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    Church & Dwight - der unbekannte Konsumgüter-Champion (Seite 5)

    eröffnet am 26.12.13 18:48:51 von
    neuester Beitrag 02.02.24 15:40:49 von
    Beiträge: 61
    ID: 1.189.803
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    Werte aus der Branche Konsum

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      schrieb am 18.01.15 10:46:06
      Beitrag Nr. 21 ()
      Jeroen Jongbloed

      Church & Dwight Co. Looks Great But I Don't Like Its Current Valuation

      Jan. 6, 2015 1:42 AM ET | 11 comments | About: Church & Dwight Co Inc. (CHD)


      Summary

      Shares in CHD have gone up by just under 20% in the past 12 months.
      A large part of the share price growth is due to multiples expanding.
      The dividend growth has been partially achieved by a growing payout ratio.
      I'd love to own this stock but not at this price.

      Shares in Church & Dwight Company (NYSE:CHD) have done amazing over the past 12 months, rising in value by 19.89%. For comparison, the S&P 500 grew by only 10.94% in the same time. The company is currently trading at $78.59, which isn't far below its 52-week high of $80.97. Is there still value to be found at these levels, or should investors steer clear of this mid-cap consumer goods company for now?

      CHD will report its Q4 2014 results on February 3. Average analyst expectations for earnings per share stand at $0.80 for the quarter, which will bring FY2014's EPS up to $3.03. That means CHD is now trading at a forward p/e ratio of 25.9. As we can see from the graph above, part of CHD's price growth has been due to the p/e multiple expanding. The 5-year average price to earnings ratio for CHD stands at 22.6, while the industry average stands at 25.2.

      The price to sales ratio has also gone up at a high pace over the past 5 years. At the current market cap of $10.51 billion, CHD is valued at 3.4 times trailing earnings. Next year's revenue is expected to reach $3.41 billion, for a forward p/s ratio of 3.1. This is quite high compared to both the 5-year average, which stands at 2.7, and the industry average of 2.4.

      CHD Payout Ratio (TTM)
      CHD's dividend growth in recent years has been very impressive. The growth in payouts has been fuelled by a combination of growing earnings per share and an increasing payout ratio. Over the past 12 months, the company has paid out 41.3% of its earnings.

      The current yield of 1.58% isn't very high, but CHD usually announces its dividend increases when it releases its Q4 results near the end of January. EPS for FY2015 is expected to reach $3.30. I expect the company will announce a dividend increase to somewhere between $0.35 and $0.40 per quarter. This would put the payout ratio in a range of 42.4% to 48.5%.

      CHD Current Ratio (Quarterly)
      CHD's short-term financial health appears to be quite good. The current ratio stands at 1.08, whilst the quick ratio is currently at 0.75. However, this numbers have been going down in recent years and it is definitely something to keep an eye on. Net interest costs for CHD have been $24.9 million in the past 12 months, which isn't very high considering the company had revenues of $3.26 billion and $400 million in net income in the same time frame.

      CHD Net Interest Income (TTM)

      Conclusion:

      CHD's payout ratio has been increasing in recent years. The current dividend yield of 1.58% isn't very impressive, but the company will probably announce a dividend increase when it releases its Q4 results. A dividend increase to $0.35 a quarter would bring the yield up to 1.78%, while an increase to $0.40 would provide investors getting in now with a yield on cost of 2.04%.The company's short-term financial health is still quite good, though the current and quick ratio have been dropping slowly but surely.

      Looking at the valuation metrics it appears the company is slightly expensive. The company is currently valued at a market cap of $10.51 billion. With the industry average p/s ratio at 2.4, revenues would have to grow to $4.38 billion to get the p/s ratio in line with its peers. This is 33.5% higher than this year's expected sales of $3.38 billion.

      Growing companies are often fully valued, but at a forward p/e ratio of 25.9, multiple contraction is a real risk here. A pullback to the 5-year average p/e level of 22.6 would provide a nice opportunity to pick up some shares. With earnings for the current fiscal year expected to reach $3.03, this would give us a price per share of $68.48.
      Avatar
      schrieb am 08.01.15 14:02:33
      Beitrag Nr. 20 ()
      Church & Dwight konnte dieses Jahr wieder mal um 18% zulegen - der Wahnsinn.

      http://www.boerse.de/performance/Church-und-Dwight-Aktie/US1…
      Avatar
      schrieb am 04.11.14 08:35:06
      Beitrag Nr. 19 ()
      Church & Dwight Q3 Earnings Up, Results Beat Estimates; Sees Growth In Q4


      Church & Dwight Co., Inc. (CHD), maker of Arm & Hammer brand products, Monday reported third-quarter earnings which increased, helped by higher sales of its Clump & Seal cat litter and Oxiclean detergent. Both earnings and revenues also beat analysts' estimates.

