for the Core at the higher end of an 8-10% range. Ontex also hired a new CFO, Geert Peeters, previously CFO at Greenyard. After a difficult period whereby the long duration of contracts with customers did not allow Ontex to swiftly react to steepening inflation, pricing has catched up in the past few quarters. On the back of the much improved earnings momentum and attractive intrinsic forward valuation, we maintain our BUY rating.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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