Ontex FIRST LOOK: 1Q Core adj EBITDA up 95% reconfirming the turnaround
Ontex reported slightly better than expected Core adjusted EBITDA up 95% driven by pricing and savings, maintaining FY guidance calling for a Core adjusted EBITDA margin of 8-10% (FY22: 6.2%). After a difficult period whereby the long duration of contracts with customers did not allow Ontex to swiftly react to steepening inflation, we believe we have passed the inflection point. On the back of the 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.
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