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Orthex: Pricing power held its own

ORTHEXResearch2024-02-22 21:06
Inderes
Discuss
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Orthex's Q3 report was very strong. Despite weak retail sales, the company’s FX-adjusted revenue turned to growth and the gross margin that recovered with sharp leverage pushed earnings well above our expectations. Our forecast changes were positive and largely driven by the higher gross margin.

Orthex is a Finnish manufacturer and supplier of household products. The company offers products such as plastic storage boxes, cutting boards, pots, bowls and other kitchen accessories. The majority of the range is accessed digitally via the company's e-commerce platform, and the products are also offered through licensed retailers. The largest operations are found in the Nordic market.

Read more on company page

Key Estimate Figures2023-11-08

202223e24e
Revenue84.083.986.3
growth-%-5.2 %-0.2 %2.9 %
EBIT (adj.)5.49.811.1
EBIT-% (adj.)6.4 %11.7 %12.9 %
EPS (adj.)0.130.330.42
Dividend0.110.200.22
Dividend %2.4 %4.3 %4.7 %
P/E (adj.)36.214.211.1
EV/EBITDA11.87.16.5

Forum discussions

At first, the gross margin will improve. If costs drop enough, I do believe they’ll eventually have to follow suit and lower prices, given how...
11/6/2026, 7:17 AM
by Thomas Westerholm
4
I wonder if they will lower selling prices if/when raw material costs eventually decrease, or will gross margins improve instead?
11/6/2026, 7:03 AM
by Jukka
2
Here is a company report on Orthex by Thomas following its strong Q3 results Orthex’s Q3 report dispelled concerns over the company’s ability...
11/6/2026, 7:01 AM
by Sijoittaja-alokas
2
Thomas interviewed Orthex’s Alexander Rosenlew regarding the Q3 results Topics: (00:00) Intro (00:12) Q3 highlights (00:48) Profitability development...
11/5/2026, 1:24 PM
by Sijoittaja-alokas
3
Good report, good stream, well done Thomas. Fair to say it’s at least a defensive victory, and even more than that in what is still a challenging...
11/5/2026, 7:22 AM
by Meh
9
A bewilderingly strong result and a testament to Orthex’s pricing/bargaining power (especially in the Nordics!). Unfortunately, @Tomi_Valkeajarvi...
11/5/2026, 7:21 AM
by Thomas Westerholm
24
Release: Interim Report 1 Jan–30 Sep 2026: “Record sales quarter and stable profitability” Robo-comment: Robokommentti Orthexin Q3-tuloksesta...
11/5/2026, 7:19 AM
13