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Reckitt Benckiser Group PLC RKT

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Morningstar’s Analysis

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Reckitt Reports In Line First Quarter; Shares Moderately Undervalued

Analyst Note

| Philip Gorham, CFA, FRM |

Reckitt made a decent start to the year, with organic revenue growth that was bang in line with our forecasts. We are reiterating our wide moat rating and GBX 6,800 fair value estimate. Reckitt's stock has been volatile in recent quarters, and after a pullback since mid-2020, we now believe the shares are modestly undervalued. 

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Company Profile

Business Description

European firms Reckitt & Coleman and Benckiser combined in 1999 to form Reckitt Benckiser, which recently rebranded to the corporate name Reckitt. The firm's products include a variety of household and personal-care brands, such as Calgon, Lysol, Finish, and Mucinex, many of which have the number-one or -two position in their categories. More recently, Reckitt has repositioned its portfolio, and has entered infant formula through the acquisition of Mead Johnson, expanded its consumer health presence by acquiring SSL International, Schiff Nutrition, and K-Y, and has exited the food industry. The firm operates in 60 countries and sells products in more than 200, generating around 40% of sales from emerging markets.

103-105 Bath Road
Slough, Berkshire, SL1 3UH, United Kingdom
T +44 1753217800
Sector Consumer Defensive
Industry Household & Personal Products
Most Recent Earnings Dec 31, 2011
Fiscal Year End Dec 31, 2021
Stock Type
Employees 38,945