Ontex : TP raised to € 8.5 (from € 8); Neutral reiterated
>FY2023 guidance to be met - In line with Ontex’s Core Markets revenue guidance (i.e., high single-digit), we foresee 9.1% year-on-year lfl revenue growth, mainly driven by pricing. On EBITDA, we expect Ontex to benefit from favourable raw material prices and cost-savings while operating costs may be affected by inflation and FX. For these reasons, we foresee FY2023 EBITDA margin of c.10%, in line with Q3 2023. We expect a material increase of capex to c.5% of sales...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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