Church & Dwight Co., Inc.


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SKU: CHD Category:


Church & Dwight had a decent quarter and the company managed to deliver a 4.5% organic growth after increasing consumption in 13 of the 16 categories in which it operates. The top-line performance has been decent given the fact that the company was a heavy beneficiary of the pandemic-infused demand in 2020 and is facing tough comparables this year. The management saw a double-digit consumption growth in 9 of its 13 brands in various categories including gummy vitamins, stain fighters, cat litter, condoms, battery-powered toothbrushes, depilatories, dry shampoo sailing spray, and water flossers. Another positive sign was the continuing rise in online sales despite the pandemic tailwinds receding. Like all other consumer goods companies, Church & Dwight is also facing inflationary pressures with respect to raw material costs, supply chain disruptions, labor shortages with suppliers, and so on which are expected to push down the company’s margins. As a matter of fact, the management is expecting to cut down on marketing expenditure in the latter half of the year given these issues. We maintain a ‘Hold’ rating on the stock with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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