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Henkel KGaA

DB:HEN
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HEN
DB
€37B
Market Cap
  1. Home
  2. DE
  3. Household
Company description

Henkel AG & Co. KGaA, together with its subsidiaries, engages in adhesive technologies, beauty care, and laundry and home care businesses worldwide. The last earnings update was 59 days ago. More info.


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HEN Share Price and Events
7 Day Returns
1.5%
DB:HEN
-0.5%
Europe Household Products
1.8%
DE Market
1 Year Returns
-14.7%
DB:HEN
-2.2%
Europe Household Products
-6%
DE Market
HEN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Henkel KGaA (HEN) 1.5% 0.4% 1.7% -14.7% -8% 11.9%
Europe Household Products -0.5% -6% -2.5% -2.2% -14.1% 13.8%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • HEN underperformed the Household Products industry which returned -2.2% over the past year.
  • HEN underperformed the Market in Germany which returned -6% over the past year.
Price Volatility
HEN
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.

DB:HEN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 25 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:HEN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Household Products Unlevered Beta Simply Wall St/ S&P Global 0.33
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.334 (1 + (1- 30%) (11.32%))
0.572
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)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:HEN 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.

DB:HEN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5%)
2019 2,105.55 Analyst x16 2,005.37
2020 2,223.72 Analyst x16 2,017.13
2021 2,334.11 Analyst x11 2,016.53
2022 2,344.50 Analyst x2 1,929.12
2023 2,288.00 Analyst x1 1,793.05
2024 2,250.47 Est @ -1.64% 1,679.72
2025 2,226.17 Est @ -1.08% 1,582.52
2026 2,210.87 Est @ -0.69% 1,496.86
2027 2,201.74 Est @ -0.41% 1,419.75
2028 2,196.89 Est @ -0.22% 1,349.21
Present value of next 10 years cash flows €17,289.25
DB:HEN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €2,196.89 × (1 + 0.23%) ÷ (5% – 0.23%)
€46,180.67
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €46,180.67 ÷ (1 + 5%)10
€28,361.73
DB:HEN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €17,289.25 + €28,361.73
€45,650.98
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €45,650.98 / 434.28
€105.12
DB:HEN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HEN represents 0.93558x of XTRA:HEN3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.93558x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 105.12 x 0.93558
€98.35
Value per share (EUR) From above. €98.35
Current discount Discount to share price of €82.50
= -1 x (€82.50 - €98.35) / €98.35
16.1%

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
16%
Share price is €82.5 vs Future cash flow value of €98.35
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, but not at a moderate discount (< 20%).
  • Henkel KGaA's share price is below the future cash flow value, but not 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
DB:HEN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €5.32
XTRA:HEN3 Share Price ** XTRA (2019-04-18) in EUR €88.18
Europe Household Products Industry PE Ratio Median Figure of 5 Publicly-Listed Household Products Companies 17.96x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

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

** Primary Listing of Henkel KGaA.

DB:HEN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 88.18 ÷ 5.32

16.57x

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
DB:HEN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts
2.9%per year
Europe Household Products Industry PEG Ratio Median Figure of 5 Publicly-Listed Household Products Companies 1.9x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:HEN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.57x ÷ 2.9%

5.68x

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
DB:HEN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €39.18
XTRA:HEN3 Share Price * XTRA (2019-04-18) in EUR €88.18
Europe Household Products Industry PB Ratio Median Figure of 8 Publicly-Listed Household Products Companies 2.48x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:HEN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 88.18 ÷ 39.18

