Cutting Henkel's Valuation Estimate After Management Lowers Guidance but Modest Upside to the Stock.
For the second successive period, Henkel disappointed on the top line in the second quarter, and is now not likely to meet our full-year estimates. Management has guided to slightly lower EPS growth this year. Accordingly, we have lowered our full-year assumptions and are cutting our fair value estimate slightly to EUR 117 from EUR 120 as a result. The most recent miss was primarily driven by foreign exchange headwinds, which strengthened due to emerging market currency depreciation. Looking thr...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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