Kenvue Inc

KVUE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$16.70	Pmz	Jszrvmkh

Kenvue Earnings: Soft Start to 2024 but Margins Shine and Full-Year Recovery Intact; Shares Cheap

Keonhee Kim

May 7, 2024

Wide-moat Kenvue reported mixed first-quarter results that were largely in line with our expectations. Total sales of $3.9 billion were up 1.1% year over year as moderate pricing and a strong demand environment in Europe, Middle East, and Africa and Latin America offset overall weak volume. We maintain our fair value estimate of $25.50 per share, as minor adjustments to our near-term assumptions were immaterial to the valuation.

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