Outlook Unchanged for Hain After Simon Announces He Will Step Down; Move Could Create Opportunity
We do not plan to alter our $34 per share valuation for no-moat Hain Celestial after CEO Irwin Simon announced he will step down when a successor is found. The move is not a surprise, particularly in the wake of activist investor Engaged Capital taking a roughly 10% stake in the firm in mid-2017, and we are encouraged that the firm is exploring outside candidates for the role.After founding Hain in 1993, Simon presided over dramatic growth fueled by acquisitions as well as a natural and organic...
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.
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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