Haleon PLC ADR

HLN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Haleon Earnings: Soft Numbers From Easing Pricing Tailwinds, but Volume Begins to Pick Up

Keonhee Kim

Oct 31, 2024

Wide-moat Haleon reported third-quarter earnings that came in a tad below our expectations. Total sales of GBP 2.8 billion were down 0.6% year over year, as solid organic growth across the portfolio was offset by unfavorable foreign exchange as well as effects from the ChapStick and Lamisil divestitures. Excluding these headwinds, the firm saw 3.3% and 2.8% gains from price and volume/mix, respectively. Pricing continues to come down, which is expected as inflationary pressures ease across many regions, but volume is improving. After adjusting our model and accounting for the time value of money, we maintain our fair value estimate of $9.50 (GBX 372) per share.

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Haleon PLC ADR

Haleon Earnings: Soft Numbers From Easing Pricing Tailwinds, but Volume Begins to Pick Up

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