Reckitt reported estimate-beating Q4/FY22 numbers. Q4/FY22 sales were up 6.2%/7.6% respectively, attributable to price/mix effects. The Hygiene business returned to growth in Q4 (+1.3%) while Health (+6.7%) and Nutrition (+19.4%) maintained their recent momentum. The FY 22 adjusted operating margin came in at 23.8% (+90bps YoY). FY23 growth is expected at mid-single-digits (below our expectations) with the margin at or above the 2022 levels. We will trim our estimates by low single-digits to ....