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Ansell Ltd ANN

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Morningstar’s Analysis

Currency in AUD
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New CEO Appointed to Build on Ansell’s Pandemic Success

Mark Taylor Senior Equity Analyst

Analyst Note

| Mark Taylor |

We maintain our AUD 34 fair value for narrow-moat Ansell following Neil Salmon’s appointment to succeed CEO Magnus Nicolin on Sept. 1, 2021. Salmon first joined Ansell in 2013, serving as CFO for six years before being appointed to lead the industrial global business unit in 2019. While we see little risk in the internal transition, we still expect pricing and volumes for Ansell’s products to normalise as supply eventually catches up with demand. Our long-term estimates are unchanged and consistent with management’s target range of 3% to 5% revenue growth in a normal year. Ansell is also benefitting from operating leverage and lower marketing spend due to travel restrictions, but we don’t think this is sustainable and leave our midcycle EBIT margin forecast of 15% unchanged. Shares continue to screen as overvalued at current levels.

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Company Profile

Business Description

Ansell is a leading supplier of protective gloves for use in industrial and healthcare settings, earning approximately 55% of revenue and 65% of operating profit from the healthcare segment. The company holds a large number of patents and the majority of sales come from its key branded product ranges. Ansell has a global manufacturing and distribution footprint and distributes via key partners as well as directly across more than 100 countries. In fiscal 2020, Ansell earned 42% of revenue in North America, 33% from Europe, Middle East and Africa, 11% across Asia Pacific and the remaining 7% in Latin America.

678 Victoria Street, Level 3
Richmond, VIC, 3121, Australia
T +61 392707229
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 13,513

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