      For the three months to September, net earnings were $115.9 million or $0.85 per share, up from $107.9 million or $0.76 per share a year earlier.

      Analysts polled by Thomson-Reuters expected, on average, earnings of $0.82. Analysts' estimates typically exclude one-time items.

      Net sales rose to $841.8 million, from $804.8 million last year, above the $828.76 million analysts expected. The company also said it sold more of its Trojan condoms and Vitafusion vitamins.

      Looking ahead, the company tightened its annual earnings outlook to 8 percent growth, or $3.01 per share, from the prior guidance for 7 to 9 percent growth. The company maintained its organic sales growth outlook of 3 percent. The company expects high single digit EPS growth in 2015.

      For the fourth quarter, the company expects earnings of $0.78, or a 20 percent rise over last year, on organic sales growth of approximately 3 percent.

      Analysts expect fourth-quarter earnings of $0.82, 2014 earnings of $3.02, and 2015 earnings of $3.32.

      Separately, the company said it appointed Chief Financial Officer Matthew Farrell to a role combining chief operating officer and CFO, with effect from November 3.

      'In his new role Matt will lead all line functions along with the finance organization, allowing me to focus more time on long term corporate strategy and accretive mergers and acquisitions,' said James Craigie, CEO and Chairman of Church & Dwight.

      © 2014 AFX News
      Avatar
      schrieb am 03.11.14 00:06:58
      Beitrag Nr. 18 ()
      Church & Dwight hat am Freitag eine Dividende von 0,31$ bekanntgegeben:

      [http://www.wallstreet-online.de/nachricht/7129336-church-dw…

      Sehr beeindruckend finde ich, dass es sich bereits um die vierhunderfünfundfünfzigste Dividende von CHD handelt! :eek:

      Heute werden zudem Quartalszahlen veröffentlicht.
      Avatar
      schrieb am 28.08.14 21:22:03
      Beitrag Nr. 17 ()
      RB und C&D sind beides super Werte!
      Zu den Dividenden - für die Freunde der Zahlen:

      RB
      2004: 0,30 Pfund (0,16+0,14)
      2014: 1,37 Pfund (0,77+0,60)
      => 457% bei jährlicher Erhöhung

      C&D
      2004: 0,22 Dollar (2*0,05+2*0,06)
      2014: 1,24 Dollar (4*0,31)
      => 620% bei jährlicher Erhöhung

      Würde diese so beibehalten werden könnte man sich bei beiden Werten 2024 über 10% Dividendenrendite p.a. freuen.

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      Avatar
      schrieb am 22.07.14 18:14:16
      Beitrag Nr. 16 ()
      Is Church & Dwight the Missing Piece in Your Portfolio?

      Church & Dwight, the leading producer of baking soda in the US and the company behind numerous consumer brands such as Arm & Hammer, OxiClean, Trojan, First Response, and Nair, has watched its stock steadily rise in 2014, but it has underperformed the overall market. The company reported a decline in profitability in the first quarter, which may have held its stock back, but it could get back on the market's good side when it releases its second-quarter results on August 1. With this in mind, let's take a look at Church & Dwight's most recent earnings release and the expectations for the upcoming report to determine whether it is gearing up to beat the estimates and if it represents a good long-term investment opportunity today.

      The mixed but strong results
      On May 1, Church & Dwight released its first-quarter report to kick off fiscal 2014's earnings and the results came in mixed in comparison with expectations; here's a summary:

      Metric Reported Expected Year Ago
      Earnings Per Share $0.73 $0.73 $0.76
      Revenue $782.00 million $783.34 million $779.30 million
      Source: Estimize

      Earnings per share decreased 3.9% and revenue increased 0.3% year-over-year, led by global volume growing 4.4% and organic sales rising 1.2%. At first glance, the earnings per share results may seem extremely weak, but this is exactly the kind of performance Church & Dwight had expected because it brought numerous new products to market during the quarter.

