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Accrued rebates, returns and promotions 930.9 874.6 834.4 862.2 900.9 936.2 976.3 |
Accrued taxes on income 483.1 409.7 366.4 336.1 354.8 368.7 384.5 |
Other current liabilities - - - - - - - |
Total Current Liabilities 3,625.1 3,877.7 4,051.0 3,934.0 4,048.6 4,227.1 4,379.1 |
Long-term debt, net of current maturities - - - - 8,512.1 8,309.8 8,121.7 |
Employee related obligations 303.4 345.0 302.2 213.5 213.5 213.5 213.5 |
Deferred taxes on income 2,467.2 2,781.7 2,729.0 2,462.8 2,462.8 2,462.8 2,462.8 |
Other long-term liabilities 726.7 804.7 754.0 727.0 727.0 727.0 727.0 |
Total Non-current Liabilities 3,497.3 3,931.4 3,785.2 3,403.3 11,915.4 11,713.0 11,525.0 |
Total Liabilities 7,122.4 7,809.1 7,836.2 7,337.2 15,964.0 15,940.1 15,904.1 |
Total Equity 22,088.5 21,370.7 20,015.4 19,942.8 11,155.2 11,513.3 12,210.9 |
Total Liabilities and Equity 29,210.9 29,179.8 27,851.6 27,280.0 27,119.1 27,453.4 28,115.0 |
Source: Company reports and J.P. Morgan estimates. |
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP. |
51 |
Andrea Teixeira, CFA AC |
(1-212) 622-6735 |
andrea.f.teixeira@jpmorgan.com |
North America Equity Research |
29 May 2023 J P M O R G A N |
Cash Flow Historical & Estimates |
Table 13: KVUE Cash Flow Statement |
$ million |
Cash Flow Statement 2019 2020 2021 2022 2023E 2024E 2025E |
Operating Activities |
Net income 1,724.8 2,325.8 2,348.8 2,286.0 2,142.1 2,203.8 2,463.9 |
Post-tax amortization 332.1 377.2 362.4 302.7 280.9 264.4 245.5 |
Depreciation 365.1 331.3 317.4 296.0 310.2 334.9 351.7 |
Tax impact on amortization 12.1 38.0 51.1 45.3 42.7 40.2 37.3 |
Stock-based compensation expense 102.4 115.5 141.3 137.1 141.8 146.0 150.4 |
Other operating activities 146.0 24.0 20.3 13.0 - - - |
Deferred income taxes 160.9 109.1 (159.2) (104.9) - - - |
Other current and non-current assets 51.4 29.9 30.2 75.9 (8.1) (8.7) (6.2) |
Accrued liabilities 40.6 123.0 49.8 (17.0) 72.1 81.0 72.5 |
Employee related obligations 3.4 0.2 13.7 2.0 - - - |
Accrued taxes on income 166.1 (82.9) (26.7) (6.8) 18.7 13.9 15.8 |
Other liabilities 115.4 85.0 (22.7) 49.7 - - - |
Separation Costs - - - - (312.4) (222.0) (59.5) |
Trade receivables 40.2 264.8 (303.1) (142.0) (159.2) (89.3) (101.1) |
Inventories 180.0 108.9 (76.8) (582.0) 268.9 105.2 33.6 |
Accounts payable 2.6 154.0 330.5 52.0 23.9 83.6 63.7 |
Net change in operating working capital 222.7 527.7 (49.4) (672.0) 133.5 99.4 (3.8) |
Net cash (used in) provided by operating activities 3,443.1 4,003.7 3,077.2 2,407.1 2,821.4 2,953.0 3,267.5 |
Investing Activities |
Purchase of property, plant and equipment (288.9) (229.0) (294.9) (374.8) (416.7) (482.2) (504.2) |
Acquisitions, investments, and proceeds from disposal of assets/businesses/investments (1,866.1) 145.5 123.4 (14.9) (375.0) (500.0) (750.0) |
Other - - - - - - - |
Net cash (used in) provided by investing activities (2,155.0) (83.4) (171.5) (389.6) (791.7) (982.2) (1,254.2) |
Financing Activities |
Proceeds from loans and notes payable - - - 14.3 8,995.0 - - |
Repayments of debt (40.2) (11.4) (7.0) - (482.9) (202.3) (188.0) |
Net share issuance - - - - (72.0) (198.5) (238.7) |
Dividends paid - - - - (774.1) (1,571.3) (1,618.5) |
Net transfer from (to) the parent (1,090.6) (4,052.1) (2,735.7) (1,478.8) (9,913.0) - - |
Other - - - - - - - |
Net cash (used in) provided by financing activities (1,130.8) (4,063.4) (2,742.7) (1,464.5) (2,247.0) (1,972.1) (2,045.2) |
