U.S. Turnaround Plan Should Steady No-Moat Hain; Shares Moderately Undervalued
We are lowering our fair value estimate for no-moat Hain Celestial to $26.50 per share from $29 due to a significant second-quarter shortfall and a restructuring plan that will eliminate a material portion of U.S. stock-keeping units, resulting in a 12% drop in U.S. revenue over the next few years. That said, we think the strategy is prudent, as it should allow the company to focus resources on the highest-potential products and should improve margins and operational execution by eliminating one...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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