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Reckitt Benckiser: Q4 Miss, In-line FY24 Outlook; Credit Metrics Stable

CONSUMER STAPLES
  • EUR credit spreads 1-2bps wider; Equity taking the brunt of the sell-off at -10%.
  • Q4 like-for-like net rev growth came in at -1.2% vs. consensus of +1.5% with misses across most product lines; Health impacted by the nature of the flu season and Nutrition by prior year sales issues and the Nutramigen recall.
  • FY results also a miss on most metrics; LFL net rev growth (+3.5% vs. +4.15%) and on Op Income (2.3% miss) and Op Margin (23.1% vs. 23.4%)
  • EBITDA leverage at 1.9x is slightly lower than the 2.1x from FY22 while FY FCF is +11% YoY to EUR 2.26bn with FCF conversion up to 97% from 83%.
  • FY24 outlook looks to be broadly in line with consensus; LFL net revenue growth of 2-4% with Op Income to grow faster than net revenue. CapEx seen at 3-3.5% from 3.1% this year.
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