Clorox Is Not Immune to Intense Competitive Pressures, but Long-Term Edge Still Unwavering
Despite the high-single-digit downdraft in shares following third-quarter results that included 2% sales growth, 60 basis points of gross margin expansion to 43.4%, and 20 basis points of operating margin improvement to 17%, we don’t intend to alter our $138 fair value estimate or long-term outlook (calling for just shy of 4% sales growth on average annually and operating margin gains of 150 basis points relative to fiscal 2018 to 20% over the next decade) for wide-moat Clorox. Even after accoun...Clorox is a manufacturer and marketer of consumer products. The company sells its products through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, drug, pet and military stores, third-party and owned e-commerce channels, and distributors. The company has four reportable segments: Cleaning, which consists of laundry, home care and other products; Household, which consists of charcoal, bags, wraps and containers, cat litter, and digestive health products; Lifestyle, which consists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements; and International, which consists of products sold outside the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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