Henkel : Confidence still too limited. Target price adjusted to € 59. Neutral maintained
>Neutral maintained pending an improvement in confidence on the broadly anticipated EPS recovery in 2023 - Neutral recommendation maintained with a target price of € 59 (vs € 67 previously). We continue to see Henkel as a group whose strategic choice to continue operating on three strategic fronts (home care, beauty and adhesives) should maintain the stock’s hybrid status in contrast to quality stocks for which PER is >20x. This freezes the stock’s re-rating potential...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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