Ansell Delivers Mixed Result as Raw Material Costs Weigh on Margins
We reduce our fair value estimate for narrow-moat Ansell to AUD 23 per share (based on an Australian dollar/U.S. dollar exchange rate of 0.79), from AUD 25 per share. This follows a mixed full-year performance resulting in net profit after tax, or NPAT, of USD 147.7 million, down 7% year on year and below our USD 156 million forecast on group revenue of USD 1,600 million, which was otherwise in line with our expectations after adjusting for adverse currency movements. Ansell declared a final div...Ansell, along with its subsidiaries, is engaged in the development, manufacturing and sourcing, distribution and sale of gloves and protective personal equipment in the industrial and medical gloves market, as well as the sexual wellness category worldwide. Co. operates in four main business segments: Medical, which manufactures and markets surgical and examination gloves together with a range of healthcare safety devices; Industrial, which manufactures and markets hand and body protection solutions; Single Use, which provides single use industrial application gloves; and Sexual Wellness, which manufactures, sells and markets a range of branded condoms, lubricants, devices and fragrances.
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