Henkel: Back from Dusseldorf
Henkel: (BUY, Fair Value EUR137 (+27%))Back from Dusseldorf
Yesterday, Henkel hosted an investors seminar in Dusseldorf which was the opportunity to deep divge into the laundry and home care business which represents 33% of total sales and boasts a global n°3 position. This business was particularly weak in Q1 (organic sales down -0.7%) due to transportation issues in North America. Group confirmed the situation should be back to normal at the end of Q2. We thinks that, in a slowing food and HPC sector, Henkel has a very resilient growth profile stemming from the combination of defensive HPC activities and cyclical adhesive businesses. This is combined with strict cost control and a very solid balance sheet which leaves room for strategic acquisitions. We reiterate our Buy recommendation with a Fair Value of EUR137
Henkel business comprised of Laundry & Home Care, Beauty Care, and Adhesive Technologies. Co.'s Laundry & Home Care business unit include laundry and home care Branded Consumer Goods business. The Laundry Care business includes heavy-duty and specialty detergents, fabric softeners, laundry performance enhancers, and other fabric care products. Co.'s Beauty Care business unit is active in the Branded Consumer Goods business with Hair Cosmetics, Body Care, Skin Care, Oral Care, and professional Hair Salon business. Co.'s Adhesive Technologies business unit provides solutions with adhesives, sealants and functional coatings in two business areas: Industry; and Consumer, Craftsmen and Building.
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