利洁时集团（RB）：重新聚焦基本面的机会

A chance to refocus on thefundamentals First Look Reckitt is hosting an event to discuss its new categoryorganisation and how it becomes a growth and cost unlock.There will also be presentations on the four 'Core Reckitt'categories. This is a good opportunity to remind investors onthe fundamentals of its 'go forward' portfolio. EW, TP £53 RB.L/RB/ LNEQUAL WEIGHTEuropean ConsumerStaplesNEUTRALPrice TargetGBp 5300Price (27-May-25)GBp 4930Potential Upside/Downside+7.5%Source: Bloomberg, Barclays Research European Consumer Staples Reckitt Investor Event at 3-5pm UK this Thursday:Reckitt is hosting what we think will be aninteresting event on their unified category organisation. It will hosted by Ryan Dullea, ChiefCategory GrowthOfficer.Ryan previously worked at P&G for 14 years and now 6 years at Reckitt.Ryan led Reckitt's Consumer Health unit before becoming Chief GrowthOfficerin Jan-25. He willoutline how Reckitt's new organisation brings together the marketing and categorydevelopment organisation to drive growth and operational performance.There will also bepresentations on the four Core Reckitt sub-categories of Germ protection, Self Care, HouseholdCare and Intimate Wellness. Warren Ackerman+44 (0)20 3134 1903warren.ackerman@barclays.comBarclays, UK Patrick Folan+44 (0)20 7773 1712patrick.folan@barclays.comBarclays, UK Webcast link:Reckitt Investor Event Alex Sloane+44 (0)20 3555 0645alexander.sloane@barclays.comBarclays, UK Why it matters:Although we do not expect new numbers, we do think this is an importantevent for Reckitt and an opportunity to refocus investors on core Reckitt specifically around thecost opportunity, innovation and execution. Deep diving on its four core Reckitt sub-categoriesshould also be useful to understand the growth drivers and the innovation pipeline. So much ofthe recent investor narrative has been on the Essential Home disposal process, NEC infantformula litigation and retailer destocking questions in the US. Perception and Reality:There is a bit of an investor perception that Reckitt is prettyefficientbut has lost some of its best in class historical branding expertise. The message from thecompany seems to be the opposite. Management feel Reckitt can be much moreefficientgoingforward (in part due to the new organisation) and that its branding and innovation prowessremains strong, something we feel is getting a little lost. We are keen to understand how thenew go to market organisation with the sales team now combined and the GBU structuredisbanded, eliminates cost and reduces silos. We are also curious about how Reckitt willleverage shared services and R&D and what that means for the innovation pipeline for its 11Powerbrands. We would also like to know how managements' thinking on marketing strategy isevolving. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 3.Completed: 27-May-25, 23:59 GMTReleased: 28-May-25, 00:03 GMTRestricted - External Q2/Full Year Guidance:Despite the uncertainties around the US consumer and the fact it ishard to call, the bigoffsetin Q1 was EMs, which grew 10.7%. Double-digit growth in brands suchas Dettol and Durex drove growth in India and China. Full year guidance of 2-4% OSG and 3-4%for core Reckitt is underpinned by this EM momentum continuing. For Q2, Reckitt have givenexplicit guidance, which is mid to high single digit growth in emerging markets, low single digitgrowth in Europe partlyoffsetby a low single digit decline in North America. The debate wehave been having with investors is whether there is upside to EM growth and downside to USgrowth in Q2. Analyst(s) Certification(s):We, Warren Ackerman, Alex Sloane and Patrick Folan, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will bedirectly or indirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provide