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Henkel KGaA

BST:HENE
Snowflake Description

Undervalued with excellent balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HENE
BST
€29B
Market Cap
  1. Home
  2. DE
  3. Household
Company description

Henkel AG & Co. KGaA, together with its subsidiaries, engages in the adhesive technologies, beauty care, and laundry and home care businesses worldwide. The last earnings update was 25 days ago. More info.


Add to Portfolio Compare Print
  • Henkel KGaA has significant price volatility in the past 3 months.
HENE Share Price and Events
7 Day Returns
12.1%
BST:HENE
1.7%
Europe Household Products
7.3%
DE Market
1 Year Returns
-24.5%
BST:HENE
-8.8%
Europe Household Products
-17.7%
DE Market
HENE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Henkel KGaA (HENE) 12.1% -16% -25.2% -24.5% -39.4% -32%
Europe Household Products 1.7% -2.4% -9.9% -8.8% -28.5% -16.3%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • HENE underperformed the Household Products industry which returned -8.8% over the past year.
  • HENE underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
HENE
Industry
5yr Volatility vs Market

Value

 Is Henkel KGaA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Henkel KGaA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Henkel KGaA.

BST:HENE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 22 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:HENE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Household Products Unlevered Beta Simply Wall St/ S&P Global 0.39
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.388 (1 + (1- 30%) (15.43%))
0.618
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 5.44%)
3.96%

Discounted Cash Flow Calculation for BST:HENE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Henkel KGaA is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BST:HENE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 3.96%)
2020 1,805.70 Analyst x13 1,736.88
2021 1,979.53 Analyst x14 1,831.52
2022 2,100.27 Analyst x10 1,869.18
2023 2,275.85 Analyst x2 1,948.25
2024 2,474.50 Analyst x1 2,037.58
2025 2,601.88 Est @ 5.15% 2,060.82
2026 2,692.60 Est @ 3.49% 2,051.39
2027 2,755.16 Est @ 2.32% 2,019.06
2028 2,796.75 Est @ 1.51% 1,971.43
2029 2,823.03 Est @ 0.94% 1,914.12
Present value of next 10 years cash flows €19,440.00
BST:HENE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €2,823.03 × (1 + -0.39%) ÷ (3.96% – -0.39%)
€64,614.45
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €64,614.45 ÷ (1 + 3.96%)10
€43,811.02
BST:HENE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €19,440.00 + €43,811.02
€63,251.02
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €63,251.02 / 434.28
€145.65
BST:HENE Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:HENE represents 0.22026x of XTRA:HEN3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.22026x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 145.65 x 0.22026
€32.08
Value per share (EUR) From above. €32.08
Current discount Discount to share price of €15.70
= -1 x (€15.70 - €32.08) / €32.08
51.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Henkel KGaA is available for.
Intrinsic value
>50%
Share price is €15.7 vs Future cash flow value of €32.08
Current Discount Checks
For Henkel KGaA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Henkel KGaA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Henkel KGaA's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Henkel KGaA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Henkel KGaA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:HENE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €4.80
XTRA:HEN3 Share Price ** XTRA (2020-03-30) in EUR €71.28
Europe Household Products Industry PE Ratio Median Figure of 5 Publicly-Listed Household Products Companies 21.28x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Henkel KGaA.

BST:HENE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:HEN3 Share Price ÷ EPS (both in EUR)

= 71.28 ÷ 4.80

14.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Henkel KGaA is good value based on earnings compared to the Europe Household Products industry average.
  • Henkel KGaA is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Henkel KGaA's expected growth come at a high price?
Raw Data
BST:HENE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts
2.2%per year
Europe Household Products Industry PEG Ratio Median Figure of 5 Publicly-Listed Household Products Companies 2.21x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

BST:HENE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.85x ÷ 2.2%

6.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Henkel KGaA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Henkel KGaA's assets?
Raw Data
BST:HENE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €42.65
XTRA:HEN3 Share Price * XTRA (2020-03-30) in EUR €71.28
Europe Household Products Industry PB Ratio Median Figure of 10 Publicly-Listed Household Products Companies 1.7x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
BST:HENE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:HEN3 Share Price ÷ Book Value per Share (both in EUR)

