Ontex : Mixed results and unchallenging guidance lead us to remain neutral
>4Q22 recap: strong group sales, with soft EM profitability - Ontex reported a mixed set of 4Q22 results, with strong sales growth in both core (on volume and price) and non-core (emerging markets), but weak profitability in the emerging markets business. This resulted in a slight adjusted EBITDA miss (1%). Cash generation was also at the softer end (capex and NWC-driven), resulting in slightly higher ND/EBITDA vs. consensus (6.4x vs. 6.3x). The company indicated that...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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