Reckitt's 1Q Demonstrates Value of Portfolio-Repositioning Strategy; Shares Fully Priced
Reckitt Benckiser’s year got off to an unspectacular start, with first-quarter like-for-like sales flat with the year-ago period. The company appears on track to meet our estimate of 3% organic sales growth this year, however, as it will cycle easier comparisons later in the year. We are reiterating our GBX 7,000 fair value estimate and our narrow moat rating. We like Reckitt’s strategy of positioning the portfolio towards categories with pricing power, though the business still operates in some...
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