£500m |
What's that in pounds please! |
Dr. Reddy's To Buy Haleon's Anti-Smoking Aid Portfolio For Rs 5,290 Crore
The transaction is expected to close by early fourth quarter of calendar year 2024, according to an exchange filing.
[...] |
Must be close to 90 days. |
Corsodyl unveils new toothpaste and mouthwash range targeted at preventing gum problems |
My hunch is that it will wait until post the H1 results then do another ABB. |
Pfizer getting ready to sell it's remaining 22% holding ?
This from RNS 21st march 2024
"Following the Global Offer the remaining Pfizer shares in Haleon will be subject to a lock up period of 90 days in favour of Citigroup and Morgan Stanley, subject to customary exceptions and to waiver." |
Welcome! Holding a double weighting. |
Bought a snall amount. |
Just googled ..Eroxon, I see ;. |
 Berenberg note details..
Berenberg initiated coverage of consumer health company Haleon on Wednesday with a 'buy' rating and 407.0p price target, stating that its investment case was based in part on the US launch of Eroxon, which it expects to drive better-than-expected organic sales growth of 5.8% in 2025.
Berenberg said the opportunity from the US launch of Eroxon - the first-ever over-the-counter erectile dysfunction topical cream - was "substantial". It noted that among men of all ages, 20% suffer from ED, but the condition was more pronounced in older age groups, as 50% of over 40s experience ED.
"Importantly, 80% of men who suffer from ED are not taking any treatment, meaning the addressable market for Eroxon is significant," it said. "We conservatively estimate that the US rollout will improve group organic sales by an average of 0.8pp in its first five years (2025-29). We note that there are already encouraging signs from the rollout of Eroxon in the UK and Belgium, with the brand gaining 20% share in its first 12 months."
The bank's investment case was also based on Haleon's exposure to attractive categories that it expects to grow 4.6% in the medium term, above Berenberg's forecast sector average of 4.1%; and the stock trading on a valuation discount of 17% to key household and personal care (HPC) peers. Berenberg also noted that Haleon trades on a 12-month forward price-to-earnings of 17.3x. |
Berenberg starts Haleon with 'buy' - price target 407 pence
Could Pfizer be unloading half it's remaining stake this month ? |
As per RNS
31 May 2024: Haleon plc ("Haleon") has today announced that it has completed the disposal of the ChapStick brand to Suave Brands Company, a portfolio company of Yellow Wood Partners. |
Couldn't get my usual Colgate toothpaste in Sainsbury's this week so I looked for a quick replacement and came away with a tube of Aquafresh. Very good indeed and much cheaper at 80p . And made by HLN :-) |
Indian pharma group readies swoop on anti-smoking aid Nicotinell
Dr Reddy's Laboratories could clinch a deal to buy Nicotinell and a number of other brands from Haleon as soon as this week, Sky News learns. |
Three of my naps from that period either merged or were taken over - Portals, Commercial Union and Wellcome. Happy period. |
Well done! |
Alp., very much so. I bought Wellcome for clients partly with that thinking in mind. Played out handsomely! |
There is another argument with these big holdings in that it makes it much easier for a predator to make a move.
This was highlighted in the Glaxo acquisition of Wellcome; the biggest hostile acquisition in the UK at the time. The classical argument was that the large holding by the Wellcome Foundation made the Wellcome Pharma company untouchable - it was the opposite and it allowed Glaxo to move with a big promised holding under its belt.
I still believe that HLN will get snapped up in time. |
 Also building a position here to compliment the post consolidation shares.. :o)
2022 net debt/adjusted EBITDA 3.6X
2023 net debt/adjusted EBITDA 3.0X
Medium term target net debt/adjusted EBITDA of around 2.5X
Expect another year of strong growth in 2024, well placed over medium term
Organic revenue growth expected to be 4-6%
Positioned well to deliver on medium term guidance
Going forward dividend to grow at least in line with adjusted earnings
Having achieved this immediate priority ahead of expectations we have reviewed our balance sheet efficiency and capital allocation priorities, and believe that the optimal leverage ratio over the medium term is around 2.5X net debt/adjusted EBITDA. We believe that this is the right leverage to enable the business to appropriately balance our capital allocation priorities of continued investment for growth, optionality for M&A, as well as providing attractive shareholder returns and sustaining a strong investment grade credit balance sheet.
As soon as the overhang is cleared, the debt ratio is hit (2024), dividends should crank up, and so will the share price . |
Well done PC , that was a very good price. |
Was lucky to have added in the 250s after the initial post demerger wobble. Impressive strength all things considered. |
Added a few this morning. Still building a small position. No rush. |
Yes, I would have thought so. This from early april.
Haleon overhang can be gone in a year, suggests Barclays
One of the biggest drags on the share price of consumer group Haleon might be gone by the end of the year suggests Barclays.
According to the broker, and based on Pfizer's latest placing, it's possible it and GSK will have entirely sold down by the end of this year, leaving Haleon 100% free float, said the broker.
“Given repeated investor feedback about the overhang being a barrier to share price performance, we think this could be a significantly helpful potential catalyst.”
Currently, Pfizer has 2062m shares in Haleon (22.6%) and GSK has 385m (4.2%) for a total overhang of 27%, down from 45% in May 2023 before the first GSK placing.
“The pace of sell-down is accelerating and our analysis shows Haleon could be overhang-free by year-end at the current rate of progress,” said the broker.
“With a 90-day lockup from the Mar24 placing, there is time for three more placings before year-end, assuming the lockup remains unchanged.
“Haleon also has £185m remaining in its announced buyback plans for this year, which is 57m shares at the current share price. This would leave an overhang of 18m shares, or 0.2% of Haleon, less than a rounding error.”
Barclays sees the overhang as a key reason for Haleon’s strong sales performance since its split from GSK has failed to translate into a better share price performance.
“When Haleon spun in summer 2022 there was considerable scepticism about its 4-6% organic sales growth target, yet that year it delivered 9%.
“Then there was considerable scepticism about it delivering 4-6% in 2023 given the 9% comp, yet last year it delivered 8%.
Barclays added that Haleon remains one of its most preferred names within European Consumer Staples, a sector it sees as highly attractive, and potentially consolidating.
The broker has a price target of 390p for Haleon and an overweight rating.
proactiveinvestors.co.uk |
Cheers. Not a big deal if so as presumably Pfizer will look to sell more later this year presuming the share price remains around current levels. |
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