page_number int64 1 97 | text stringlengths 551 8.99k |
|---|---|
1 | This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
J P M O R G A N North America Equity Research
29 May 2023
Initiation
Kenvue Overweight
KVUE, KVUE US
(cid:728)No More Tears(cid:729) as Separation from Parent to Price (26 May 23):$26.30
Accelerate Growth, FCF, Dividends; Initia... |
2 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Price Performance Summary Investment Thesis and Valuation
Investment Thesis
We rate Kenvue (KVUE) Overweight. As the largest pure-play
consumer health company in the world, reaching 1.2 billion
cons... |
3 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Table Of Contents
Summary of Investment Thesis ........................... 4
Risks to Rating and Price Target........................... 6
Company Description ..................................... 7... |
4 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Summary of Investment Thesis
Kenvue (KVUE) As the largest pure-play consumer health company in the world, reaching 1.2 billion
Overweight consumers daily, KVUE benefits from participating in large c... |
5 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
geographies over time.
• Optionality in M&A as KVUE Evaluates Acquisitions to Enhance Core
Portfolio and Capabilities. The company has undertaken a number of acquisitions
and divestitures over the p... |
6 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Risks to Rating and Price Target
• Execution Risk Tied to the Separation from JNJ. While the separation started in
2019, KVUE has never operated as a stand-alone company, and there is inherent
execu... |
7 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
entail lowering its ownership stake to below 20%. If JNJ decides to pursue a
distribution of its KVUE shares, there could be selling pressure on the stock
depending on the structure of the distribut... |
8 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Resilient Sales Growth in Large Categories
Driven by Consumer Mega Trends
Kenvue is the largest pure-play company in the Consumer Health sector with 135+
years of history and a portfolio of iconic a... |
9 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Bottom up, the company(cid:726)s $369 billion TAM consists of:
• $114 billion in Self Care categories (e.g., analgesics, gastrointestinals,
dermatologicals, cough & cold, lifestyle CHC, allergy, eye... |
10 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Growth Strategy Focused on Five Pillars
KVUE aims to grow the top line competitively with its underlying category exposure
(+3-4%) driven largely by reinvesting behind its iconic core brands and sup... |
11 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
globally for KVUE). KVUE(cid:726)s e-commerce opportunity is largely consistent with the rest
of CPG as KVUE(cid:726)s sales mix to pure-play e-commerce is around 6%, which about
doubles to 13% when... |
12 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
categories, as has been the case with recent transactions (e.g., Dr.Ci:Labo and Zarbee(cid:726)s).
Balanced Portfolio Shaped through Strategic
Transformation
Self Care (40% of Sales, 53% of OI, OSG ... |
13 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Following a strong three years of growth, which some could argue would have been
even stronger if not for supply chain challenges on Tylenol, and outlook for a fourth
strong year in 2023, we see the... |
14 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Skin Health & Beauty (29% of Sales, 18% of OI, OSG +0.1% 3-
YR CAGR)
Skin Health & Beauty ((cid:728)SHB(cid:729)) generated sales of $4.4 billion in 2022 (~29% of FY22
sales) and $0.7 billion in adj... |
15 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 19: Skin Health & Beauty Organic Growth Trends and Outlook Figure 20: Skin Health & Beauty 2022/2023E Organic Growth by Halves
10% 12%
8% 10%
8%
6% 1.8% 6% 8.4%
4% 7.9% 2.6% 4% 4.1% 7.4%
2% 2... |
16 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 21: Essential Health 31% of Revenues and 28% of Segment OI Figure 22: Essential Health Category Revenue Mix
% of FY Sales
100% 100%
90%
90% 80% 32.7% 34.6%
80% 70%
70% 60%
60% 50% 35.1% 32.7%... |
17 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
rationalization as (cid:728)normal course of business,(cid:729) and we would be surprised if elimination
of non-core SKUs with low velocity (as is typically the case in an SKU rationalization
effort... |
18 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Margin Trajectory Improving Post-Strategic
Transformation and Investments
Following the current management team coming into the business around 2019, KVUE
saw improvement in margin trajectory driven... |
19 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
from 2019 to 2022 despite organic sales CAGR of just +0.9% and reported sales down -
6.7% from 2019 levels.