2.25x

* 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 3/6, 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 25 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
2.9%
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 0.2%.
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
DB:HEN Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HEN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts 2.9%
DB:HEN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 25 Analysts 2.8%
Europe Household Products Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
Europe Household Products Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
DB:HEN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HEN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 22,954 3,208 4
2022-12-31 22,265 3,282 2,713 6
2021-12-31 21,633 3,206 2,486 17
2020-12-31 21,096 3,076 2,432 25
2019-12-31 20,531 2,945 2,285 21
DB:HEN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 19,899 2,698 2,311
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
2016-12-31 18,714 2,850 2,053
2016-09-30 18,232 3,040 2,108
2016-06-30 18,074 2,790 2,016
2016-03-31 18,115 2,388 1,976

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Henkel KGaA's earnings are expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
  • Henkel KGaA's revenue is expected to grow by 2.8% 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
DB:HEN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 25 Analyst Estimates (S&P Global) See Below

All data from Henkel KGaA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HEN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 5.79 6.46 5.17 9.00
2020-12-31 5.65 6.45 5.04 17.00
2019-12-31 5.32 5.87 4.78 17.00
DB:HEN Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 5.32
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
2016-12-31 4.73
2016-09-30 4.85
2016-06-30 4.64
2016-03-31 4.55

*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 Europe 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 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HEN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 19,899.00 2,311.00 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
2012-12-31 16,510.00 1,480.00 5,043.00 406.00
2012-09-30 16,309.00 1,348.00 4,929.00 403.00
2012-06-30 16,043.00 1,265.00 4,844.00 398.00

*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's short term (1 year) commitments are greater than 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 2.1x 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 3 months ago.

DB:HEN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 17,093.00 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
2012-12-31 9,511.00 3,809.00 3,504.00
2012-09-30 9,480.00 3,977.00 3,537.00
2012-06-30 9,367.00 3,906.00 2,849.00
  • Henkel KGaA's level of debt (24.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (25.8% vs 24.4% today).
  • Debt is well covered by operating cash flow (64.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 55.9x 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
2.1%
Current annual income from Henkel KGaA dividends. Estimated to be 2.31% next year.
If you bought €2,000 of Henkel KGaA shares you are expected to receive €42 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 (1.43%).
  • Henkel KGaA's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
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
DB:HEN 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 25 Analyst Estimates (S&P Global) See Below
Europe Household Products Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:HEN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 2.45 2.00
2021-12-31 2.12 18.00
2020-12-31 2.05 26.00
2019-12-31 1.93 26.00
DB:HEN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-21 1.850 2.077
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 0.780 1.440
2012-03-06 0.800 1.507
2011-04-11 0.720 1.611
2010-02-25 0.530 1.280
2010-01-04 0.530 1.456
2009-04-22 0.510 1.925

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 (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x 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 0.8%) - 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
Hans Van Bylen
COMPENSATION €6,266,111
AGE 57
TENURE AS CEO 2.9 years
CEO Bio

Mr. Hans Van Bylen has been Chairman of Management Board - Henkel Management Ag at Henkel AG & Co. KGaA since May 1, 2016. Mr. Van Bylen has been the Chief Executive Officer of Henkel Ltd. since May 2016 and serves as its Member of Global Management Board. He has been a Member of Management Board for Henkel Management AG at Henkel AG & Co. KGaA since July 01, 2005. He served as an Executive Vice President of Beauty Care - Henkel Management AG at Henkel AG & Co. KGaA from 2005 to May 1, 2016. He served as an Executive Vice President of Beauty Care at Henkel India Ltd. He served as an Executive Vice President of Cosmetics and Toiletries of Henkel AG & Co. KGaA since July 1, 2005. He joined Henkel in 1984, where he has held various global sales, marketing and management positions within its detergents and cosmetics businesses, named a Corporate Vice President in 2001 managing business units in the skin, oral care and hair care groups. He served as Sales Representative/Key Account/Product Manager of Henkel Belgium, Detergents from 1984 to 1987 and Marketing Manager of Heavy Duty Detergents of Henkel Belgium from 1987 to 1988. Mr. Van Bylen joined Cosmetics and Toiletries of Henkel in 1991. He served as Marketing Manager of Heavy Duty Detergents, Henkel Netherlands from 1988 to 1991 and Marketing Director of Cosmetics from 1991 to 1992. He served as International Marketing Director of Body Care, Cosmetics at Henkel KGaA from 1992 to 1995. He served as General Manager, Cosmetics at Henkel Benelux from 1995 to 1998. Mr. Van Bylen served as a Director of International Strategic Sales at Henkel KGaA from 1999 to 2000. He served as General Manager of Cosmetics, France & Benelux of Henkel KGaA from 2000 to 2001 and Corporate Vice President of Henkel Cosmetics from 2001 to 2004. He has been a Member of the Supervisory Board at GfK Custom Research, LLC since May 17, 2013. He served as Member of the Supervisory Board at GfK SE since May 17, 2013 until April 30, 2016. Mr. Van Bylen served as a Director of Ecolab Inc. from February 22, 2007 to July 2008. He has license in Business Economics from UFSIA. He holds an MBA from UFSIA. He has completed vocational training at UFSIA.

