reports
- Philip Gorham
Morningstar | RB's Indivior Settlement Could Have Been Worse; Company ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
Morningstar | RB's Indivior Settlement Could Have Been Worse; Company ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
RB's Indivior Settlement Could Have Been Worse; Company Will Now Hope ...
We are reiterating our GBX 7,300 fair value estimate of RB following the company's announcement that it has settled with the US Department of Justice and the Federal Trade Commission over an indictment in April related to the marketing of Suboxonne by its former pharmaceutical division, Indivior. RB will pay $1.4 billion (GBP 800 million) in fines to settle the dispute, some $1 billion more than the liability it had recorded on its books, but mercifully less than the $3 billion in fines that wer...
- Philip Gorham
Morningstar | Expected Weak 1Q for RB but Growth Should Accelerate Thr...
RB is tracking below our revenue growth forecasts for the full year after the first quarter. Consolidated like for like revenue of 1% is well below the 2.8% we have estimated for the full year and the 4% we believe the business can achieve in the long-term, but there were several reasons why this is likely to be short term in duration. The value of the Mead Johnson acquisition was evident, with 5% like-for-like growth, meaning IFCN was the only division performing in line with our medium-term ex...
- Philip Gorham
Expected Weak 1Q for RB but Growth Should Accelerate Throughout the Ye...
RB is tracking below our revenue growth forecasts for the full year after the first quarter. Consolidated like for like revenue of 1% is well below the 2.8% we have estimated for the full year and the 4% we believe the business can achieve in the long-term, but there were several reasons why this is likely to be short term in duration. The value of the Mead Johnson acquisition was evident, with 5% like-for-like growth, meaning IFCN was the only division performing in line with our medium-term ex...
- Philip Gorham
Morningstar | RB Building a Business to Face the Conditions of the 21s...
We think RB's recent portfolio restructuring will position the company for above-industry growth in the long term. The acquisition of Mead Johnson may not be rich in cost synergies, but it gives RB exposure to another consumer health business with pricing power and wide margins. Price/mix has deteriorated in several food, household, and personal-care categories in recent years, amid greater competition from the hard discounters’ private-label lines and lower barriers to entry in the e-commerce...
- Philip Gorham
RB Building a Business to Face the Conditions of the 21st Century, but...
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 ...
- Philip Gorham
Morningstar | RB's Latest Bombshell: DOJ Charges of Fraud at Indivior;...
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 t...
- Philip Gorham
RB's Latest Bombshell: DOJ Charges of Fraud at Indivior; Market Assume...
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 ...
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