Figure 25: Essential Health Segment Sales, OI, Margin 2022 vs. 2019 Figure 26: Essential H... |
20 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
All in, the company(cid:726)s in-house manufacturing footprint of 25 facilities accounted for
56% of production volume in 2022 while the remaining 44% of production was handled
by seven JNJ faciliti... |
21 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
five-year period (could be extended for three additional 12-month periods under certain
circumstances), and the company aims to exit most of the TMAs within three years.
Generally speaking the TMAs ... |
22 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Financial Outlook
Path to ~+4% Top Line over Next Few Years with Upside If
Elasticities Hold Up
KVUE(cid:726)s long-term algorithm calls for organic top-line growth to be competitive with
category g... |
23 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
KVUE Lagged Peers in OSG Due to Delayed Pricing, Improving Recently
As such, in the past three years KVUE(cid:726)s organic growth trends have underperformed
peers with KVUE(cid:726)s +3.4% below th... |
24 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 31: Segment Contribution to YOY Organic Growth Figure 32: Segment Contribution to L3Y and N3Y Organic CAGR
7% 5.0%
23456 %%%%% 1 31. ..0 27% 0.7% 223344 ...... 050505 %%%%%% 10 .. 68 %%
1.5% ... |
25 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
with strength in Neutrogena (Hydro Boost) and Aveeno. Some of the tailwinds to 1Q23
could continue into 2Q23, including in Self Care as usage occasions likely remained
elevated in EMEA in the weeks ... |
26 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Gross Margins Poised to Improve – Can Return to 2021 Peak
by 2025
KVUE(cid:726)s gross margins expanded by +125 bps in 2020 and another +164 bps in 2021
before compressing -88 bps in 2022 to 58.1% a... |
27 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Exit of TSA and TMA Is Another Source of Margin Improvement Longer Term
Within the cost outlook, we also note that KVUE entered into a Transition
Manufacturing Agreement (in addition to Transition S... |
28 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
being more selective in 2022.
Specifically, we are modeling for SG&A as a percent of sales to be 42 bps unfavorable
YOY in 2023, roughly neutral in 2024, and 51 bps favorable in 2025, which would th... |
29 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
R&D Is Higher Than Peers
On the other hand, KVUE(cid:726)s R&D spending is in the top quartile vs. peers at 2.5%
(average 2.0% and median 1.8%), which speaks to the company(cid:726)s commitment to
s... |
30 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
may prefer to look to EBITDA.
Versus the peer set, KVUE(cid:726)s EBITDA margins are in the top quartile at 24.1% vs.
average 21.3% and median 21.8% (ex-OLPX average 18.8% and median 20.9%), but
sti... |
31 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
From a free cash flow perspective, the company is targeting >100% FCF conversion (%
of adjusted net income) in each of 2023-2025, and we model for free cash flow to grow
at a three-year CAGR of +11%... |
32 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
KVUE(cid:726)s capital expenditures are generally lower than peers historically, although we do
expect a step-up ahead as the company works to build capacity and capabilities as a
stand-alone compan... |
33 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Valuation
KVUE Deserves Premium to HLN with Potential to Converge to
CL over Time
Initial Discount Is an Opportunity, in Our View Should Fade Post Spin/Split
KVUE shares were priced at $22 at the IP... |
34 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Benchmarking Against Peers – HLN Anchor at Low End,
Already at CL Levels, PG Aspirational
The closest peer to KVUE, in our view, is Haleon (HLN, covered by Celine Pannuti)
given similar category exp... |
35 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Table 2: KVUE Key KPIs and Valuation vs. Direct Peer Set
Company Geographic and Segment Mix
Kenvue (KVUE) Haleon (HLN) Colgate-Palmolive (CL)* The Procter & Gamble Company (PG)
Geographic Exposure (... |
36 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Table 3: Comparable Analysis for KVUE
Enterprise
JPM JPM Price (LC) JPM Price Dividend Market Cap Value EV/EBITDA Hist. Fwd EV/EBITDA Avg.
