Ontex FIRST LOOK: 2Q EBITDA +32%, FY EBITDA guidance narrowed up
2Q results surprised positively with adjusted EBITDA up 32% to 57m, beating our and consensus by respectively 9% and 7%. The 2Q adjusted EBITDA margin reached 12.5% and gives confidence on Ontex' decision to narrow its 11-12% FY adjusted EBITDA guidance range to the upper end of the range (12%). The balance sheet has significantly strengthened with net debt/EBITDA down to 2.5x at the end of 1H24. On the back of the much improved earnings momentum, solid growth prospects/ambitions in North America and the attractive intrinsic forward valuation, we maintain our BUY rating and € 12 target price.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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