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Reckitt Benckiser Group PLC (RKT)

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dealtn
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Re: Reckitt Benckiser Group PLC (RKT)

#304501

Postby dealtn » April 30th, 2020, 1:43 pm

Dod101 wrote:
From the 2019 results statement - Reported operating loss of £1,954 million
- Impairment from MJN acquisition £5,037 million
- Dividend held for at least 2020.

Not actually very good is it? But at least they are paying a dividend.

Dod


Which is interesting and just goes to show how we investors look at things differently.

That results announcement to me said increased cash flow and a management prepared to make tough decisions with respect to (non-cash) impairments. Dividends aren't important to me, being held (or whatever) has little affect on my opinion of the profitability, cash conversion, and cash flows available for the company to either retain or pay out, going forward.

Since then the shares are up about 20%.

I didn't hold any, however, having failed to buy back in. Not for the first time either.

Dod101
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Re: Reckitt Benckiser Group PLC (RKT)

#304503

Postby Dod101 » April 30th, 2020, 1:47 pm

Fact is of course that with new management and some clearing of the decks it may be OK going forward. I have a big slug of Unilever and that will do me though.
Dod

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Re: Reckitt Benckiser Group PLC (RKT)

#304516

Postby KnightOfSpring » April 30th, 2020, 2:24 pm

I have a relative who worked at RB relatively briefly. They said it was an oppressive place to work with with people aggressively blaming others for things going wrong (which probably weren't that person's fault). They felt RB were doing too much and they were having difficulty keeping orders filled. It was chaotic. They handed their notice in before the management change. Suspect short termism (eg cutting back on marketing, acquisitions to blur the picture etc) may have been used as a sticking plaster (do they also make these? :D ) to keep all the balls in the air. The new CEO looks like he may be getting to grips with these issues, some of which may not have been too difficult to fix. Doubt the core brands have been permanently damaged. I have about 2.5% of my portfolio in these shares (would normally expect to have about 8% of portfolio in this type of business). Have felt for some time that the wheels may be coming off (even before spoke to my relative). It was only because Terry Smith still had them (and a while ago seemed to be buying quite a few- think they made a brief appearance in their top 10 holdings) that I kept hold of them. I note that he recently said the change of management gave them a "stay of execution". Imagine he is keeping hold of them now. Will keep an eye on them regarding looking to add to my holding at some point.

dealtn
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Re: Reckitt Benckiser Group PLC (RKT)

#304527

Postby dealtn » April 30th, 2020, 2:41 pm

Dod101 wrote:Fact is of course that with new management and some clearing of the decks it may be OK going forward. I have a big slug of Unilever and that will do me though.
Dod


Sorry if you inadvertently took my post as a criticism, as it certainly wasn't intended that way.

I just think it is genuinely interesting that different people "read" the same information in different ways. (Long ULVR too, although not a "big slug")

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Re: Reckitt Benckiser Group PLC (RKT)

#304537

Postby Dod101 » April 30th, 2020, 3:08 pm

dealtn wrote:
Dod101 wrote:Fact is of course that with new management and some clearing of the decks it may be OK going forward. I have a big slug of Unilever and that will do me though.
Dod


Sorry if you inadvertently took my post as a criticism, as it certainly wasn't intended that way.

I just think it is genuinely interesting that different people "read" the same information in different ways. (Long ULVR too, although not a "big slug")


No need to apologise, thanks anyway. As you imply it is interesting to see different angles and that is after all what the Boards are about.

Dod

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Re: Reckitt Benckiser Group PLC (RKT)

#304597

Postby ADrunkenMarcus » April 30th, 2020, 7:40 pm

Dod101 wrote:I have a big slug of Unilever and that will do me though.


And why not? I like Unilever and it's about 10% of my portfolio (whereas Reckitt is 3%). Unilever's dividend is one of the safest around IMHO.

Best wishes

Mark.

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Re: Reckitt Benckiser Group PLC (RKT)

#329091

Postby idpickering » July 28th, 2020, 7:17 am

Half-year Report

Here; https://www.investegate.co.uk/reckitt-b ... 00032247U/

Also posted on HYP Practical Board.

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Re: Reckitt Benckiser Group PLC (RKT)

#329103

Postby ADrunkenMarcus » July 28th, 2020, 7:57 am

I’m a happy holder! And the dividend is being paid.

Best wishes

Mark

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Re: Reckitt Benckiser Group PLC (RKT)

#329114

Postby Bouleversee » July 28th, 2020, 8:44 am

Pity about the £1bn plus fine re Suboxone/indivior. Remind me what that was about.

idpickering
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Re: Reckitt Benckiser Group PLC (RKT)

#349077

Postby idpickering » October 20th, 2020, 7:08 am

3rd Quarter Results

https://www.investegate.co.uk/reckitt-b ... 00065389C/

Also posted on HYP Practical Board.

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Re: Reckitt Benckiser Group PLC (RKT)

#349317

Postby ADrunkenMarcus » October 20th, 2020, 8:19 pm

Better than expected!

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Re: Reckitt Benckiser Group PLC (RKT)

#349325

Postby kempiejon » October 20th, 2020, 8:43 pm


idpickering
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Re: Reckitt Benckiser Group PLC (RKT)

#389399

Postby idpickering » February 24th, 2021, 7:22 am


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Re: Reckitt Benckiser Group PLC (RKT)

#389464

Postby idpickering » February 24th, 2021, 10:49 am

A couple of RB. announcements today;

Acquisition

Reckitt Benckiser Group plc ("RB") is pleased to announce that it has entered into a definitive agreement to acquire the Biofreeze brand from Performance Health, a company owned by Madison Dearborn Partners.

