2024-07-28 21:48:06 ET
Summary
- Henkel has exceeded our previous expectations, with stronger performance than expected in consumer.
- The higher margins adhesives segment is benefiting from a turnaround in electronics which had been under pressure these last couple of years, supporting overall margin in the outlook.
- Henkel is a little cheaper than peers. It's not a bad pick. But the value isn't deep enough for us to be interested.
Henkel ( HENKY )( HENOY )(HELKF) has outperformed our expectations. We were alright with the adhesive exposures in our last coverage , but we expected more pressure from consumers trading down, meaning shifting from Henkel's brands to competing supermarket labels or less premium brands....
Read the full article on Seeking Alpha
For further details see:
Henkel: Electronics Turnaround Nicely Lifting Profits