Report Highlights

  • DHB is up 50% since our previous report in March 2025, outperforming the S&P Personal Care Index, which rose 1%.
  • Q3-FY2025 (ended March 2025) revenue grew 1% YoY, in line with our estimate. Management remains confident in achieving YoY revenue growth this year, following four consecutive years of growth: 2% in FY2021 and FY2022, 20% in FY2023, and 26% in FY2024.
  • Trump’s tariffs have little direct impact on DHB due to its use of  manufacturing sites in both Canada and the U.S. However, there is a risk of a tariff-induced recession or economic slowdown, which could impact consumer spending on personal care products. Recent trade agreements with the U.K., and a temporary deal with China, coupled with a trade court ruling against Trump's tariffs (though temporarily nullified by appeal), suggest that Trump is likely to reverse or soften many of his administration's initial measures.