Ansell: bad news, good news

Ansell has had a rough start to the year, but there's still plenty to like about the company – and the share price.

In Ansell: Interim result 2015 from 10 Feb 15 (Sell – $24.06), we noted the challenging macro environment facing the glove and condom maker in the year ahead. Ultimately, we said, ‘as many of Ansell’s customers have learnt, hope is not a strategy – you need protection ... until a margin of safety returns, we’re downgrading to SELL'.

The margin of safety has arrived. The stock fell 20% following a profit downgrade and the share price is now down 36% since that review. Before we jump on board, though, let’s take a look at the bad news.


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