(CercleFinance.com) – Oddo confirms its ‘neutral’ rating on the Henkel share, with a price target lowered from 67 to 59 euros.
The analysts call Henkel a ‘hybrid value’ (as opposed to quality stocks), insofar as the group operates in ‘Home Care’, ‘Beauty’ and ‘Adhesives’.
“The title is therefore dependent on momentum, which should theoretically improve after a sharply declining 2022 financial year,” said the analyst.
While the quarterly results will be published on November 8, Oddo anticipates a turnover of 5733 ME in the 3rd quarter (+8.8% organic, +12.6% published).
The broker nevertheless points to the limited visibility at the end of the year. ‘The tone remains cautious about the 4th quarter and confirms our estimate of a slowdown in organic growth (+4.4%e)’, he indicates in substance.
Lastly, for 2022 and 2023, Oddo is revising its EPS outlook by +4.6% and -0.5% respectively, a final figure which is largely explained by the postponement of Russia’s exit to 2023 (impact estimated by management at -7% on full-year EPS).
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