Reckitt reported strong Q3 22 trading numbers (+7.4% LFL growth), beating estimates. However, the beat wasn’t enough to impress investors, who took note of the 4.6% volume drop and marked the stock price down by 4% during the session following the announcement. Although the FY22 growth outlook was upgraded to 6-8%, this implies a weak Q4, validating investors’ caution. We will upgrade our estimates marginally (1-3%), to reflect the strong Q3 performance.