contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


orthex-growth-efforts-will-eventually-bear-fruit

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Thomas Westerholm

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.

Inderes              Orthex Oyj: Kaupan noutoruokaa uudelleenkäytettäviin rasioihin -...    Orthex Oyj, Lehdistötiedote, 10.3.2026 klo 13.20Orthex testaa kevään aikana uudelleenkäytettäviä, pantillisia noutoruokarasioita ja niiden palautusjärjestelmää yhteistyössä K-ryhmän, S-ryhmä...                             During the spring, Orthex is testing reusable, deposit-based takeaway food containers and their return system in cooperation with K Group, S Group, and several other partners. During the pilot, customers at four stores will have the opportunity to choose a reusable container for takeaway food instead of a single-use one. The Kiertis experiment is based on the EU Packaging and Packaging Waste Regulation (PPWR), one of the objectives of which is to promote the reuse of packaging. The stores participating in the pilot are Prisma and Cittari in Sello (Leppävaara, Espoo), as well as Prisma and K-Supermarket in Lippulaiva (Espoonlahti).

Thomas has written a new company report following the release of the Q4 results  Orthex’s Q4 profitability was at a good level, but weak revenue development turned the report toward the disappointing side. The weak revenue is partly explained by timing factors, but contracted sales outside the Nordics eroded the credibility of the European growth story. The situation in the Middle East increases forecast risk for Orthex, which is sensitive to the prices of oil-based raw materials. However, a moderate valuation level (P/E 12x, EV/EBIT 10x on actual figures) keeps us constructive on the stock. We reiterate our Accumulate rating but revise our target price to EUR 5.3 (prev. EUR 5.5). Price development of plastic raw materials is now very difficult to predict Orthex utilizes oil-based raw materials in its production, the price of which typically correlates with the oil price with a lag. As a result of the escalated situation in the Middle East, oil future prices have recently risen by over 20%, which, if the situation continues, may also raise contract prices for key raw materials for Orthex with a delay. In connection with the update, we have slightly lowered the gross margin in our forecasts for Q2 and Q3, but for now, we are not modeling in a significant price spike. Orthex survived the significant cost inflation spike of 2022 with minimal damage (EBIT margin dipped to 6%. Generally, the company’s strong balance sheet makes it more resilient than many competitors and can open up interesting acquisition opportunities. In any case, a larger wave of cost inflation would cause downward pressure on our forecasts and make it more difficult to advance the growth strategy.                   Inderes              Orthex Q4'25: Euroopan kasvutarina kaipaa sisältöä laatikoihin - Inderes    Orthexin Q4-kannattavuus oli hyvällä tasolla, mutta heikko liikevaihdon kehitys käänsi raportin pettymyksen puolelle.

Alexander was interviewed by Thomas regarding the Q4 results                    Inderes              Orthex Q4'25: Hyvä kannattavuus myynnin laskusta huolimatta - Inderes    Aika: 05.03.2026 klo 13.52 Q4:lla Orthexin liikevaihto laski vastoin odotuksia, mutta kannattavuus parani.                             Topics: 00:00 Introduction  00:18 Q4 summary  01:45 Impact of campaign deliveries  02:43 Development in the Nordics  04:22 Development in Europe  06:26 Impact of a single large customer  07:32 Strong growth in certain customer accounts  08:10 Satisfaction with the go-to-market strategy in Europe  10:32 Growth from new products  11:48 Sales investments and product launches

What weak sales for Orthex! But let’s play around a bit with the idea of more aggressive investment in growth. Apparently, capacity could be increased from current levels if there were more demand? So, for some reason, the products aren’t selling in, for example, Germany or France? Doesn’t that mean the products are either too expensive for the markets in question, or they don’t appeal to local consumers—or, even before that, to retailers? Orthex likely knows the answer, and judging by the profitability, it’s not a price issue. Well, that means buying mere capacity in, say, Poland or Romania won’t help Orthex, because making the same storage box closer to the market doesn’t help. What about Orthex acquiring a competitor? Profitability probably wouldn’t remain at the same level, and I wonder if Orthex has the kind of magical process expertise that would turn around the profitability of an acquisition target? So, new capacity AND a new product for new markets? If only it were just one of the two.

It’s worth it in the sense that it is more logical to manufacture plastic products as close to the consumer as possible. A pallet can certainly hold the raw materials for a thousand watering cans, but at most a few dozen finished watering cans. This has protected Orthex from Chinese competition in the home market, but it is a barrier to growth if production is not expanded into the target country.

Growth in Finland likely won’t take off in the Storage category until the housing market picks up. Indeed, that growth would have to be sought from Central Europe. I wonder what Alexander means by strategic investments? Is it worth increasing capacity unnecessarily if no customers can be found? “The net debt to adjusted EBITDA ratio (leverage) decreased to a good level and was 1.1x (1.4x) at the end of the year. We have good readiness for potential strategic investments in 2026.”

Unfortunately, the earnings livestream was missed today due to a surprise fever. However, an interview with Rosenlew is coming up in the usual fashion. Revenue was clearly the weak link in the report, but with good cost discipline, the result met consensus expectations, so the overall picture is somewhat mixed. Cost discipline can only support earnings up to a certain point, so in Orthex’s case, revenue growth would be a more valuable (and sustainable) driver for earnings growth than cost control. Unfortunately, there are growth challenges in both the Nordics and other European markets. @Karhu_Hylje pointed out that growth doesn’t really seem to be taking off. This will play a critical role in the current year, as market confidence in growth must be earned back.

Orthex

The revenue of Orthex, a manufacturer of everyday consumer goods, returned to clear growth in Q4, setting the stage for further earnings growth. In our view, the company's production facilities are capable of supporting a much higher revenue load than today, which means that revenue growth has the potential to increase the already high returns on capital.

<p>The revenue of Orthex, a manufacturer of everyday consumer goods, returned to clear growth in Q4, setting the stage for further earnings growth. In our view, the company's production facilities are capable of supporting a much higher revenue load than today, which means that revenue growth has the potential to increase the already high returns on capital. </p> 

	2023	24e	25e
Revenue	85.9	90.8	96.6
growth-%	2.2 %	5.6 %	6.4 %
EBIT (adj.)	10.0	12.3	13.5
EBIT-% (adj.)	11.7 %	13.6 %	14.0 %
EPS (adj.)	0.35	0.47	0.53
Dividend	0.21	0.25	0.27
Dividend %	3.9 %	5.3 %	5.8 %
P/E (adj.)	15.5	9.9	8.8
EV/EBITDA	7.9	6.1	5.3

Orthex: Growth efforts will eventually bear fruit

Key Estimate Figures21.04.2024

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