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Research

Orthex: Pricing power held its own

By Thomas WesterholmAnalyst
Orthex
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Orthex's Q3 report was very strong. Despite weak retail sales, the company’s FX-adjusted revenue turned to growth and the gross margin that recovered with sharp leverage pushed earnings well above our expectations. Our forecast changes were positive and largely driven by the higher gross margin.

Orthex

4.95EUR07.11.2023, 18.00
6.00EURTarget price
Buy
Recommendation updated:08.11.2023

Orthex is a Finnish manufacturer and supplier of household products. The company offers a range of products such as plastic boxes for storage, cutting boards, pots, bowls, and other accessories for the kitchen. Most of the range is accessed digitally via the company's e-commerce platform, and the products are offered via licensed resellers. The largest operations are in the Nordic market.

Read more on company page

Key Estimate Figures08.11.2023

202223e24e
Revenue84.083.986.3
growth-%-5.2 %-0.2 %2.9 %
EBIT (adj.)5.49.811.1
EBIT-% (adj.)6.4 %11.7 %12.9 %
EPS (adj.)0.130.330.42
Dividend0.110.200.22
Dividend %2.4 %4.1 %4.5 %
P/E (adj.)36.215.011.8
EV/EBITDA11.87.46.9
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