In-Line 3Q for Henkel Amid Encouraging Margin Improvement; Shares Undervalued
Henkel reported third-quarter results that were slightly above our forecasts but did not affect our EUR 117 fair value estimate for the preferred shares. Recent headwinds remained prevalent in the third quarter, namely foreign-exchange headwinds and commodity inflation. Henkel is currently performing slightly below our medium-term assumptions, with the beauty care segment particularly sluggish, but looking through the short-term issues, we are retaining our narrow moat rating and medium-term ass...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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