Henkel: Quick normalisation expected

Research evidence excerpt

Henkel: Quick normalisation expected

Deutsche Bank

Research

Rating Company Date

Buy Henkel 25 June 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (EUR) 72.76

HNKG_p.DE HEN3 GR GER HNKG_p

Price Target (EUR) 76.00

Consumer Staples

ADR ISIN 52-week range (EUR) 83.98 - 61.50

Household Personal Care

HENKY US42550U1097

Quick normalisation expected

Valuation & Risks

Tom Sykes

Factoring the lower oil price into growth estimates Research Analyst

We are making some forecast changes ahead of the H1 results. We incorporate the +44-20-754-76418

lower oil price into our forecasts with less pricing expected and an earlier end of pre

Mitch Collett

buying in Adhesives. Potentially, we are now moving into delayed buying vs pre Research Analyst

buying in Adhesives. +44-20-754-11307

Archit Agarwal

The Henkel share price has historically been supported as spot crude has moved

Research Associate

below the rolling 12m average, which has now happened, albeit we expect a further

rally to be multiple driven rather than earnings driven.

Madhu Vijay

Henkel is still at valuations that have implied double digit earnings cuts previously Research Associate

(though we note the PE relative to market is now near the upper end of the trend

channel over the last decade). Ultimately, the stock is probably not priced for Pritam Palit

manufacturing PMIs remaining above 50. Off-Shore Associate

Our FY 26e EPS increases by 0.5% and 27e by 0.6%. We are 0.9% ahead of

consensus for FY 26e but 0.5% below for 27e. Key changes

TP 75.00 to 76.00 ↑ 1.3%

Henkel sits on 8.1x 27e EV/EBITDA,12.4x 27e PE and a 6.8% FCF yield to EV. This DB EPS (EUR) 5.45 to 5.47 ↑ 0.5%

21,578 to compares with Staples ex-Tobacco on 11.6x 27e EV/EBITDA,18.2x 27e PE and a 5%

Revenue (EURm) ↓ -0.6%