Ansell Fair Value Estimate Maintained as Interim Result Meets Expectations
We maintain our AUD 22.50 fair value estimate for narrow-moat Ansell after an interim result that met expectations and was characterised by ongoing challenges in the medical division. Weakness was mostly contained to sales of examination gloves, in contrast to the better-than-expected performance from the sexual wellness division. At the current market price of AUD 21.65, we view shares as slightly undervalued.  Management’s fiscal 2017 EPS guidance remains unchanged at between USD 1.00 and USD ...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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