ONTEX: Results 4Q20
4Q20 results were in line with expectations. Net debt is under control with 0.4x headroom. 1Q21 will offer a tough comp base but as the effects of the strategic priorities kick in and the comps ease we expect a recovery throughout the year. The new CEO‘s new strategic priorities are a step in the good direction but it in the absence of more details it will fail to excite the market at this stage. We continue to believe in the recovery potential. As the company gains back investor confidence we are convinced it will be able to close the excessive valuation gap. Buy confirmed.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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