Henkel: UBS raises target price

(CercleFinance.com) - The analyst believes that the share is finally on the right track, but there is still a long way to go.
The 2023 results are in line with objectives. He remains neutral on the stock, but raises his target price to E75 (from E70), which represents 9% upside potential.

"Broadly in line FY23 results and confident outlook suggest new strategy gaining traction; but too early to get conviction on meaningful future earnings", UBS says.

With EPS for fiscal 2023 broadly in line, we expect the consensus for fiscal 2024E to remain stable, with an increase in LSD with the company's new directions, it adds.

For 2024, Henkel anticipates EPS up 5%-20% (at constant exchange rates), an EBIT margin of 12%-13.5%, as well organic sales growth of 2%-4%.


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