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Haleon (HLNLN; Baa1 Pos, BBB S) {HLN LN Equity}

CONSUMER STAPLES
  • Moody's has moved it to pos. outlook on back of deleveraging and earnings growth/guidance.
  • On BS: leverage moved down from 3.6x to 3x last yr. Company is targeting 2.5x now (vs. 3x previously). £1b of cash on hand and £1.6b in FCF last year against gross debt of £9.5b.
  • On earnings its assumed low end of company medium target for 4-6% organic growth in FY24; analyst consensus at midpoint/5%. Its assumed flat operating margin vs. the guidance for expansion - analyst looking for mild 30bp/year expansion.
  • 30/34s at Z+75/+104 trade tad wide - 34s in particular that are in line with Reckitt & not far from PM.
  • 1Q earnings is next week. Co is a $ & £ issuer as well.
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