Report
Zain Akbari, CFA
EUR 101.80 For Business Accounts Only

Refocusing on core operations should help performance, but Hain still faces a competitive onslaught.

Our $39.50 per share valuation for no-moat Hain should not see a large change after the firm announced slightly soft second-quarter results, with the time value of money and greater-than-expected tax reform benefits in fiscal 2018 offsetting the impact of diminished short-term performance. In the first half, sales rose 4% against nearly 150 basis points of adjusted EBITDA margin expansion versus our 5% and 200-basis-point full-year marks. Management reiterated its full-year revenue guidance, cal...
Underlying
Hain Celestial Group Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Zain Akbari, CFA

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