Henkel Reports In-Line 3Q; Shares Pricing in the Margin Improvement Story
Henkel reported a solid, if unremarkable, third quarter generally in line with our expectations, and reiterated its full-year guidance. Growth was volume-driven, in line with our thesis that heavy competition and the low value-add of some of Henkel's categories will limit price/mix in the medium term. We are maintaining our medium-term estimates and our EUR 100 fair value estimate, although we may slightly raise our near-term estimates on updated exchange rates. There is a great deal for investo...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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