Church & Dwight is facing share losses across some leading brands, evidencing its lack of a moat.
We see little change to our $40.50 fair value estimate after no-moat Church & Dwight chalked up second-quarter results that leave it on track to meet our full-year outlook for low-single-digit sales growth and around 50 basis points of operating margin expansion to 21%. Similar to the recent past, Church & Dwight realized outsize volume gains, but this was driven by increased promotional spending (a 6% bump in volumes was offset by a 6% reduction in price and unfavorable mix), as it soug...Church & Dwight develops, manufactures and markets a range of consumer products. The company's consumer products include: ARM & HAMMER? baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda based products; TROJAN? condoms, lubricants and vibrators; OXICLEAN? stain removers, cleaning solutions, laundry detergents and bleach alternatives; SPINBRUSH? battery-operated toothbrushes; FIRST RESPONSE? home pregnancy and ovulation test kits; NAIR? depilatories; ORAJEL? oral analgesic; XTRA? laundry detergent; L'IL CRITTERS? and VITAFUSION? gummy dietary supplements; BATISTE? dry shampoo; WATERPIK? water flossers and showerheads, and FLAWLESS? hair removal products.
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