HSBC, 할레온 '매수' 시작
폭스톤 그룹
58.00p
16:40 30/04/24
HSBC 의 개시 할레온 on Thursday with a ‘buy’ rating and 370p price target as it took a look at consumer health stocks, saying the company stands out for its portfolio strength, the quality of its execution and better potential for exploiting new growth avenues.
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"We view Haleon as possessing an advantaged portfolio with strong positions across its main product segments and geographies," HSBC said.
"More important than this, we regard the company as demonstrating superior execution and having excellent potential for growth both within and beyond its current categories. All of this should underpin consistent mid-single digit-organic sales growth alongside steady progress on underlying margins."
HSBC said there are a number of elements to its confidence. For a start, it thinks the group’s oral care business can continue to deliver mid-to-high-single-digit organic sales growth on a consistent basis.
"It still has plenty of scope to improve penetration in its key therapeutic areas of sensitivity, gum health and denture care," it said.
The other feature that distinguishes Haleon from its peers is that it looks to be taking some of the most interesting strides in new therapeutic areas, such as its erectile dysfunction product licencing from Futura medical, HSBC said.
"It also has medium-term optionality from Rx to OTC switches," the bank said.
"We think that Haleon can deliver robust margin expansion over the medium term thanks to its new productivity programme and better leverage as volume growth rebuilds.
"We recognise that Pfizer’s 22.6% stake in Haleon means that there are likely to be further placings in the coming months and years, given previous comments on reducing its stake, but the relatively modest reaction to the most recent 10% placing suggests that this should not be a major constraint to the share price. Having been spun out with a relatively high level of gearing, strong cash generation in the last 18 months has seen this drop to under 3.0x ND/EBITDA."
HSBC는 현재 예측에 따르면 할레온의 2024년 예상 주가수익률은 18.3배로 거래되고 있으며 12개월 연속 PER 기준으로 유럽 필수 소비재와 대체로 일치한다고 밝혔습니다.
"Given the prospect of consistent circa 5% organic sales growth alongside steady margin expansion and further de-gearing, we think that Haleon can earn a meaningful premium to the wider European Consumer Staples sector over time," it said.
0900 BST에서 주식은 1p에 323.40% 상승했습니다.