Ansell FY26 preview - Uncertainty likely to keep new CEO‘s guidance conservative

研报英文原文证据摘录

Ansell FY26 preview - Uncertainty likely to keep new CEO‘s guidance conservative

o % ch Cons.

with the 10% surcharge introduced via Section 122 due to expire later this month.

06/26E 1.45 1.44 -0 1.42

06/27E 1.56 1.54 -1 1.54

Economic picture equally difficult to forecast

06/28E 1.66 1.63 -2 1.66

Ansell should benefit from continued strength in the US economy, supported by

substantial investment in AI data centres and ongoing growth in clean room David Low

manufacturing. Offsetting this, the auto sector, an important end market, remains Analyst

david.low@ubs.comunder pressure in both the US and Europe. Emerging market conditions are also mixed,

+61-2-9324 2843

with weakness in Mexico likely persisting. The Health Care segment has improved with

the stocking cycles back to more stable levels even in the face of the sharp lift in James Meares

synthetic glove prices caused by the petrochemical supply issues due to the Iran conflict. Analyst

james.meares@ubs.com

+61-29-324 3575

US Hospital survey points to stable PPE inventories

Grace AllenThe PPE question in the latest UBS Evidence Lab US Hospital C-Suite Business Survey (>

Associate Analyst

Access Dataset), indicated hospitals expect to modestly increase PPE holdings. The grace-za.allen@ubs.com

survey also pointed to only limited pricing pressure, which likely reflects the broad range +61-2-9324 2000

of products purchased by hospitals rather than a direct read through to PPE/Ansell

pricing. This contrasts with commentary from Malaysian glove manufacturers, which

continue to report rising prices.

Valuation: A$34.35 PT (was A$35.60); Retain Neutral

We lower our DCF-based price target to A$34.35 due to lower earnings.

Highlights (US$m) 06/23 06/24 06/25 06/26E 06/27E 06/28E 06/29E 06/30E