Financials Reckitt Benckiser Group plc OTC Markets

Equities

RBGLY

US7562552049

Household Products

Market Closed - OTC Markets Other stock markets 20:59:59 14/06/2024 BST			5-day change	1st Jan Change
11.22 ^USD	-1.75%		-2.35%	-18.34%

06-14	RECKITT : Bernstein gives a Buy rating	ZD
06-12	RECKITT : Deutsche Bank reaffirms its Neutral rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	43,487	46,583	45,305	41,183	38,697	30,781	-	-
Enterprise Value (EV) ¹	54,236	55,537	53,683	49,167	45,987	38,298	38,029	37,649
P/E ratio	-11.8 x	39.3 x	-1,409 x	17.7 x	23.7 x	13.6 x	13.2 x	11.9 x
Yield	2.85%	2.67%	2.75%	3.19%	3.55%	4.55%	4.8%	5%
Capitalization / Revenue	3.39 x	3.33 x	3.42 x	2.85 x	2.65 x	2.1 x	2.02 x	1.94 x
EV / Revenue	4.22 x	3.97 x	4.06 x	3.4 x	3.15 x	2.62 x	2.5 x	2.38 x
EV / EBITDA	14.3 x	14.7 x	16.3 x	12.2 x	12 x	9.91 x	9.4 x	8.89 x
EV / FCF	25.3 x	18.2 x	42.7 x	24.2 x	20.4 x	17 x	15.2 x	14.6 x
FCF Yield	3.95%	5.5%	2.34%	4.13%	4.91%	5.88%	6.56%	6.87%
Price to Book	4.64 x	5.12 x	6.12 x	4.36 x	4.6 x	3.69 x	3.54 x	3.41 x
Nbr of stocks (in thousands)	709,522	712,054	714,366	715,728	713,972	700,674	-	-
Reference price ²	61.29	65.42	63.42	57.54	54.20	43.93	43.93	43.93
Announcement Date	27/02/20	24/02/21	17/02/22	01/03/23	28/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,846	13,993	13,234	14,453	14,607	14,634	15,236	15,839
EBITDA ¹	3,805	3,773	3,300	4,046	3,817	3,866	4,046	4,237
EBIT ¹	3,367	3,301	2,877	3,439	3,373	3,413	3,564	3,726
Operating Margin	26.21%	23.59%	21.74%	23.79%	23.09%	23.32%	23.39%	23.52%
Earnings before Tax (EBT) ¹	-2,107	1,873	-260	3,067	2,401	3,070	3,125	3,476
Net income ¹	-2,785	1,137	-32	2,330	1,643	2,286	2,284	2,534
Net margin	-21.68%	8.13%	-0.24%	16.12%	11.25%	15.62%	14.99%	16%
EPS ²	-5.197	1.663	-0.0450	3.247	2.287	3.227	3.338	3.707
Free Cash Flow ¹	2,145	3,052	1,258	2,031	2,258	2,250	2,496	2,585
FCF margin	16.7%	21.81%	9.51%	14.05%	15.46%	15.38%	16.38%	16.32%
FCF Conversion (EBITDA)	56.37%	80.89%	38.12%	50.2%	59.16%	58.21%	61.68%	61.01%
FCF Conversion (Net income)	-	268.43%	-	87.17%	137.43%	98.42%	109.24%	102%
Dividend per Share ²	1.746	1.746	1.746	1.833	1.925	2.001	2.111	2.197
Announcement Date	27/02/20	24/02/21	17/02/22	01/03/23	28/02/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q2	2024 S1	2024 S2
Net sales ¹	6,606	6,911	7,082	6,598	3,275	3,361	6,636	3,424	3,464	6,888	3,735	3,830	7,565	3,917	3,529	7,446	3,600	3,561	7,161	3,583	7,247	7,426
EBITDA	-	-	1,948	1,640	-	-	1,660	-	-	1,988	-	-	2,058	-	-	2,003	-	-	1,814	-	1,902	1,960
EBIT	1,892	1,696	1,605	1,424	-	-	1,453	-	-	1,765	-	-	1,674	-	-	1,769	-	-	1,604	-	1,686	1,729
Operating Margin	28.64%	24.54%	22.66%	21.58%	-	-	21.9%	-	-	25.62%	-	-	22.13%	-	-	23.76%	-	-	22.4%	-	23.27%	23.29%
Earnings before Tax (EBT)	-	-	435	-1,944	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-1,725	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-26.14%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	1.442	-	-2.458	-	-	-	-	-	1.878	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	1.016	0.7300	-	-	1.016	-	-	0.7300	-	-	1.103	-	-	0.7660	-	-	1.159	-	0.7200	1.205
Announcement Date	27/02/20	28/07/20	24/02/21	27/07/21	26/10/21	17/02/22	17/02/22	27/04/22	27/07/22	27/07/22	26/10/22	01/03/23	01/03/23	26/04/23	26/07/23	26/07/23	25/10/23	28/02/24	28/02/24	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,749	8,954	8,378	7,984	7,290	7,517	7,249	6,868
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.825 x	2.373 x	2.539 x	1.973 x	1.91 x	1.945 x	1.792 x	1.621 x
Free Cash Flow ¹	2,145	3,052	1,258	2,031	2,258	2,250	2,496	2,585
ROE (net income / shareholders' equity)	20.5%	25.3%	24.9%	27.7%	18.3%	27.4%	28.7%	29.5%
ROA (Net income/ Total Assets)	7.06%	7.36%	7.07%	8.37%	5.88%	8.61%	8.97%	9.48%
Assets ¹	-39,468	15,450	-452.6	27,844	27,939	26,565	25,475	26,731
Book Value Per Share ²	13.20	12.80	10.40	13.20	11.80	11.90	12.40	12.90
Cash Flow per Share ²	1.990	4.930	2.380	3.340	3.670	3.790	4.000	4.470
Capex ¹	306	486	450	362	449	477	489	517
Capex / Sales	2.38%	3.47%	3.4%	2.5%	3.07%	3.26%	3.21%	3.27%
Announcement Date	27/02/20	24/02/21	17/02/22	01/03/23	28/02/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Reckitt Benckiser Group plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43.93 GBP

Average target price

55.92 GBP

Spread / Average Target

+27.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Household Products