Financials Henkel AG & Co. KGaA

Equities

HEN3

DE0006048432

Specialty Chemicals

Real-time Estimate Tradegate Other stock markets 07:00:00 2024-05-09 am EDT			5-day change	1st Jan Change
82.58 ^EUR	+1.03%		+11.59%	+13.34%

11:16am	HENKEL VORZUEGE : Gets a Neutral rating from Deutsche Bank	ZD
10:53am	HENKEL VORZUEGE : Berenberg sticks Neutral	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,910	36,577	30,243	26,475	28,729	31,957	-	-
Enterprise Value (EV) ¹	39,955	38,052	31,279	28,294	28,729	31,319	30,089	28,433
P/E ratio	19.2 x	28.4 x	18.8 x	22 x	23.1 x	18.9 x	17.2 x	16.7 x
Yield	2.01%	2%	2.57%	2.85%	2.54%	2.33%	2.42%	2.53%
Capitalization / Revenue	1.88 x	1.9 x	1.51 x	1.13 x	1.34 x	1.48 x	1.44 x	1.39 x
EV / Revenue	1.99 x	1.98 x	1.56 x	1.21 x	1.34 x	1.45 x	1.35 x	1.24 x
EV / EBITDA	10 x	10.4 x	9.21 x	9.83 x	8.27 x	8.63 x	7.86 x	7.23 x
EV / FCF	15.6 x	16.1 x	21.2 x	43.3 x	10.9 x	16.5 x	15 x	14.2 x
FCF Yield	6.42%	6.22%	4.73%	2.31%	9.21%	6.05%	6.66%	7.02%
Price to Book	2.16 x	2.25 x	1.57 x	1.37 x	-	1.65 x	1.55 x	1.46 x
Nbr of stocks (in thousands)	434,278	434,143	434,032	426,105	422,091	419,327	-	-
Reference price ²	92.20	92.30	71.14	65.02	72.86	81.74	81.74	81.74
Announcement Date	3/5/20	3/4/21	2/23/22	3/7/23	3/4/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,114	19,250	20,066	23,397	21,514	21,584	22,266	22,962
EBITDA ¹	3,977	3,675	3,395	2,879	3,474	3,628	3,827	3,933
EBIT ¹	3,220	2,579	2,686	2,319	2,556	2,818	3,012	3,157
Operating Margin	16.01%	13.4%	13.39%	9.91%	11.88%	13.06%	13.53%	13.75%
Earnings before Tax (EBT) ¹	2,811	1,925	2,149	1,689	1,888	2,586	2,841	2,943
Net income ¹	2,085	1,408	1,634	1,259	1,318	1,831	2,007	2,075
Net margin	10.37%	7.31%	8.14%	5.38%	6.13%	8.48%	9.01%	9.04%
EPS ²	4.810	3.250	3.780	2.950	3.150	4.327	4.753	4.908
Free Cash Flow ¹	2,564	2,365	1,478	654	2,647	1,894	2,003	1,996
FCF margin	12.75%	12.29%	7.37%	2.8%	12.3%	8.77%	9%	8.69%
FCF Conversion (EBITDA)	64.47%	64.35%	43.53%	22.72%	76.19%	52.19%	52.33%	50.76%
FCF Conversion (Net income)	122.97%	167.97%	90.45%	51.95%	200.83%	103.42%	99.81%	96.22%
Dividend per Share ²	1.850	1.850	1.830	1.850	1.850	1.906	1.976	2.067
Announcement Date	3/5/20	3/4/21	2/23/22	3/7/23	3/4/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	10,024	9,485	9,765	9,926	5,092	5,047	10,140	5,271	5,642	10,913	5,976	5,509	11,485	5,609	5,317	10,926	5,440	5,148	10,588	5,317	5,230	10,583	5,560	5,340	10,855	-
EBITDA	-	-	2,099	1,810	-	-	1,613	-	-	1,536	-	-	1,343	-	-	1,675	-	-	1,799	-	-	-	-	-	-	-
EBIT	1,579	1,191	1,388	1,430	-	-	1,256	-	-	1,166	-	-	1,153	-	-	1,254	-	-	1,302	-	-	-	-	-	-	-
Operating Margin	15.75%	12.56%	14.21%	14.41%	-	-	12.39%	-	-	10.68%	-	-	10.04%	-	-	11.48%	-	-	12.3%	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	883	1,267	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	997	-	632	-	-	-	-	223.5	223.5	-	-	-	-	-	-	-	-	-	-	443.7	443.7	-	451	451	-	-
Net margin	9.95%	-	6.47%	-	-	-	-	4.24%	3.96%	-	-	-	-	-	-	-	-	-	-	8.42%	8.48%	-	8.11%	8.45%	-	-
EPS ²	2.300	-	-	2.180	-	-	-	0.5200	0.5200	-	-	-	-	-	-	-	-	-	-	1.060	1.060	-	1.077	1.077	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.4865	0.4865	-	0.4865	0.4865	-	0.5058
Announcement Date	3/5/20	8/6/20	3/4/21	8/12/21	11/23/21	2/23/22	2/23/22	5/5/22	8/15/22	8/15/22	11/8/22	3/7/23	3/7/23	5/10/23	8/10/23	8/10/23	12/4/23	3/4/24	3/4/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,045	1,475	1,036	1,819	-	-	-	-
Net Cash position ¹	-	-	-	-	-	638	1,868	3,524
Leverage (Debt/EBITDA)	0.5142 x	0.4014 x	0.3052 x	0.6318 x	-	-	-	-
Free Cash Flow ¹	2,564	2,365	1,478	654	2,647	1,894	2,003	1,997
ROE (net income / shareholders' equity)	12.4%	7.6%	9.1%	6.3%	6.6%	9.63%	9.91%	9.82%
ROA (Net income/ Total Assets)	7.05%	4.57%	5.2%	5.05%	4.06%	6.62%	7.21%	7.5%
Assets ¹	29,593	30,829	31,453	24,912	32,449	27,642	27,816	27,671
Book Value Per Share ²	42.70	40.90	45.40	47.60	-	49.60	52.60	55.80
Cash Flow per Share ²	7.480	7.090	4.930	2.910	-	6.890	7.880	8.960
Capex ¹	677	715	624	593	608	700	720	729
Capex / Sales	3.37%	3.71%	3.11%	2.53%	2.83%	3.24%	3.24%	3.18%
Announcement Date	3/5/20	3/4/21	2/23/22	3/7/23	3/4/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Henkel AG & Co. KGaA

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

81.74 EUR

Average target price

76 EUR

Spread / Average Target

-7.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Adhesive & Epoxy

	1st Jan change	Capi.
HENKEL AG & CO. KGAA	+13.45%	34.34B
H.B. FULLER COMPANY	-2.53%	4.32B
LINTEC CORPORATION	+25.64%	1.52B
SHANDONG DONGYUE ORGANOSILICON MATERIALS CO., LTD.	-1.57%	1.36B
NAN PAO RESINS CHEMICAL CO., LTD.	+30.25%	1.36B
JIANGSU HHCK ADVANCED MATERIALS CO.,LTD	-21.65%	812M
EPOXY BASE ELECTRONIC MATERIAL CORPORATION LIMITED	-20.38%	785M
CHENGDU GUIBAO SCIENCE & TECHNOLOGY CO.,LTD.	-19.32%	721M
DARBOND TECHNOLOGY CO., LTD	-35.61%	676M
HUBEI HUITIAN NEW MATERIALS CO., LTD.	-16.97%	621M

Adhesive & Epoxy