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Reckitt (RKTLN; A3 Pos/ A-) S&P comments

CONSUMER STAPLES

"Reckitt has confirmed that its capital allocation priorities remain unchanged with a reported net leverage target of about 2x" - removes the first concern above. Other assumptions from S&P;

  • Revenue 0-1% (vs. company +1-3%) and +2-3% in FY25.
  • EBITDA margin 26.5-27% (from 26.3% in '23).
  • FOCF of £2.4-£2.5b in FY24 and £2.2-2.3b in FY25.
  • S&P adj. leverage at 2x in FY24 and 2.2x in FY25. (from 2.2x in '23 - company reported 1.9x)

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