CEO Compensation
  • Hans's compensation has been consistent with company performance over the past year.
  • Hans's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

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

7.5
Average Tenure
51.5
Average Age
  • The average tenure for the Henkel KGaA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Hans Van Bylen

TITLE
Chairman of Mgmt. Board & CEO of Henkel Management AG
COMPENSATION
€6M
AGE
57
TENURE
2.9 yrs

Carsten Knobel

TITLE
CFO, EVP - Fin
COMPENSATION
€4M
AGE
49
TENURE
6.8 yrs

Jan-Dirk Auris

TITLE
Executive VP of Adhesive Technologies & Member of Management Board - Henkel Management AG
COMPENSATION
€4M
AGE
50
TENURE
8.3 yrs

Bruno Piacenza

TITLE
Executive VP of Laundry & Home Care and Member of Management Board - Henkel Management AG
COMPENSATION
€4M
AGE
53
TENURE
8.3 yrs

Jens-Martin Schwärzler

TITLE
Executive VP of Beauty Care & Member of Management Board - Henkel Management AG
COMPENSATION
€3M
AGE
55
TENURE
1.4 yrs

Sylvie Nicol

TITLE
Executive VP of HR & Infrastructure Services and Member of Management Board - Henkel Mgmt AG
AGE
45

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
9.1 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:

9.6
Average Tenure
57
Average Age
  • The tenure for the Henkel KGaA board of directors is about average.
Board of Directors

Simone Bagel-Trah

TITLE
Chairwoman of Supervisory Board
COMPENSATION
€582K
AGE
49
TENURE
9.6 yrs

Birgit Helten-Kindlein

TITLE
Employee Representative Vice Chairman of Supervisory Board
COMPENSATION
€139K
AGE
54
TENURE
1 yrs

Albrecht Woeste

TITLE
Honorary Chairman of Henkel Group
AGE
82

Theo Siegert

TITLE
Member of Supervisory Board
COMPENSATION
€148K
AGE
71
TENURE
10 yrs

Michael Vassiliadis

TITLE
Member of Supervisory Board
COMPENSATION
€83K
AGE
54
TENURE
1 yrs

Andrea Pichottka

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€74K
AGE
59
TENURE
14.5 yrs

Jutta Bernicke

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€75K
AGE
56
TENURE
11 yrs

Michael Kaschke

TITLE
Member of Supervisory Board
COMPENSATION
€110K
AGE
61
TENURE
11 yrs

Kaspar von Braun

TITLE
Member of Supervisory Board
COMPENSATION
€75K
AGE
47
TENURE
9 yrs

Edgar Topsch

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€104K
AGE
58
TENURE
8.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month 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 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 Teroson 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
HEN
Exchange: DB
Founded: 1876
€36,870,970,104
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
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
Number of employees
Current staff
Staff numbers
53,000
Henkel KGaA employees.
Industry
Household Products
Household
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 20:36
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.