In Line 4Q for RB; Shares Undervalued but Margin Pressure May Be Sustained This Year
Reckitt Benckiser posted modest upside to our estimates in fourth-quarter 2018, with recovering like-for-like sales growth and solid operating income growth. Management guided to 3% to 4% like-for-like sales growth in 2019, in line with our forecasts, and we are maintaining our GBP 73 fair value estimate and wide moat rating. We see upside to the stock from current levels, and we think the strategy to reposition RB into a consumer health business will strengthen the business for the long run.Fo...
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