Sluggish 3Q Leads Us to Believe Hain's Recovery Will Be Slower Than Expected
We expect to make a mid-single-digit percentage cut to our $38 fair value estimate for no-moat Hain Celestial after the company posted poor third-quarter results, with our expectations for U.S. profitability recovery delayed into fiscal 2019. Even after the reduction, the shares look attractive, although the path to recovery could be volatile and depends on improved execution from a management team that has struggled operationally and with capital allocation. Still, we believe patient investors ...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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