Bryan Garnier - HENKEL AG CO KGAA VORZUG (HEN3) HENKEL: A negative surprise, driven by Adhesives and Beauty | NEUTRAL | EUR104(+17%)

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Bryan Garnier

Virginie Roumage

HENKEL: A negative surprise, driven by Adhesives and Beauty | NEUTRAL | EUR104(+17%)

HENKEL - NEUTRAL | EUR104(+17%)
A negative surprise, driven by Adhesives and Beauty

Q1 organic sales only up 0.7%
Adhesives: deteriorating sharply
Consumer: recovering modestly thanks to Laundry & Home Care
No change to our estimates before conference call at 9am CET
Neutral recommendation maintained

07/05/2019 3 EN

Underlying

HENKEL AG & CO KGAA VORZUG

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Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Virginie Roumage

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HENKEL: A negative surprise, driven by Adhesives and Beauty | NEUTRAL | EUR104(+17%)

Monthly LMI Update Independent Investment Research

HENKEL: Hygiene products booming | NEUTRAL | EUR97 vs. EUR96 (+4%)

_D2C reinventing the beauty industry _ NEUTRAL _ EUR93

Ebusco: The expert e-bus platform

Nikola Corp: The dual e-trucking arm

Electrifying the future of on-road HDVs

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