The spin-off of this so-called OTC (over-the-counter) division - i.e., health and hygiene products available to the general public through supermarkets - is based on a solid portfolio of brands.

One third of sales are linked to oral health, with the well-known Sensodyne and Parodontax franchises. Another quarter comes from pain relief, with the blockbuster Advil brand. Centrum dietary supplements, Theraflu anti-rheumatic products and Flonase antihistamines, among others, round out this strike force.

For this spin-off, which operates with operating margins of 20%, efficiency rather than sales growth is now the priority. Volumes sold are hardly changing, but prices are rising, and a three-year £300 million savings program is being implemented.

The results for the first half of the fiscal year, published last week, illustrate this trend perfectly: sales fell by 0.8%, while operating profit rose by 0.9%.

Although some considered the news a little lukewarm, it was well received by the market, with the company's valuation rising to x3.7 sales. Investors may recall that, prior to its split with GSK, Unilever attempted to buy Haleon for almost x5 its sales.

Seen other than through the prism of private market transactions, since productivity gains are not infinite, and in the absence of real volume growth, we believe that more would be needed to justify a valuation that also hovers around x24 earnings.

Of course, there's the example of Colgate, which has been trading at a comparable multiple for ten years and recently showed superb pricing power.