= 71.28 ÷ 42.65

1.67x

* Primary Listing of Henkel KGaA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Henkel KGaA is good value based on assets compared to the Europe Household Products industry average.
X
Value checks
We assess Henkel KGaA's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Household Products industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Household Products industry average (and greater than 0)? (1 check)
  5. Henkel KGaA has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Henkel KGaA expected to perform in the next 1 to 3 years based on estimates from 22 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Henkel KGaA expected to grow at an attractive rate?
  • Henkel KGaA's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Henkel KGaA's earnings growth is positive but not above the Germany market average.
  • Henkel KGaA's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:HENE Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:HENE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts 2.2%
BST:HENE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 22 Analysts 2%
Europe Household Products Industry Earnings Growth Rate Market Cap Weighted Average 32.5%
Europe Household Products Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:HENE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:HENE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 22,389 3,609 4
2023-12-31 21,826 3,285 2,402 6
2022-12-31 20,861 3,013 2,140 17
2021-12-31 20,388 2,895 2,058 22
2020-12-31 19,598 2,675 1,818 18
2020-03-30
BST:HENE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 20,114 3,241 2,085
2019-09-30 20,051 3,317 2,200
2019-06-30 20,011 2,945 2,258
2019-03-31 20,033 2,931 2,302
2018-12-31 19,899 2,698 2,314
2018-09-30 19,901 2,496 2,489
2018-06-30 19,845 2,579 2,439
2018-03-31 19,800 2,417 2,465
2017-12-31 20,029 2,468 2,519
2017-09-30 19,999 2,532 2,176
2017-06-30 19,766 2,780 2,188
2017-03-31 19,322 2,869 2,125

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Henkel KGaA's earnings are expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
  • Henkel KGaA's revenue is expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:HENE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below

All data from Henkel KGaA Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:HENE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31 5.52 5.52 5.52 2.00
2022-12-31 5.07 5.30 4.77 7.00
2021-12-31 4.94 5.49 4.55 12.00
2020-12-31 4.53 5.17 3.98 13.00
2020-03-30
BST:HENE Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 4.80
2019-09-30
2019-06-30 5.20
2019-03-31
2018-12-31 5.33
2018-09-30
2018-06-30 5.62
2018-03-31
2017-12-31 5.80
2017-09-30
2017-06-30 5.04
2017-03-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Henkel KGaA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Henkel KGaA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Henkel KGaA has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Henkel KGaA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Henkel KGaA's growth in the last year to its industry (Household Products).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Henkel KGaA's year on year earnings growth rate has been positive over the past 5 years.
  • Henkel KGaA's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Henkel KGaA's 1-year earnings growth is negative, it can't be compared to the Global Household Products industry average.
Earnings and Revenue History
Henkel KGaA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Henkel KGaA Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:HENE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 20,114.00 2,085.00 5,694.00 487.00
2019-09-30 20,051.00 2,200.00 5,605.00 476.00
2019-06-30 20,011.00 2,258.00 5,553.00 476.00
2019-03-31 20,033.00 2,302.00 5,502.00 476.00
2018-12-31 19,899.00 2,314.00 5,475.00 471.00
2018-09-30 19,901.00 2,489.00 5,555.00 472.00
2018-06-30 19,845.00 2,439.00 5,545.00 470.00
2018-03-31 19,800.00 2,465.00 5,598.00 464.00
2017-12-31 20,029.00 2,519.00 5,706.00 469.00
2017-09-30 19,999.00 2,176.00 5,727.00 466.00
2017-06-30 19,766.00 2,188.00 5,758.00 469.00
2017-03-31 19,322.00 2,125.00 5,668.00 469.00
2016-12-31 18,714.00 2,053.00 5,480.00 460.00
2016-09-30 18,232.00 2,108.00 5,421.00 458.00
2016-06-30 18,074.00 2,016.00 5,390.00 456.00
2016-03-31 18,115.00 1,976.00 5,409.00 459.00
2015-12-31 18,089.00 1,921.00 5,481.00 464.00
2015-09-30 17,841.00 1,773.00 5,383.00 452.00
2015-06-30 17,487.00 1,729.00 5,252.00 441.00
2015-03-31 16,929.00 1,649.00 5,048.00 423.00
2014-12-31 16,428.00 1,628.00 4,894.00 410.00
2014-09-30 16,154.00 1,650.00 4,769.00 414.00
2014-06-30 16,102.00 1,668.00 4,795.00 410.00
2014-03-31 16,251.00 1,645.00 4,924.00 412.00
2013-12-31 16,355.00 1,589.00 4,991.00 414.00
2013-09-30 16,505.00 1,604.00 5,076.00 411.00
2013-06-30 16,615.00 1,536.00 5,115.00 411.00
2013-03-31 16,535.00 1,512.00 5,089.00 411.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Henkel KGaA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Henkel KGaA used its assets more efficiently than the Europe Household Products industry average last year based on Return on Assets.
  • Henkel KGaA's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Henkel KGaA's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Household Products industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Henkel KGaA has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Henkel KGaA's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Henkel KGaA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Henkel KGaA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Henkel KGaA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Henkel KGaA's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Henkel KGaA Company Filings, last reported 2 months ago.

