Henkel : Merger of home and personal care: a good operational solution for a questionable strategic choice
>Choosing dispersion: Neutral vs Outperform - We downgrade our recommendation from Outperform to Neutral. The outperformance of the stock is amplified by the strong market reaction on Friday (-10% vs -6% at market open) theoretically limiting downside. However, it is likely that the decline in the share price on Friday will not be enough to neutralise the 2022e P/E multiple as the anticipated revision to the consensus forecast to EPS (following Friday’s profit warning...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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