Inflation's Eating Into Kimberly-Clark's Profits, but Competitive Edge Hasn't Shown Signs of Cracks
We don’t expect to change our $112 fair value estimate for narrow-moat Kimberly-Clark following third-quarter results that leave the firm tracking in line with our full-year outlook, outside of incorporating the impact of the time value of money (which should add $1-$2 per share to our valuation). Organic sales ticked up 1% in the quarter, reflecting a 2% benefit from higher prices and improved mix that was only partially offset by a 1% reduction in volumes. However, margins eroded (adjusted gro...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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