BST:HENE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 18,611.00 3,958.00 1,910.00
2019-09-30 18,406.00 4,916.00 3,506.00
2019-06-30 17,398.00 4,806.00 2,759.00
2019-03-31 17,846.00 4,234.00 2,514.00
2018-12-31 16,999.00 4,175.00 1,331.00
2018-09-30 16,569.00 4,614.00 2,195.00
2018-06-30 16,040.00 5,236.00 2,438.00
2018-03-31 15,840.00 4,928.00 2,657.00
2017-12-31 15,647.00 4,344.00 1,211.00
2017-09-30 15,096.00 4,598.00 2,115.00
2017-06-30 15,135.00 4,981.00 3,382.00
2017-03-31 15,857.00 4,721.00 3,457.00
2016-12-31 15,185.00 3,725.00 1,414.00
2016-09-30 14,296.00 5,060.00 3,042.00
2016-06-30 13,805.00 1,885.00 2,305.00
2016-03-31 13,794.00 1,519.00 2,517.00
2015-12-31 13,811.00 884.00 1,199.00
2015-09-30 13,008.00 1,774.00 1,887.00
2015-06-30 12,855.00 2,035.00 1,823.00
2015-03-31 13,097.00 1,545.00 1,979.00
2014-12-31 11,644.00 1,751.00 1,545.00
2014-09-30 11,223.00 1,622.00 2,584.00
2014-06-30 10,419.00 2,265.00 2,616.00
2014-03-31 10,476.00 1,895.00 3,009.00
2013-12-31 10,158.00 2,630.00 3,441.00
2013-09-30 10,112.00 2,757.00 3,335.00
2013-06-30 9,859.00 3,155.00 3,098.00
2013-03-31 10,113.00 3,771.00 3,933.00
  • Henkel KGaA's level of debt (21.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (15% vs 21.3% today).
  • Debt is well covered by operating cash flow (81.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 42.5x coverage).
X
Financial health checks
We assess Henkel KGaA's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Henkel KGaA has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Henkel KGaA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.6%
Current annual income from Henkel KGaA dividends. Estimated to be 2.65% next year.
If you bought €2,000 of Henkel KGaA shares you are expected to receive €52 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Henkel KGaA's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Henkel KGaA's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:HENE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
Europe Household Products Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:HENE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 2.54 2.00
2022-12-31 1.97 15.00
2021-12-31 1.88 21.00
2020-12-31 1.77 20.00
2020-03-30
BST:HENE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-05 1.850 2.607
2019-02-21 1.850 2.050
2018-02-22 1.790 1.757
2017-04-06 1.620 1.383
2016-02-25 1.470 1.338
2015-03-04 1.310 1.296
2014-02-20 1.220 1.451
2013-03-07 0.950 1.243
2012-08-01 0.800 1.277
2012-04-16 0.800 1.477
2011-04-11 0.720 1.584
2010-02-25 0.530 1.280
2010-01-28 0.530 1.463
2009-04-20 0.510 1.881

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Henkel KGaA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).
X
Income/ dividend checks
We assess Henkel KGaA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Henkel KGaA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Henkel KGaA has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Henkel KGaA's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Carsten Knobel
COMPENSATION €4,446,872
AGE 50
TENURE AS CEO 0.2 years
CEO Bio

