Turnaround Strategy Should Unlock Value for No-Moat Hain; Shares Attractive
We see value in shares of no-moat Hain, which are trading about 20% below our $26.50 fair value estimate. Shares have come under pressure over the past year as the company’s brands have failed to gain traction, the result of the company overexpanding its reach (across categories, brands, and channels), which has spread resources too thin. Hain’s underinvestment in research and development (0.4% of revenue versus 1.0% for peers) and marketing (1.0% versus 4.5% for peers) has left the firm with a ...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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