Even in Face of Headwinds, Colgate's Sales Sparkle in 1Q; Shares Fairly Valued
We don’t expect any material change to our $70 fair value estimate for Colgate-Palmolive following a solid start to fiscal 2019 that included 3% organic sales growth, reflecting a 2% benefit from higher prices and a 1% contribution from volume gains. While adjusted gross and operating margins eroded 110 basis points and 180 basis points to 59.2% and 23.4%, respectively, we attribute this to pronounced inflationary headwinds combined with a 3% uptick in brand spending, which we view as a prudent ...Colgate-Palmolive manufactures and markets a variety of products in the United States and around the world. The company has two product segments: Oral, Personal and Home Care; and Pet Nutrition. Oral, Personal and Home Care products include toothpaste, toothbrushes and mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin care products, dishwashing detergents, fabric conditioners, household cleaners, and other similar items. Pet Nutrition products include specialty pet nutrition products manufactured and marketed by Hill's Pet Nutrition.
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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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