Dr. Carsten Knobel has been Chief Executive Officer and Chairman of the Management Board - Henkel Management AG at Henkel AG & Co. KGaA since January 01, 2020 and as its Member of Management Board since July 01, 2012. Dr. Knobel served as the Chief Financial Officer Henkel AG & Co. KGaA since July 01, 2012 until December 31, 2019 and served as its Executive Vice President of Finance, Purchasing & Integrated Business Solutions since April 2013 until December 31, 2019. Dr. Knobel served as a Senior Vice President of Finance and Corporate Controlling at Henkel AG & Co. KGaA since February 01, 2009 and also served as its Financial Director. Dr. Knobel served as Executive Vice President of Finance & Purchasing at Henkel AG & Co. KGaA from July 1, 2012 to March 2013. He served as International Brand Manager SBU Hair (Taft), Cosmetics/Toiletries at Henkel Ltd. since 2002 until 2004. He served as Director Regional Controlling NA, LA, Asia, Cosmetics/Toiletries at Henkel Ltd. since 2000 until 2002. He served Corporate Senior Vice President of Financial Director Cosmetics/Toiletries and Head of Corporate Controlling (Finance) at Henkel Ltd. since 2009 until 2012. He served as Corporate Vice President of Strategy & Controlling Henkel at Henkel Ltd. from 2006 to 2008. He has been Member of Supervisory Board at Deutsche Lufthansa AG since January 9, 2018. He served as Corporate Senior Vice President of Finance at Henkel Ltd. since April 2012. He served as Director of Business Development Cosmetics/Toiletries Financial integration of Dial in Scottsdale (USA) at Henkel Ltd. since 2004 until 2005. He served as Head of International Marketing Controlling SBU Hair, Cosmetics/Toiletries at Henkel Ltd. since 1998 until 2002. He is Chair at Henkel Central Eastern Europe GmbH, Austria. He is Member at Henkel (China) Investment Co. Ltd., China, Henkel & Cie AG, Switzerland, Deutsche Lufthansa AG and Henkel Ltd., Great Britain. He is the Chairman of Henkel Consumer Goods, Inc., USA. He is the Chair at Henkel of America Inc., USA. He is the member He serves as a Member of Advisory Council at Allianz Global Corporate & Speciality AG. He holds Alumni Harvard Business School (Executive Education Program) and Business Studies & Technical Chemistry from Technical University Berlin. He served as Chief Financial Officer at Henkel Ltd until January 2020 and also serves as it's Chief Executive Officer since January, 2020. He serves as Member of Global Management Board at Henkel Ltd.

CEO Compensation
  • Carsten's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Carsten's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Henkel KGaA management team in years:

2.3
Average Tenure
50.5
Average Age
  • The tenure for the Henkel KGaA management team is about average.
Management Team

Carsten Knobel

TITLE
CEO & Chairman of the Management Board - Henkel Management AG
COMPENSATION
€4M
AGE
50
TENURE
0.2 yrs

Jan-Dirk Auris

TITLE
Executive VP of Adhesive Technologies & Member of Management Board - Henkel Management AG
COMPENSATION
€4M
AGE
51
TENURE
9.2 yrs

Bruno Piacenza

TITLE
Executive VP of Laundry & Home Care and Member of Management Board - Henkel Management AG
COMPENSATION
€4M
AGE
54
TENURE
9.2 yrs

Jens-Martin Schwärzler

TITLE
Executive VP of Beauty Care & Member of Management Board - Henkel Management AG
COMPENSATION
€4M
AGE
56
TENURE
2.3 yrs

Sylvie Nicol

TITLE
Executive VP of HR & Infrastructure Services and Member of Management Board - Henkel Mgmt AG
COMPENSATION
€3M
AGE
46
TENURE
0.9 yrs

Marco Swoboda

TITLE
Executive VP of Finance
AGE
48
TENURE
0.2 yrs

Lars Korinth

TITLE
Head of Investor Relations

Thomas Kühn

TITLE
General Counsel & Chief Compliance Officer

Carsten Tilger

TITLE
Head of Corporate Communications & Public Affairs
TENURE
10 yrs

Thomas Müller-Kirschbaum

TITLE
Corporate Senior Vice President of Research & Development - Laundry & Home Care
Board of Directors Tenure

Average tenure and age of the Henkel KGaA board of directors in years:

10.5
Average Tenure
58
Average Age
  • The average tenure for the Henkel KGaA board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Simone Bagel-Trah

TITLE
Chairwoman of Supervisory Board
COMPENSATION
€583K
AGE
50
TENURE
10.5 yrs

Birgit Helten-Kindlein

TITLE
Employee Representative Vice Chairman of Supervisory Board
COMPENSATION
€148K
AGE
55
TENURE
1.9 yrs

