Henkel Suffers Slowing Sales and Margin Compression in 1Q; Shares Remain Undervalued
Henkel’s first quarter was in line with our estimates on the top line, but as we stated at the company's full-year results of 2018, recent margin gains were proven not to be sustainable in the first quarter of 2019 as the gross margin came under pressure from rising commodity costs. Results were broadly in line with our forecasts, if a little weak at the gross margin, and we are reiterating our EUR 109 fair value estimate for the preferred shares. The inability to offset commodity inflation with...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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