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Henkel (HENKEL; A2/A; S) Prelim 1H24 Results

CONSUMER STAPLES

Henkel, another perennially tight curve and like Adidas having a year of upgrades.

  • FY guidance for organic +2.5-4.5% is unch (c+3.4%) but adj. EBIT margin is raised by 50bps to 13.5-14.5% (c13.6%). 1H results were weak on headline at +2% but EBIT margin at 14.9% is strong.
  • Nothing on BS, it was levered net 0.3x last year and targets single-A corridor for ratings - has headroom to lever up & if it doesn't could see upgrades.
  • No maturities this year or next.

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