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Reckitt Benckiser

Reckitt Benckiser Group plc is a home and personal care (HPC)/consumer healthcare company with a product range including Dettol, Vanish, Airwich, Hapric, Durex, Nurofen, Strepsils and Enfamil. The company has reorganised its business into two separate groupings (RB 2.0): Health (60% of revenue) and Hygiene Home (40%). In 2017, the group had three operating segments: ENA (Europe and North America), DvM (Developing Markets) and Infant and Child Nutrition (IFCN), which is the MJN business consolidated since 15 Jun 2017. In 2017 the segments accounted for 58%, 28% and 14% of net revenue, respectively. JAB Holdings, owned by the Reimann family and the largest shareholder on RB's creation via a merger in 1999, has cut its stake down to only 3% (Jun 2018). (16 Jul 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 
Focused

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Reckitt Benckiser: 3Q18 – Another Mess to Clean Up

Worth Watching: 30 Oct 2018, 5:53 AM ET - Reckitt Benckiser (RBLN: A3/A-/NR), where we hold a Market perform opinion on the company's dollar bonds, announced 3Q18 sales that had been negatively affected by an unplanned outage at its European IFCN plant (the Mead Johnson Nutrition busin ..

Unilever NV/PLC: New Dollar Bonds

IG Note: 04 Sep 2018, 11:16 AM ET - Unilever is back in the market again for the fourth time this year, this time in dollars, and after issuing €1.3 bn  in euros last week. 

July 2018 Company Coverage Initiated

Company Coverage Initiated: 31 Jul 2018, 9:38 PM ET - Our monthly report provides executive summaries for the eight companies on which we launched coverage in North America, Asia and Europe during the month of July.
Focused

Reckitt Benckiser 1H18: Pain Relief

Earnings Note: 27 Jul 2018, 10:45 AM ET - Reckitt Benckiser delivered pro forma net revenue growth of +4% in 1H18 and deleveraging is progressing well following the acquisition of Mead Johnson Nutrition in June 2017. 

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.
Focused

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 
Focused

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

Reckitt Benckiser Group plc: Strategic Musings

Worth Watching: 22 Mar 2018, 9:23 AM ET - Reckitt Benckiser Group plc (RBLN: A3/A-/NR) dollar bonds tightened in last night (21 Mar 2018) after the company announced that it had ended discussions with Pfizer about buying part of its consumer healthcare business.  The yield on the compan ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

Kraft-Heinz: M&A, Ratings, & Other Ponderings

Company Analysis: 20 Nov 2017, 10:32 PM ET - We speculate on potential KHC M&A targets in light of the UN rebuff and Warren Buffett comments that imply KHC is not interested in MDLZ. We expect M&A speculation to increase heading into 2018.

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   
Focused

Reckitt Benckiser Group plc: Cutting The Mustard

Worth Watching: 19 Jul 2017, 5:43 AM ET - Reckitt Benckiser Group plc (RBLN: A3/A-/NR) has announced the proposed disposal of its condiments and toppings business to McCormick & Company Inc. at an attractive valuation getting the enlarged company's deleveraging off to a good start follo ..
Focused

Reckitt Benckiser Group plc: New Dollar Bonds

IG Note: 21 Jun 2017, 9:13 AM ET - Reckitt Benckiser is in the dollar markets this morning with a four-tranche issue, raising cash to replace loan financing for its acquisition of Mead Johnson Nutrition completed last week.     

Euro HY Conference 2017: Travel Services Transcript

Transcript: 20 Jun 2017, 7:47 PM ET - In this article, we transcribe our Travel Services presentation for CreditSights' Euro High Yield Conference, in which we laid out our views on the European Travel Services space and took a closer look at Travelex.
Focused

Reckitt Benckiser Group plc: Mead Johnson Bid

Worth Watching: 10 Feb 2017, 6:52 AM ET - Reckitt Benckiser Group plc (RBLN: A1↓/A+↓/NR), announced this morning that it had agreed to purchase Mead Johnson Nutrition Company (MJN:  Baa1/BBB-/NR) for a cash consideration of $16.6 bn, at a share price ($90) in line with the two parties' ..
Focused

Unilever and Nestlé: Reckitt & Mead Johnson Talks

IG Note: 02 Feb 2017, 12:30 PM ET - Reckitt Benckiser is in advanced talks to buy Mead Johnson Nutrition, two names that M&A speculation has linked in the past with Unilever and Nestlé respectively. 

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