Hain's Tepid First Quarter Reflects Ongoing Challenges in Turnaround; Long-Term Outlook Intact
We plan a high-single-digit percentage cut for our $32 per share valuation for no-moat Hain Celestial after it posted first-quarter results. We believe many of the causes of Hain’s soft quarter are transitory (ongoing work to refocus the portfolio on top-selling items, execution issues from transitioning to a new mixing center, and production capacity issues for personal care) and maintain our long-term outlook (mid-single-digit sales growth and adjusted operating margin expansion toward the low...Hain Celestial Group manufactures, markets, distributes and sells organic and natural products. The company sells its products in the following categories: grocery, which includes infant formula, infant, toddler and kids foods, as well as other food products; snack products, which includes a variety of potato, root vegetable and other vegetable chips, straws, tortilla chips, whole grain chips, pita chips and puffs; personal care, which includes skin, hair and oral care, deodorants, baby care items, body washes, sunscreens and lotions; and tea, which provides varieties of herbal, green, black, wellness, rooibos and chai tea.
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