ONTEX : It’s always darkest before the dawn
We upgrade Ontex to BUY and raise our TP to € 18.0. Ontex’ share price is at historic lows levels and the discount to peers is reaching fresh troughs as confidence in Ontex’ ability to manage the current situation has evaporated. However, we see the recent shareholder activism as the much needed electroshock. In this report we have looked at different possible paths to unlock value and we argue that today share price offers an interesting opportunity. As timing is uncertain but catalysts are plentiful, we think it’s better to be too early than too late.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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