Ontex FIRST LOOK: 4Q EBITDA in line, FY24 guidance of further margin increase
4Q23 adjusted EBITDA improved by 16% to € 46.5m, bang in line with consensus and 1% above our forecasts, despite slightly lower than expected revenue generation (flat on a like for like basis). The FY24 guidance of low single digit LFL revenue growth is in line with our and consensus forecasts, while KBCS and CSS forecasts are on the low end of the 11-12% adj EBITDA margin guidance range. The balance sheet is gradually strengthening with net debt/EBITDA at 3.3x at year-end 2023 with guidance calling for a reduction to below 3x by year-end 2024. On the back of the much improved earnings momentum and 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.
We are a financial services provider for several types of professional clients, each with distinct needs.
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