Another Soft Quarter for Henkel, This Time a Top-Line Miss; Shares Now Fairly Valued
Soft sales in emerging markets caused Henkel to fall short of our expectations in the third quarter. Although management reiterated its guidance of organic growth of 2%-4% for the full year, we think it will now be difficult for the firm to achieve our 3.6% organic growth assumption, and we are tweaking our short term estimates slightly lower. The effects of the time value of money offset the negative impact of this modest revision, however, and we are reiterating our EUR 112 fair value estimate...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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