ONTEX: Glass half full - ONTEX BB
Yesterday Ontex held an Investor Update to present short-term actions and already some medium-term ambitions. We found that CEO & CFO were well prepared and we appreciated their direct communication style. This is a massive change compared to the past which will help to restore confidence. We admit that more details would have certainly triggered a more enthusiastic reaction. Nevertheless, with the outlines of a plan, 2023 targets that exceed CSS expectations (but are consistent with our own FY23 view) and the commitment to provide a more detailed update by YE we stick to our positive stance as Ontex still offers plenty of recovery potential. Due to higher raw material costs, we cut our FY21 and FY22 estimates and target price from € 18 to € 16.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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