Henkel : Merger of Beauty and Home Care: net synergies corresponding to 2.3% of Consumer sales and 1st phase not due until late 2023
>Neutral rating maintained - Neutral rating maintained with a TP of € 67. The stock’s PER is very low at 15x 2023e, but this reflects the hybrid profile of a group whose strategic dispersion has proved inefficient because it prevents it from operating a broad and deep portfolio whether in Home Care or Beauty. Merging Beauty with Home Care is a good solution, but the strategic choice is questionable. The expected cost synergies look plausible but the growth synergies l...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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