      The new product releases resulted in increases in marketing, slotting, and couponing expenses which led to gross profit decreasing 3.1% to $442.6 million and operating profit decreasing 4.3% to $162 million; in relation, the gross margin contracted 150 basis points to 43.4% and the operating margin contracted 100 basis points to 20.7%. The company noted that it expects margins to remain under pressure in the second quarter as well, but it expects new product-related expenses of less significance in the second half.

      Lastly, Church & Dwight noted that it repurchased $260 million worth of its common stock and paid out $42.5 million in dividends during the quarter. The company went on to state that it expects to make additional share repurchases throughout the rest of the fiscal year and it is more than safe to assume that it will continue to pay dividends, as its last payment on June 2 marked its 453rd consecutive quarterly dividend payment.

      Overall, it was a fantastic quarter for Church & Dwight and the company noted "initial success" with its new products, which provides excitement for investors going forward. The company's stock responded to all of this news by falling 1.36% in the next trading session, but it recouped the losses and set new all-time highs in June before another wave of negativity hit it. Maybe strong second-quarter results will enable a sustained rally back to these highs.

      What should you expect out of Church & Dwight?
      Church & Dwight has scheduled its second-quarter results for release before the market opens on August 1 and the current expectations call for slight growth; here's a breakdown:

      Metric Expected Year Ago
      Earnings Per Share $0.62 $0.61
      Revenue $805.37 million $787.60 million
      Source: Estimize

      The estimates above call for earnings per share to increase 1.6% and revenue to increase 2.3% year-over-year, which would be an improvement from the first quarter and would be impressive given the ongoing product launches. Other than the key metrics, here are four other statistics and updates to watch for:

      Third-Quarter Outlook: It will be important for Church & Dwight to provide an outlook on the third quarter that meets the expectations of analysts; currently, the consensus estimates call for earnings per share of $0.87 and revenue of $834.85 million for year-over-year growth of 14.5% and 3.7%, respectively. Church & Dwight has continually stated that the majority of its earnings growth in fiscal 2014 will take place in the second half of the year, so the company needs to deliver an outlook which supports this promise.
      Full-Year Outlook: Along with adequate guidance for the third quarter, it will also be important for Church & Dwight to reaffirm its full-year outlook on fiscal 2014; this outlook, provided in its first-quarter report, projects earnings per share increasing 7%-9%, organic sales increasing 3%-4%, and gross margin contraction of 50-75 basis points from fiscal 2013.
      Margins: As noted several times in this article, new products released by Church & Dwight have caused and will continue to cause margin contraction in the first half of the year, but investors will want to watch closely and make sure that its margin does not fall too sharply in the second quarter; in the first quarter, it contracted 150 basis points and the company only anticipates contraction of 50-75 points for the full year, so it would be ideal for the margin to contract 150 basis points or less in the second quarter.
      Share Repurchases: Last, but not least, watch for the total shares repurchased during the quarter. Church & Dwight generates ample free cash flow each quarter and it ended the first quarter with approximately $300 million in cash and cash equivalents, so it could easily surpass its first-quarter share repurchase of $260 million while also maintaining its $0.31 quarterly dividend.
      If Church & Dwight can satisfy these earnings per share, revenue, and outlook estimates, its stock could easily push to new highs, which would also result in new all-time highs; I believe it will do exactly this, driven by growth in both its core brands and its newly released products. In addition, I believe investors could buy Church & Dwight right now, because it trades at just 20 times forward earnings and has a very strong 1.8% dividend, which it has paid every year since 1901 and raised for 18 consecutive years -- this shows that the company is truly dedicated to maximizing shareholder value.

      The Foolish bottom line
      Church & Dwight is home to some of the United States' most popular consumer brands and it has been very active in releasing new products to grow its market share in numerous categories. The introduction of new products caused a slight dip in profitability in the first quarter and it will hold back earnings growth in the second quarter as well, but this is a short-term sacrifice the company is willing to make in order to drive long-term grown. Foolish investors should support the moves being made by Church & Dwight and strongly consider initiating positions in it right now, so its price appreciation and healthy 1.8% dividend can provide them with substantial returns over the next several years.