Albrecht Woeste

TITLE
Honorary Chairman of Henkel Group
AGE
83

Theo Siegert

TITLE
Member of Supervisory Board
COMPENSATION
€148K
AGE
72
TENURE
10.9 yrs

Michael Kaschke

TITLE
Member of Supervisory Board
COMPENSATION
€112K
AGE
62
TENURE
11.9 yrs

Michael Vassiliadis

TITLE
Member of Supervisory Board
COMPENSATION
€112K
AGE
55
TENURE
1.9 yrs

Andrea Pichottka

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€75K
AGE
60
TENURE
15.4 yrs

Jutta Bernicke

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€75K
AGE
57
TENURE
11.9 yrs

Kaspar von Braun

TITLE
Member of Supervisory Board
COMPENSATION
€75K
AGE
48
TENURE
9.9 yrs

Edgar Topsch

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€113K
AGE
59
TENURE
9.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Henkel KGaA's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Henkel KGaA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Henkel AG & Co. KGaA, together with its subsidiaries, engages in the adhesive technologies, beauty care, and laundry and home care businesses worldwide. The company’s Adhesive Technologies segment offers adhesives, sealants, and functional coatings for various business areas, including packaging and consumer goods adhesives; transport and metal; general industry; electronics; and consumers, craftsmen, and building. This segment markets its products primarily under the Loctite, Technomelt, and Bonderite brand names. Its Beauty Care segment offers hair cosmetics; and body, skin, and oral care products, as well as operates professional hair salons. This segment markets its products primarily under the Schwarzkopf, Dial, and Syoss brands. The company’s Laundry & Home Care segment offers heavy-duty and specialty detergents, fabric softeners, laundry performance enhancers, and other fabric care products; hand and automatic dishwashing products; cleaners for bathroom and WC applications; household, glass, and specialty cleaners; and air fresheners and insect control products for household applications. This segment markets its products primarily under the Persil, Bref, Purex, and all brand names. Henkel AG & Co. KGaA was founded in 1876 and is headquartered in Düsseldorf, Germany.

Details
Name: Henkel AG & Co. KGaA
HENE
Exchange: BST
Founded: 1876
€29,219,913,508
434,278,198
Website: http://www.henkel.com
Address: Henkel AG & Co. KGaA
Henkelstrasse 67,
Düsseldorf,
North Rhine-Westphalia, 40589,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA HEN3 Non-Voting Preferred Shares XETRA Trading Platform DE EUR 23. Apr 1991
OTCPK HENO.F Non-Voting Preferred Shares Pink Sheets LLC US USD 23. Apr 1991
DB HEN3 Non-Voting Preferred Shares Deutsche Boerse AG DE EUR 23. Apr 1991
LSE 0IZC Non-Voting Preferred Shares London Stock Exchange GB EUR 23. Apr 1991
SWX HEN3 Non-Voting Preferred Shares SIX Swiss Exchange CH CHF 23. Apr 1991
BIT HEN3 Non-Voting Preferred Shares Borsa Italiana IT EUR 23. Apr 1991
WBAG HEN Non-Voting Preferred Shares Wiener Boerse AG AT EUR 23. Apr 1991
BMV HEN3 N Non-Voting Preferred Shares Bolsa Mexicana de Valores MX MXN 23. Apr 1991
BATS-CHIXE HEN3D Non-Voting Preferred Shares BATS 'Chi-X Europe' GB EUR 23. Apr 1991
OTCPK HENO.Y ADR EACH REP 1 NON.V PRF NPV(CIT) Pink Sheets LLC US USD 27. Mar 2001
XTRA HEN Ordinary Shares XETRA Trading Platform DE EUR 02. Jul 1996
BST HENE ADR EACH REP 1 NPV Boerse-Stuttgart DE EUR 13. Jan 1997
OTCPK HENK.Y ADR EACH REP 1 NPV Pink Sheets LLC US USD 13. Jan 1997
OTCPK HELK.F Ordinary Shares Pink Sheets LLC US USD 02. Jul 1996
DB HEN Ordinary Shares Deutsche Boerse AG DE EUR 02. Jul 1996
BST HEN1 ADR EACH REP 1 NON.V PRF NPV(CIT) Boerse-Stuttgart DE EUR 27. Mar 2001
LSE 0IZ8 Ordinary Shares London Stock Exchange GB EUR 02. Jul 1996
SWX HEN Ordinary Shares SIX Swiss Exchange CH CHF 02. Jul 1996
BATS-CHIXE HEND Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jul 1996
ETLX HEN Ordinary Shares Eurotlx IT EUR 02. Jul 1996
Number of employees
Current staff
Staff numbers
52,450
Henkel KGaA employees.
Industry
Household Products
Household
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 23:12
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/05
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.