Henkel: A Decade Of Disappointment, Yet Still A Compelling Value Case

2026-01-21 07:02:13 ET

One of the companies I was bullish about for a long time is the German chemical and consumer goods company Henkel AG ( HENKY ). In July 2025, I published my last article about Henkel and was bullish once again, writing in my conclusion:

In my opinion, Henkel remains undervalued, and I remain confident that the share price will move towards its intrinsic value at some point in the coming quarters. Henkel is now in a bear market for 8 years since 2017, and I am pretty confident the bear market will end at some point.

The stock is now close to its lows of the last few years again, and in my opinion, the region around €60 is a pretty strong support level for the ordinary shares. Of course, there is the risk of Henkel declining even lower, and I also see a scenario where Henkel might decline to €40 in the coming quarters. But in my opinion, that seems rather unlikely, and in my opinion, Henkel clearly is a “Buy” at this point.

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