olivLaw · European equity research
Ontex Group NV ONTEX.BR
Belgium · Euronext Brussels · ISIN BE0974276082 · Vertical: Listed companies from Belgium
Ontex Group is a maker of absorbent hygiene products with operations in Europe and North America, and it is entering a value-creation phase under new executive leadership. The 2024 annual report describes a new CEO and CFO and a board reduced to eight members.
At the close of 05 Nov 2026, Ontex Group NV (ONTEX.BR) stock was 1.49 EUR (−2.75% on the day), with market capitalisation 117.9 m EUR, P/E 12.4 on diluted EPS of 0.12 EUR over the last 12 months, beta 0.53, 52-week range 1.39–6.69 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.9
- weak (30–45)
- Bollinger (20, 2)
- 1.33 – 2.00
- in the lower half of the band · %B 0.24 · band width 40.5%
- SMA 50 / 200
- 1.97 / 2.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −21.7% | −0.6% | −21.0 pp | — |
| 3 months | −40.6% | −4.2% | −36.4 pp | — |
| 6 months | −47.9% | +4.3% | −52.2 pp | — |
| Year to date | −69.6% | +7.5% | −77.1 pp | — |
| 1 year | −76.6% | +9.9% | −86.5 pp | +6.3% |
| 3 years | −78.5% | +49.8% | −128.4 pp | −6.5% |
| 5 years | −81.8% | +42.8% | −124.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 18.1, median 44.0, max 69.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 1.8 bn | 1.9 bn |
| Revenue YoY | unavailable | +3.7% |
| Net income | 34.8 m | 10.3 m |
| Net income YoY | unavailable | −70.4% |
| Diluted EPS | 0.42 | 0.12 |
| Diluted EPS YoY | unavailable | −71.4% |
| net % | 1.9% | 0.6% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 56.9 m EUR
- Financial debt
- 720.2 m EUR
- Net debt
- 663.3 m EUR
- Equity
- 925.7 m EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- 0.78x
- Current ratio
- 1.21x
- ROE
- 1.1%
- ROA
- 0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.8 bn | 1.9 bn | esef· 18 Mar 2025verified |
| Cost of revenue | 1.3 bn | 1.3 bn | esef· 18 Mar 2025verified |
| Gross profit | 467.4 m | 543.8 m | esef· 18 Mar 2025verified |
| Operating income | 88.3 m | 75.8 m | esef· 18 Mar 2025verified |
| Interest expense | 57.6 m | 49.1 m | esef· 18 Mar 2025verified |
| Pre-tax income | 43.2 m | 24.3 m | esef· 18 Mar 2025verified |
| Income tax | 16.3 m | 3.4 m | esef· 18 Mar 2025verified |
| Net income | 34.8 m | 10.3 m | esef· 18 Mar 2025verified |
| Diluted EPS | 0.42 | 0.12 | esef· 18 Mar 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 97.2 m | 56.9 m | esef· 18 Mar 2025verified |
| Inventories | 252.8 m | 292.9 m | esef· 18 Mar 2025verified |
| Current assets | 925.7 m | 890.2 m | esef· 18 Mar 2025verified |
| Property, plant & equipment, net | 461.5 m | 497.6 m | esef· 18 Mar 2025verified |
| Goodwill | 796.0 m | 799.4 m | esef· 18 Mar 2025verified |
| Intangibles (excl. goodwill) | 32.6 m | 33.8 m | esef· 18 Mar 2025verified |
| Total assets | 2.4 bn | 2.4 bn | esef· 18 Mar 2025verified |
| Short-term debt | 141.1 m | 53.1 m | esef· 18 Mar 2025verified |
| Long-term debt | 671.8 m | 667.1 m | esef· 18 Mar 2025verified |
| Current liabilities | 752.2 m | 736.3 m | esef· 18 Mar 2025verified |
| Total liabilities | 1.5 bn | 1.4 bn | esef· 18 Mar 2025verified |
| Equity | 902.0 m | 925.7 m | esef· 18 Mar 2025verified |
| Shares outstanding at year end | 80.9 m | 79.2 m | esef· 18 Mar 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 117.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.27 – 2.83 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.27 – 2.83 (Mid 1.85)24 companies used · median multiple 15.4x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.1% | 26 (vs peers) | 28% |
| Net margin · Quality | 0.6% | 26 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 1 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 12.4x | 63 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial63/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ONTEX GROUP (ONTEX.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.9 bn EUR in 2024; YoY growth 3.7%; net margin 0.6%; ROE 1.1%.
The estimated value range is 1.27–2.83 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.85 EUR, the price of 1.49 EUR leaves a potential of 24.1% (value / price − 1) and a margin of safety of 19.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 4.1%
- Net margin: 0.6%
- Interest coverage: 1.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
| ONTEX.BROntex Group | 117.9 m | 12.4 | 1.1% | 0.6% | +3.7% | −77% / −79% |
1- and 3-year price returns: for ONTEX.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.94 Total return -37% · Per year -37% | 1.67 Total return 12% · Per year 12% | 2.52 Total return 69% · Per year 69% |
| 3 years | 0.90 Total return -39% · Per year -15% | 1.80 Total return 21% · Per year 6% | 2.97 Total return 100% · Per year 26% |
| 5 years | 0.86 Total return -42% · Per year -10% | 1.93 Total return 30% · Per year 5% | 3.51 Total return 136% · Per year 19% |
- Exit P/E± 0.45
- Net margin± 0.31
- Annual revenue growth± 0.26
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ontex Group is a maker of absorbent hygiene products with operations in Europe and North America, and it is entering a value-creation phase under new executive leadership. The 2024 annual report describes a new CEO and CFO and a board reduced to eight members.
