Henkel KGaA Pfd.

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.
  • Ticker604843
  • ISINDE0006048432
  • SectorHousehold Goods & Home Construction
  • CountryGermany

Analysts

Philip Gorham

Morningstar | Lowering Our Valuation of Henkel Due to Rising Customer Acquisition Costs

After several years of impressive margin expansion--Henkel's reported EBIT margin grew from 11.3% in 2011 to 15.7% last year--we believe the low-hanging fruit has been picked and that continued financial improvement will become more incremental than transformational.Henkel's 2020+ strategy lays out its medium-term targets of 2%-4% organic sales growth, mid- to high-single-digit adjusted EPS growth at constant currencies, and growth in free cash flow. Notably, EBIT margin expansion is implied, but not quantified, and we believe there are limits to Henkel's remaining margin opportunity. We have ...

Philip Gorham

Lowering Our Valuation of Henkel Due to Rising Customer Acquisition Costs

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising comm...

Expert Corporate Governance Service (ECGS)

Henkel April 08th, 2019

General: Supervisory Board member Prof. Dr. Theo Siegert is a member of the Adivsory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Item 1: Unlike at German stock corporations, shareholders of a KGaA are legally required to vote on the annual accounts. Item 5: In financial year 2018, the Supervisory Board of Henkel Management AG, in line with recommendations of the Shareholders' Committee's Human Resources Subcommittee, decided to adopt various changes to the Management Board members' remuneration system, applicable as of financial ...

Philip Gorham

Morningstar | Henkel Beats on Margins in 4Q but Outlook Highlights Lack of Pricing Power

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising commodity cost inflation, and we do not see a near-term catalyst for the stock. For these reasons, we th...

Philip Gorham

Morningstar | Henkel Beats on Margins in 4Q but Outlook Highlights Lack of Pricing Power. See Updated Analyst Note from 24 Feb 2019

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising commodity cost inflation, and we do not see a near-term catalyst for the stock. For these reasons, we th...

Philip Gorham

Morningstar | Lowering Our Valuation of Henkel Due to Rising Customer Acquisition Costs

After several years of impressive margin expansion--Henkel's reported EBIT margin grew from 11.3% in 2011 to 15.7% last year--we believe the low-hanging fruit has been picked and that continued financial improvement will become more incremental than transformational.Henkel's 2020+ strategy lays out its medium-term targets of 2%-4% organic sales growth, mid- to high-single-digit adjusted EPS growth at constant currencies, and growth in free cash flow. Notably, EBIT margin expansion is implied, but not quantified, and we believe there are limits to Henkel's remaining margin opportunity. We have ...

Philip Gorham

Lowering Our Valuation of Henkel Due to Rising Customer Acquisition Costs

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising comm...

Philip Gorham

Morningstar | Henkel Beats on Margins in 4Q but Outlook Highlights Lack of Pricing Power

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising commodity cost inflation, and we do not see a near-term catalyst for the stock. For these reasons, we th...

Philip Gorham

Morningstar | Henkel Beats on Margins in 4Q but Outlook Highlights Lack of Pricing Power. See Updated Analyst Note from 24 Feb 2019

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising commodity cost inflation, and we do not see a near-term catalyst for the stock. For these reasons, we th...

Philip Gorham

Henkel Beats on Margins in 4Q but Outlook Highlights Lack of Pricing Power

Henkel’s fourth quarter was in line with our estimates on the top line, but the company posted a strong EBIT margin of 17.6%, above our forecast. Given the weak pricing power evident in the results, this is not likely to be sustainable next year, and those two factors offset each other from a valuation perspective, so we are likely to maintain our EUR 117 fair value estimate. Although we think it is priced in and the stock offers upside, we expect Henkel to suffer more than most from rising comm...

Due to a more favourable environment, HENKEL PREFERENCE AG. slightly increases to Neutral

HENKEL PREFERENCE AG. (DE), a company active in the Nondurable Household Products industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date February 1, 2019, the closing price was EUR 85.80 and its target price was estimated at EUR 81.51.

Jennifer Latz

Working Capital Not Self-Activating

Henkel AG & Co. KGaA

Henkel AG & Co. KGaA

Henkel AG & Co. KGaA

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Expert Corporate Governance Service (ECGS)

Henkel April 08th, 2019

General: Supervisory Board member Prof. Dr. Theo Siegert is a member of the Adivsory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Item 1: Unlike at German stock corporations, shareholders of a KGaA are legally required to vote on the annual accounts. Item 5: In financial year 2018, the Supervisory Board of Henkel Management AG, in line with recommendations of the Shareholders' Committee's Human Resources Subcommittee, decided to adopt various changes to the Management Board members' remuneration system, applicable as of financial ...

Matthieu DRIOL

Short term view - HENKEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €89.36. The background trend would be questioned should prices rise above €113.80.

Matthieu DRIOL

Analyse court terme - HENKEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 89,36 €. La tendance de fond serait remise en cause en cas de franchissement de 113,80 €.

Matthieu DRIOL

Analyse court terme - HENKEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 89,36 €. La tendance de fond serait remise en cause en cas de franchissement de 113,80 €.

Matthieu DRIOL

Short term view - HENKEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €89.36. The background trend would be questioned should prices rise above €113.80.

Matthieu DRIOL

Medium term view - HENKEL : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €94.10, then €83.31. Passing €113.50 would question the continuation of the fall.

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