      Quelle: Fool.com
      Avatar
      schrieb am 02.04.14 20:52:05
      Beitrag Nr. 15 ()
      Für die Baseball-Fans unter uns: :laugh:


      Church & Dwight Signs With Baseball on Three-Year Marketing Deal


      Church & Dwight (CHD) Co. signed a three-year accord with Major League Baseball to promote its Arm & Hammer and Oxi Clean brands.

      The agreement is the biggest in the company’s 168-year history, Chief Executive Officer Jim Craigie said in a news release. Craigie and MLB Executive Vice President of Business Tim Brosnan declined to provide financial terms of the deal.

      “The benefit to us, aside from the association with great brands Arm & Hammer and Oxi Clean, is the presence that they give us at retail,” Brosnan said in an interview. “Baseball is a sport that demands a lot from its consumers and a reminder that baseball is in the marketplace every single day in the places where people shop is a critical element and a great benefit to us.”

      Church & Dwight has purchased the right to use MLB logos across both household products brands on packaging, websites and signs. The company will also have on-site marketing at the home stadiums of the New York Yankees, Minnesota Twins and Cincinnati Reds.

      “It’s a natural fit,” Craigie said. “We’re going to show commercials of kids sliding in second base, Mom getting the dirty pants, going home and soaking them in Oxi Clean, then throwing them in the washing machine with Arm & Hammer. There’s a total, total connection.”

      Church & Dwight is the 13th largest advertiser in America, Craigie said, with the Arm & Hammer brand alone spending more than $100 million annually on advertisements including a naming-rights deal with the stadium of the Trenton Thunder, the Yankees’ Double-A affiliate in the New Jersey city.

      Breaking Barriers

      As part of the agreement, Church & Dwight will contribute $150,000 annually to the Jackie Robinson Foundation’s Breaking Barriers program, which supports students facing social obstacles and challenges.

      MLB had more than $8 billion in revenue in 2013, the 11th consecutive year setting a new high. The sport this year is entering the biggest media contract in its history, an eight-year, $12.5 billion deal with 21st Century Fox Inc.’s Fox and Turner Broadcasting.

      Before today, shares in Ewing, New Jersey-based Church & Dwight had climbed 3 percent this year to $68.24, valuing the company at $9.38 billion.

      “This deal reinforces the equities on both sides,” Craigie said. “We’re just beginning. Three years is the beginning of a great relationship here.”
      Avatar
      schrieb am 19.02.14 19:16:24
      Beitrag Nr. 14 ()
      Church & Dwight Q4 Profit Rises

      WASHINGTON (dpa-AFX) - Church & Dwight Co., Inc. (CHD) reported fourth-quarter net income of $92.2 million or $0.65 per share, compared to $80.8 million or $0.57 per share in the comparable quarter last year.

      On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.66 for the quarter. Analysts' estimates typically exclude special items.

      Reported net sales increased to $822.60 million from $809.70 million, while 16 analysts expected revenues of $822.22 million.

      Church & Dwight expects its full year 2014 earnings per share to be in the range of $2.96 to $3.07 and organic sales growth of 3% to 4% over the prior year. Analysts expect the company to report full year profit per share of $3.10.

      The company expects first-quarter earnings per share of approximately $0.72. Analysts expect the company to report fourth-quarter profit per share of $0.82.

      On January 29, 2014, the company's Board of Directors declared an 11% increase in the regular quarterly dividend from $0.28 to $0.31 per share. The quarterly dividend will be payable March 3, 2014 to stockholders of record at the close of business on February 18, 2014.

      Copyright RTT News/dpa-AFX
      Avatar
      schrieb am 30.12.13 22:23:47
      Beitrag Nr. 13 ()
      Die aktuell günstigere Bewertung und die höhere Dividende sprechen dagegen für Reckitt (auf Kosten einer leicht höheren Ausschüttungsquote).
      Avatar
      schrieb am 30.12.13 22:04:14
      Beitrag Nr. 12 ()
      Auffällig ist das signifikat höhere Gewinnwachstum von CHD gegenüber RB.
      Ähnlich fällt das Ergebnis aus, wenn man statt des Gewinns auf den Cashflow abstellt: Auch hier ist CHD vorn.

      Die Zahlen stammen von Onvista.
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      Church & Dwight - der unbekannte Konsumgüter-Champion