Henkel's Trading Update Raises Risks but Is Immaterial to Our Valuation at This Stage
We are reiterating our EUR 120 fair value estimate of Henkel's preferred shares after the company disclosed that it was off to a slow start in the North America consumer products business this year due to disruptions to its distribution systems. After Henkel had executed well in the U.S. for several years, this is a disappointment, although full-year guidance of organic sales growth of 2% to 4% is unchanged. However, Henkel now expects sales in the beauty care business to undershoot this range a...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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