2Q Gross Margin Weakness In Line With Our Thesis on Henkel; Shares Now Fairly Valued
Henkel's second-quarter report was exactly in line with our forecasts on the top line, but the gross margin was a little soft. We reiterate our EUR 112 fair value estimate for the preferred shares, along with our narrow moat rating. We think the competitiveness of Henkel’s categories will make pricing power weaker than some other consumer product companies, which is likely to weigh on medium-term organic growth and margins. We have regarded Henkel's valuation as being too rich for several quarte...Henkel business comprised of Laundry & Home Care, Beauty Care, and Adhesive Technologies. Co.'s Laundry & Home Care business unit include laundry and home care Branded Consumer Goods business. The Laundry Care business includes heavy-duty and specialty detergents, fabric softeners, laundry performance enhancers, and other fabric care products. Co.'s Beauty Care business unit is active in the Branded Consumer Goods business with Hair Cosmetics, Body Care, Skin Care, Oral Care, and professional Hair Salon business. Co.'s Adhesive Technologies business unit provides solutions with adhesives, sealants and functional coatings in two business areas: Industry; and Consumer, Craftsmen and Building.
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