Henkel AG & Co KGaA Pfd Bearer Shs Non Vtg

HEN3: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€55.00	Hyjtc	Mjykkdvvs

Henkel Bounces Back in First-Half Fiscal 2021, but Cost Pressures Loom

Philip Gorham

Aug 16, 2021

Business Strategy and Outlook

After several years of impressive margin expansion--Henkel's reported EBIT margin grew from 11.3% in 2011 to 15.7% in 2018 before collapsing to an adjusted 13.4% during the coronavirus pandemic--we believe the company must now dial back some of those gains in order to avoid stagnation in its growth rate.

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