Effect of exchange rate changes (10.6) 8.7 (40.6) (61.5) - - - |
Net (dec)/increase in cash and equivalents 146.6 (134.4) 122.4 491.5 (217.3) (1.4) (31.9) |
Cash at beginning of period 605.4 752.0 617.6 740.0 1,231.4 1,014.1 1,012.8 |
Cash at end of period 752.0 617.6 740.0 1,231.4 1,014.1 1,012.8 980.9 |
Free Cash Flow 3,154.2 3,774.8 2,782.4 2,032.4 2,404.7 2,470.7 2,763.3 |
FCF Conversion 153% 140% 103% 79% 100% 101% 103% |
Source: Company reports and J.P. Morgan estimates. |
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP. |
52 |
Andrea Teixeira, CFA AC |
(1-212) 622-6735 |
andrea.f.teixeira@jpmorgan.com |
North America Equity Research |
29 May 2023 J PMORGAN |
Strong, Global Management Team |
KVUE has a strong, seasoned management team that will benefit from continuity as |
many of the c-level executives ushered in the strategic transformation beginning in the 2019 time frame through the IPO. Moreover, the consumer segment largely operated |
independently within JNJ historically, and as such, even after the separation, the organization should be well positioned to continue life as a public company. The management team has around 18 years of experience in consumer goods and healthcare on average and is a diverse group including over 58% women and representi... |
• Thibaut Mongon, CEO – Mr. Mongon served as Executive Vice President and |
Worldwide Chairman, Consumer Health at Johnson & Johnson since 2019 and had |
been with the company since 2000. Mr. Mongon joined the Consumer Health |
organization in 2014 as Group Chairman Asia-Pacific and prior to that joined the Pharmaceutical sector in 2012 as Global Commercial Strategy Leader for the Neuroscience therapeutic division. |
• Paul Ruh, CFO – Mr. Ruh joined Johnson & Johnson in 2017 as Chief Financial Officer, Consumer Health. Prior to Johnson & Johnson, Mr. Ruh held several financial leadership roles at PepsiCo, including CFO of Latin America, CFO of |
PBA, and CFO PepsiCo Foodservice. Prior to PepsiCo, Mr. Ruh held roles at Procter & Gamble and McKinsey. All together, Mr. Ruh has over 30 years |
experience in the consumer goods sector. |
• Jan Meurer, Chief Growth Officer – Mr. Meurer joined Johnson & Johnson in |
2015 and most recently served as Global Head of Strategy, Consumer Health. Prior |
to that, Mr. Meurer held the roles of President, Johnson & Johnson Southeast Asia and Area Managing Director Central Europe, Consumer Health. Prior to Johnson & Johnson, Mr. Meurer spent time at Procter & Gamble, PGT Healthcare, and Siemens |
Technologies. All together, Mr. Meurer has over 25 years experience building |
consumer brands. |
• Meredith (Meri) Stevens, Chief Operations Officer – Ms. Stevens joined Johnson |
& Johnson in 2015 and most recently served as Worldwide Vice President, |
Consumer Health Supply Chain and Deliver. Prior to that, Ms. Stevens led Supply |
Chain Strategy and Deployment at Johnson & Johnson. Prior to Johnson & Johnson, |
Ms. Stevens held roles at Newell Rubbermaid (Chief Supply Chain Officer) and |
Tyco, Bertelsmann, Knoll, and General Electric in operations and procurement leadership positions. All together, Ms. Stevens has over 30 years of operations |
experience. |
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP. |
53 |
Andrea Teixeira, CFA AC |
(1-212) 622-6735 |
andrea.f.teixeira@jpmorgan.com |
North America Equity Research |
29 May 2023 J P M O R G A N |
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