HENKEL: No positive sign on the horizon | NEUTRAL | EUR103 vs. EUR104 (+22%)
HENKEL - NEUTRAL | EUR103 vs. EUR104 (+22%)No positive sign on the horizon
Adhesives: the first group’s division to remain challenging
Laundry & Home care: tougher comps in the US
Beauty Care: China to be highly negative
Q2 organic sales growth to deteriorate
Guidance hardly achievable
Neutral maintained
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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