Orthex: Profitability under pressure
Orthex's Q4 figures were quite clearly below market expectations due to cost inflation. After Russia's attack on Ukraine, we expect high manufacturing costs to plague the industry for some time. We believe the significantly higher cost level is a temporary phenomenon, so the big picture of the equity story remains unchanged.
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Orthex
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 pageKey Estimate Figures10.03.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 88.7 | 94.2 | 101.8 |
growth-% | 16.91 % | 6.23 % | 8.00 % |
EBIT (adj.) | 10.9 | 7.9 | 12.7 |
EBIT-% (adj.) | 12.25 % | 8.34 % | 12.50 % |
EPS (adj.) | 0.43 | 0.27 | 0.50 |
Dividend | 0.18 | 0.19 | 0.32 |
Dividend % | 1.63 % | 2.83 % | 4.76 % |
P/E (adj.) | 25.63 | 24.88 | 13.35 |
EV/EBITDA | 16.77 | 12.12 | 8.11 |