Henkel Reports Uneventful 4Q; Shares Overvalued
Henkel’s fourth-quarter results were broadly in line with our forecasts and supported our thesis that organic growth will continue to be sluggish in the household and personal-care category for the foreseeable future. Guidance for next year is in line with our expectations, although we may revise our EBIT margin assumption modestly higher. Nevertheless, we do not expect to adjust our fair value estimate by much more than the impact of the time value of money, and we continue to regard Henkel as ...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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