Facing an Onslaught of Competitive and Macro Headwinds, Kimberly Is Investing to Steady Its Course
We don’t expect to alter our $113 fair value estimate for narrow-moat Kimberly-Clark following first-quarter results that included 3% organic sales growth (5% benefit from higher prices and favorable mix was offset by a 2% volume downdraft) and 17.4% adjusted operating margins (flat with the year ago period). This was the second quarter in a row the firm chalked up 3% organic top-line gains, after posting a string of more muted top-line performance the past few years. However, we don’t yet posit...Kimberly-Clark is principally engaged in the manufacturing and marketing of a range of products primarily made from natural or synthetic fibers using technologies in fibers, nonwovens and absorbency. The company is organized into three operating segments: Personal Care, which provides solutions and products such as disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, and other related products; Consumer Tissue, which provides facial and bathroom tissue, paper towels, napkins and related products; and K-C Professional, which provides a range of solutions and supporting products such as wipers, tissue, towels, apparel, soaps and sanitizers.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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