Ansell: A complete product offering

Ansell continues to expand its product portfolio in the personal protection equipment (PPE) space with a US$88m acquisition of UK-headquartered chemical protective clothing manufacturer Microgard. While we view the FY16 accretive deal as an incremental positive, market conditions remain challenging, integration risk should not be overlooked and trading levels reflect fair value. We increase our FY15-17 EBIT between 0.2-3.1%. We raise our DCF/SOP-based price target to A$29.26 (prior A$29.20) and maintain our Hold rating.


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Senior Analyst
Morgans

Senior Analyst at Morgans covering healthcare, life science, telecommunications, technology and media. I've spent the last twenty years investing in and researching emerging companies and have developed a wide network of contacts across these...

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