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Research Tree provides access to ongoing research coverage, media content and regulatory news on RECKITT BENCKISER GROUP PLC. We currently have 19 research reports from 4 professional analysts.

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Breakfast Today

  • 13 Feb 17

"Like magic, Donald Trump has pulled the next rabbit out of his hat, promising a 'phenomenal' corporate tax announcement in the next 'two or three' weeks. Its likely to come with his February State of the Union Address to Congress on 28th February, but investors are not seen having the patience to wait for the formal pronouncement. A steadier, but still rather shell-shocked, Euro permitted oversold French bonds to rally, having been preceded on Friday by news from China that its January exports rose 7.9% on last year accompanied a 16.7% leap in imports, which altogether was enough to power all three principal US indices to new record highs having already been boosted by a flow of strong corporate earnings releases. European politics, of course, remains the obvious 'fly-in-the-ointment', with most pundits now seemingly resigned to France's National Front leader, Marine Le Pen, succeeding to May's Presidential run-off. This, however, along with the undoubted complications faced in driving the President Trump's reflationary proposals through Congress, appears to have been temporarily pushed to the back of investor's minds, with early morning trading in Asia firmer right across the board, having had nerves calmed by President Trump informing Xi Jinping that the US would respect his 'One China' policy while also welcoming Japan's Abe to the White House. This leaves Europe simply to follow suit this morning, with all markets expected to open firmer once again. Macro releases due to today are few in number, with nothing coming from the UK, while Germany produces just its Monthly Buba report and the US details the outcome of its 3 and 6-month Bill Auctions. No significant UK corporate earnings or trading updates are due either, although some second-liners like Fidessa Group (FDSA.L), Lok'n Store Group (LOK.L), Plastics Capital (PLA.L) and Surface Transforms (SCE.L) are scheduled, which leaves London to just follow the international lead with the FTSE-100 seen rising between 10 and 15 points in early morning trade." - Barry Gibb, Research Analyst

A not so ‘Healthy’ Q3

  • 02 Jan 17

An unsatisfactory quarter for Reckitt Benckiser, reporting one of the weakest underlying sales performances in recent times (lfl growth of 2% vs. consensus estimate of 2.8%; 4% in Q2 16 and 7% in Q3 15). This was even below its closest peers – Unilever recorded 3.2% underlying growth while P&G grew by 3% during the same quarter. The major disappointment stemmed from the waning Health segment while contraction in Home and Portfolio aggravated the woes further. However, Hygiene’s sustained growth momentum provided some solace. On the positive side, strong forex tailwinds (+15%, thanks to a falling sterling) pushed up sales that grew 17% on a reported basis to £2.6bn. From a geographical point of view, after growing moderately in the previous quarters (2% lfl in Q2 16 and 3% in Q1 16 vs. 5% in FY 15) Europe, North America and Australia/New Zealand (ENA) turned flat this quarter, impacted by a lower than expected Scholl/Amope uptake and a weak Russia. As a result, the Rest of ENA contracted 1% while North America remained flat. However, despite being held back by the HS issue in South Korea (mid single-digit growth shaved off from the overall uptick), developing markets (DvM) continued their surge, albeit slightly slower than in previous quarters (7% lfl vs. 8% in Q2 16 and 10% in Q1 16). Both China and India performed strongly with the former benefiting from an increasing penetration in e-commerce (30% of sales), while the latter from an uptick in Dettol and Harpic sales. Given the ongoing headwinds (weak Russia, HS issue in South Korea and the Scholl slowdown), management has lowered its sales guidance and is now targeting revenue growth of 4% lfl for FY 16 compared to the previously communicated “lower end of 4-5%”. On the margin front, guidance remained unchanged with a moderate operating margin expansion in H2.