HENKEL SHOULD HAVE BEEN ANOTHER SIKA (REDUCE; -2% DOWNSIDE)

14/09/20 -"20 months ago, we argued that Henkel (Reduce, Germany) could extract more from its excellent asset base. It did not, so that our then 20% upside potential proved wrong. Adding the COVID-19 injury ..."

Executive summary
Conflict of interest

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Language

English

Published on

14/09/20

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EXECUTIVE SUMMARY

Updates		Pension Risks
Target & Opinion		Governance & Management
Business & Trends		Graphics : Momentum
Money Making		Graphics : MACD & Volumes
Debt		Graphics : Sensitivities
Valuation		Sector: Performance
DCF		Sector: Key data
NAV/SOTP		Sector: Ratios & Valorisation
Worth knowing		Sector: Peers
Financials		Sector: Analysis

CONFLICTS OF INTEREST

AlphaValue does not have nor seek any business with companies covered in AlphaValue Research paid by subscription. As a result, investors can be confident that there is no conflict of interest that could affect the objectivity of AlphaValue Research.

Corporate broking	NO
Trading in corporate shares	NO
Analyst ownership	NO
Advising of corporate (strategy, marketing, debt, etc)	NO
Research paid for by corporate	NO
Provision of corporate access paid for by corporate	NO
Link between and a banking entity	NO
Brokerage activity at AlphaValue	NO