Essity AB

“Essity is a bifurcated business where two durable franchises — TENA in incontinence care and Tork in professional hygiene — are structurally dragged by a Consumer Tissue segment with no pricing power and persistent private-label displacement; the balance sheet is functional but not strong, management is competent but governance-discounted, and the 10-year return profile of roughly 1.5–2x implies a CAGR that barely justifies equity risk, leaving this as a hold for existing owners but insufficiently compelling to initiate when better compounders are available.”