Tuesday Trade Talk: ANN, DXS
Tuesday saw personal protective group Ansell confirm weaker guidance given a couple of weeks ago, while the news from property trust Dexus mixed the good with the bad.
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For over a century, Ansell has delivered the most advanced protection solutions to millions of people…at work, at home and in harm’s way.
This year 2018, is a very special milestone at Ansell, as it was 125 years ago that our story began. Our journey started in 1893 when John Boyd Dunlop established the Australian branch of the Dunlop Pneumatic Tyre Company to manufacture bicycles in Melbourne, Australia. One of the mechanics employed there was a hard-working young man named Eric Norman Ansell.
In 1905, Eric Ansell recognized an opportunity when his employer was looking to dispose of some manufacturing equipment. With this discarded machinery, he founded what was to become the Ansell Rubber Company, initially a balloon & condom company that eventually expanded into surgical, household and work gloves.
In the years since, millions of people have come to rely on Ansell’s innovative products and safety solutions to protect them at home or on the job. The same dedication to quality and innovation that started with Eric Ansell, continues today, as Ansell has grown to serve 25 global industries in 120 countries in ways that shape and protect our modern world.
Tuesday saw personal protective group Ansell confirm weaker guidance given a couple of weeks ago, while the news from property trust Dexus mixed the good with the bad.
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While lower margins had been expected by the market, the sharp cut to Ansell’s earnings forecasts - made in part because of two major disruptions to suppliers - was not.
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Strong results and increased dividends from SEEK, Ansell and Monadelphous weren't enough to satisfy the market, with each company's shares falling in Tuesday's ASX session.
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Like Sonic, who reported yesterday, Ansell has been one of the biggest listed beneficiaries of the pandemic, with sales, profits and returns to shareholders surging in 2020-21.
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After putting off his retirement to give the company continuity through the lockdowns and other disruptions last year, Ansell CEO Magnus Nicolin will finally step down on September 1.
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The target price eases to $27.53 from $28.95, and the Hold rating is maintained.
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Macquarie sees price as a more relative factor in the 2H and on current dynamics, retains Sell. Target falls to $30.70 from $32.00.
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Macquarie downgrades to Underperform from Neutral. Target is lowered to $32.00 from $39.00.
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Ansell will report its first-half results on 16 February and expects to deliver organic growth above 20%, higher than Credit Suisse's previous forecast of 14%. Outperform retained. Target is raised to $45.50 from $45.
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Ansell released a trading update with higher growth guidance for the full financial year. UBS analysts, in response, have increased forecasts by 4% for FY21. Target price is $39.60. Neutral rating retained.
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