Henkel Delivers Another Strong Quarter; Raising Valuation , but Challenges Loom
Henkel delivered another strong performance in the first quarter of 2017, with organic growth of 4% a touch above our estimates. We are raising our fair value estimate of the preferred shares to EUR 111 from EUR 100 for three reasons: 1) to reflect this beat and our more optimistic near-term assumptions, 2) to account for the impact of the time value of money since our last update, and 3) after lowering our long-term estimates of the company’s effective tax rate, in line with our firmwide policy...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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