SWOT
Strengths
- Leadership has deep experience in FMCG, retail and international operations, according to the biographies in the report 1.
- The board has a diverse composition and independent directors who oversee key committees 1.
- Presence in the Europe and North America divisions provides a diversified geographic base 1.
Weaknesses
- The report indicates that the board still has room for improvement in several areas, for which an action plan exists 1.
- Recent leadership changes may create a transition period in execution 1.
- The source does not provide detailed financial data in this excerpt, which limits the assessment of performance.
Opportunities
Threats
- Cost pressures on raw materials and logistics could affect margins if they persist.
- Rising ESG reporting requirements may increase compliance costs.
- Competition in absorbent hygiene categories could reduce market share if innovation lags.
Risks
- Leadership transitionmedium
Appointing a new CEO and CFO may change strategic priorities and slow execution 1.
- Information securitymedium
The audit committee oversees information security risks, indicating an exposure acknowledged in the report 1.
- ESG compliancemedium
ESG reporting obligations are growing and could create compliance risks if data is not prepared correctly 1.
- Cost pressurehigh
Raw material and distribution costs could erode margins if not offset by pricing or efficiency.
- Concentration in key regionslow
Dependence on the Europe and North America divisions could amplify the impact of regional economic developments.
Investment thesis
What would need to be true (bull case)
- If the accelerated value-creation programme delivers results, operational efficiency could support margins over the medium term 1.
- Management and board experience in FMCG and retail could support strategy execution 1.
- A focus on capital efficiency, visible in the buyback and the revolving facility renewal, could strengthen financial flexibility 1.
What would break the thesis
What to watch
- Progress of the accelerated value-creation programme2025
- Results of the new executive leadership2025
- Margin trends in the Europe and North America divisionsnext annual report
- Quality of ESG reporting and associated compliance costsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2024 annual report, Ontex runs through an Executive Committee including a CEO, a CFO, a Chief Innovation & Sustainability Officer, a Chief HR & Legal Officer, a Chief Supply Chain Officer and presidents of the Europe and North America divisions 1. The leadership structure emphasises operations, sourcing and growth in retail markets.
The board was reduced from nine to eight members after one director resigned effective 1 October 2024 1. The audit and risk and remuneration and nomination committees are composed mainly of independent or non-executive directors, and the audit and risk committee oversees information security and ESG risks 1.
The report also mentions a share buyback programme and the renewal of a revolving credit facility, both approved by the board in 2024 1. These decisions point to a focus on capital efficiency and medium-term financial flexibility.
Segments
Europe division
The Europe division, led by a president who sits on the Executive Committee, brings together retail activities in Europe following the July 2021 combination of the Retail and Healthcare divisions 1. Its responsibilities were broadened in 2021.
North America division
The North America division has its own president on the Executive Committee 1. The 2024 annual report gives few quantitative details on this division in the analysed source.
Market context
The analysed source is the 2024 annual report, which does not contain enough market or sales figures for a complete quantitative analysis. Sector analysis would depend on data outside this document.
The FMCG environment in which Ontex operates is shaped by steady consumer demand and pressure on raw material and distribution costs, themes that appear in the board competencies described in the report 1. Retail and sourcing experience among board members suggests these topics remain central.
Trends
- Value-focused transformationtailwind
Management describes a path toward accelerated value creation, supported by board competencies in FMCG, retail and digitalisation 1. If the programme succeeds, it could support margins over the medium term.
- Leadership changemixed
Appointing a new CEO and CFO with transformation experience may bring new priorities, but also transition periods in which operational execution could be affected 1.
- Cost pressureheadwind
The emphasis on operational and cash efficiency, highlighted by the CFO and the board, indicates that cost pressures remain a concern 1. If they persist, they could limit reinvestment capacity.
- Sustainability and ESGmixed
The audit committee has a formal mandate to oversee ESG initiatives, and sustainability is included in the responsibilities of an Executive Committee member 1. Reporting requirements could raise compliance costs but may also open new opportunities.
Competitive position
The analysed source does not explicitly name Ontex's competitors. Competition in absorbent hygiene categories is implicit in references to executives' experience at large FMCG companies, but these names are not confirmed as direct rivals in the report 1.
Competitive position would depend on scale in Europe and North America, supply chain efficiency and the ability to innovate in products, which the report lists as priorities 1. The lack of comparative data limits the assessment.
- Kimberly-Clark (referenced through former executives)KMB
The report mentions the CEO and a board member's experience at Kimberly-Clark, without presenting it as a direct rival 1.
- Procter & Gamble (referenced through former executives)PG
Several leadership members previously worked at P&G; the report does not classify it as a competitor in the analysed source 1.
- Private or European retail companies
The source does not list competitors of the Europe division's retail business, so this segment remains unidentified in the analysed document 1.
- FMCG absorbent hygiene producers
The report does not name category competitors; it includes only management experience from the FMCG sector 1.
News & filings
In the press
- Russia Seizes More EU Company Assets in Retaliation for Support for UkraineModern Diplomacy · 16 Oct 2026 · EN
- Zelenski laudă UE ca „adevărat lider”; Rusia face o mișcare rară. - Vietnam.vnSurge — Google News · 16 Oct 2026 · RO
- Russia takes control of more European companies' assetsUkrainska Pravda (UA, EN) · 16 Oct 2026 · EN
- IN BRIEF: Putin transfers some foreign companies’ assets to temporary managementTASS (RU, EN) · 16 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Ontex Group NV · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.