HENKY - H.B. Fuller Has Done Well On Pricing And Margins But Making It Last Is The Next Challenge

• Strong pricing has helped H.B. Fuller offset meaningful input cost inflation, and management believes they can hold on to those increases.
• Auto markets should improve in 2022, but low-single-digit volume growth is probably a reasonable target for the year.
• A key question remains as to whether H.B. Fuller has a strong enough market position to have real pricing power and whether it can deliver better margins.
• H.B. Fuller shares aren't expensive, but I still have my doubts about a company that has been a longer-term laggard.

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