RB Building a Business to Face the Conditions of the 21st Century, but Fat Tail Risk is Growing
The extent to which wide-moat RB will be held liable for the charges of fraudulent behavior laid at the door of Indivior by the U.S. Department of Justice is far from clear. Given limited information, we think the market is pricing in a worst-case scenario. For the time being, we are maintaining our GBX 7,300 fair value estimate on the assumption that existing contingent liabilities made by RB will be sufficient to cover any financial costs. However, we recognize that RB is now more exposed to f...
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