In the US, Biofreeze is the number one clinically recommended topical pain relief brand, and has delivered robust double-digit sales growth.

The acquisition represents a unique and exciting opportunity to unlock value through RB's expertise, global operating footprint and infrastructure. Biofreeze is a perfect fit with RB's Health platform and deepens RB's presence within the broader pain category.


https://www.investegate.co.uk/reckitt-b ... 01021107Q/

Disposal

Reckitt Benckiser Group plc ("RB") is pleased to announce a transaction for the sale of Scholl (the "Sale") to Yellow Wood Partners ("Yellow Wood"). The proposed Sale is a step forward in RB's plan to bring greater focus to its portfolio.


https://www.investegate.co.uk/reckitt-b ... 01021109Q/

idpickering
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Re: Reckitt Benckiser Group PLC (RKT)

#407536

Postby idpickering » April 28th, 2021, 7:31 am

1st Quarter Results

Here; https://www.investegate.co.uk/reckitt-b ... 00037865W/

Also posted on HYPP.

Ian.

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Re: Reckitt Benckiser Group PLC (RKT)

#417826

Postby ADrunkenMarcus » June 7th, 2021, 9:11 am

A few years ago, Reckitt made a rather misguided acquisition with Mead Johnson. It loaded debt onto the balance sheet, albeit manageable for a company with relatively resilient cashflows, and return on capital employed fell from the mid 20%s to single digits, from which it's now gradually recovering. It did not work out too well so they are doing the sensible thing and effectively admitting it was an error - something easier to do with new management.

Reckitt Benckiser Group PLC (LON:RB. will book a £2.5bn loss after agreeing the sale of its infant formula and child nutrition business in China to Primavera Capital.

Consideration for IFCN China including debt will be US$2.2bn with cash proceeds of US$1.3bn. Reckitt will retain an 8% stake in the business.

Reckitt announced it was reviewing the business in February with the entirety of IFCN China now being sold, including manufacturing plants in Nijmegen, the Netherlands and Guangzhou, China.

Reckitt acquired IFCN China when it bought the whole of Mead Johnson in 2017 for US$17.9 bln in cash and debt.

Source: https://www.proactiveinvestors.co.uk/co ... 51504.html

Best wishes


Mark.

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Re: Reckitt Benckiser Group PLC (RKT)

#430632

Postby idpickering » July 27th, 2021, 7:19 am

Half-Year Report

Performance in H1 2021

· Excluding IFCN China, H1 LFL net revenue was up 3.7%, and the two-year stacked LFL net revenue growth vs H1 2019 was 17.6%. Including IFCN China the two-year stacked LFL net revenue growth vs H1 2019 was 13.4%.

· Q2 2021 LFL net revenue (ex IFCN China) was up 2.2%, as slower growth in Hygiene was partly offset by improving trends in Nutrition and our OTC brands.

· H1 2021 adjusted operating margin (ex IFCN China) was 22.7% (H1 2020: 25.1%). Margin including IFCN China was 21.6%, down 290bps, as a result of planned investment, cost inflation and adverse margin mix.

· Net loss on a GAAP basis of £2.4bn from agreement to sell IFCN China; operating loss of £3.0bn offset by a net tax credit of £0.6bn (£0.9bn deferred tax credit offset by a tax charge £0.3bn).

· Free cash flow was £520m in H1 2021, down 72.7% due to the partial unwind of the working capital benefit in 2020; net debt of £9,084m at 30 June 2021;

· H1 2021 dividend recommended to be 73.0p, in line with H1 2020, reflecting our policy of sustaining 2019 levels to rebuild cover to two times.

And later;

Dividends

The Board of Directors recommends an interim 2021 dividend of 73.0 pence (2020: 73.0 pence), consistent with its policy and guidance from February 2020. The ex-dividend date will be 5 August 2021 and the dividend will be paid on 15 September 2021 to shareholders on the register at the record date of 6 August 2021. The last date for election for the share alternative to the dividend is 24 August 2021.



https://www.investegate.co.uk/reckitt-b ... 00055241G/

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Re: Reckitt Benckiser Group PLC (RKT)

#430642

Postby ADrunkenMarcus » July 27th, 2021, 8:29 am

Reckitt down 9%. (The dividend yield is over 3%.)

Looks like Terry Smith was right.

Best wishes

Mark

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Re: Reckitt Benckiser Group PLC (RKT)

#430650

Postby Dod101 » July 27th, 2021, 9:06 am

ADrunkenMarcus wrote:Reckitt down 9%. (The dividend yield is over 3%.)

Looks like Terry Smith was right.

Best wishes

Mark


Don't know about Terry Smith. I have never held Reckitt and never really thought much of it as a company or at least never thought much of the last CEO who seems to have done a pretty good job at wrecking the company.

Dod

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Re: Reckitt Benckiser Group PLC (RKT)

#430685

Postby Pendrainllwyn » July 27th, 2021, 11:19 am

In recent years it always seems to be jam tomorrow. Getting frustrated but haven't sold yet.

Pendrainllwyn


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