Inderes downgrades its recommendation for household goods company Orthex to Reduce from Buy and cuts the price target to EUR 4.6 from EUR 4.8.
The background is prolonged cost pressure on plastic raw materials, which is expected to weigh on earnings over the next three quarters. The need for price increases is also hampering expansion in Europe.
Inderes considers the valuation somewhat stretched, with a P/E ratio of 14 for 2026. The discounted cash flow model indicates a value of EUR 5.4 per share, but reaching that level requires a recovery in sales and improved margins.