Ontex hits all-time low in worst session in four years after profit warning, weak Q3

By Reuters News

** Shares in Ontex ONTEX.BR fall around 20%, on track for its worst day in over four years, after it cut FY outlook as Q3 results missed expectations

** Shares of personal hygiene products maker sink to a record low

** Co cuts previously lowered forecast of FY EBITDA to €143 million-€148 million ($159 million-165 million) from €165-€180 million

** KBC points out "a significantly increased balance sheet stress" and cuts rating to "hold" from "accumulate" with PT reduced by 42% to €1.75

** Ontex reports Q3 EBITDA of €25.9 million, missing KBC Securities' estimates by 35% and consensus by 32%, which the broker sees as "disappointing"

** "Ontex is facing a difficult market, with rising input costs that are difficult to pass on quickly enough to customers," Degroof Petercam notes, cutting its target price by 38% to €2.5

** The shares are on track for their worst day since July 2022 if losses persist


($1 = 0.8993 euros)

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