Company Ticker Analyst Rating 5/26/2023 Target Yield (USD m... |
37 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Price Target Derivation
We see investors gravitating toward EV/EBITDA to inform valuation for KVUE given
that the company(cid:726)s treatment of amortization of definite life intangible assets will ... |
38 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Table 6: Method 3: DCF Derivation
$ m, except per share value
Terminal Value (Perpetual Growth)
CY2033E Unlevered Free Cash Flow $3,687
Long-Term Growth Rate 1.0%
Terminal Value $79,813
Equity Value... |
39 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Table 8: KVUE DCF
$ m
WACC Calculation
Beta 0.73
Risk-free rate 3.8%
Market risk premium 4.8%
Cost of Equity 7.3%
Marginal cost of debt 5.0%
Tax rate 25.6%
After-tax cost of debt 3.7%
Equity weight ... |
40 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Table 9: KVUE DCF Sensitivity Based on Terminal EV/EBITDA Multiples
Discount Rate
$31 4.2% 4.7% 5.2% 5.7% 6.2% 6.7% 7.2%
11x $32 $31 $29 $28 $27 $26 $24
Terminal 12x $34 $33 $31 $30 $28 $27 $26
Valu... |
41 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Most Recent Point of Sales Trends in the
U.S. (NielsenIQ)
Tracked Channel 4Y CAGR Accelerated Sequentially QTD in the U.S. Based on
NielsenIQ
The most recent tracked channel data (QTD for 5-weeks en... |
42 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 53: Takeaway Growth in Latest 4-Week Period (YOY change sorted by 4 weeks)
YOY % Change in $ Takeaway 4-Yr CAGR
$ Takeaway 1-Wk 4-Wk 12-Wk 52-Wk 1-Wk 4-Wk 12-Wk 52-Wk
HNST 27.8% 24.7% 25.1% 1... |
43 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 57: Y/Y % Change in Units Figure 58: Y/Y % Change in Price per Unit
Y/Y % Change ranked high to low in latest 4-week period Y/Y % Change ranked high to low in latest 4-week period
4-Wk 12-Wk ... |
44 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Key Brands POS Performance in the U.S.
Below we have added the latest POS trends in the U.S. as per NielsenIQ data for some
of KVUE(cid:726)s iconic brands.
Figure 63: Summary of $ Takeaway in Track... |
45 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 64: $ Takeaway in Tracked Channels - Listerine
Rolling 12W Period Ending 5/06
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
1111111111111222222222222233333
22222222222222222222222222... |
46 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
there has been a sequential deceleration on a four-year CAGR basis where Zyrtec(cid:726)s
takeaway was up +7.8% for the 12-week period ending 12/31, +5.2% for the 12-week
period ending 4/01, and +4.... |
47 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
13.8% in the five-week period ending May 6. This is a sequential acceleration from the
12-week period ending 4/1/23, where headline consumption was slightly down -0.9%
(pricing up +13.9% while volum... |
48 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 69: $ Takeaway in Tracked Channels - Neutrogena
Rolling 12W Period Ending 5/06
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
1111111111111222222222222233333
2222222222222222222222222222222
/6/3... |
49 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Financial Statements
Income Statement Historical & Estimates
Table 11: KVUE Income Statement
$ million, except per share values
Income Statement 2019 2020 2021 2022 2023E 2024E 2025E
Revenue 14,324 ... |
50 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Balance Sheet Historical & Estimates
Table 12: KVUE Balance Sheet
$ million
Balance Sheet 2019 2020 2021 2022 2023E 2024E 2025E
Cash and cash equivalents 7 52.0 6 17.6 7 40.0 1 ,231.4 1 ,014.1 1 ,01... |
51 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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 ,... |
52 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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 th... |
53 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Global and U.S. Sales and Market Share
Trends
We did a deep dive into the various categories pertinent to KVUE using a few data
sources including Euromonitor, which includes a global perspective; Ni... |
54 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 72: Market Share by Country - Mouthwash Figure 73: Market Share by Country - Smoke Cessation
80.0% 42.0%
70.0% 41.8%
41.6%
60.0%
41.4%
50.0%
41.2%
40.0%
41.0%
30.0%
40.8%
20.0%
40.6%
10.0% 40... |
55 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 76: Market Share by Country - Digestive Remedies Figure 77: Market Share by Country - Analgesics
12.0% 25.0%
10.0%
20.0%
8.0%
15.0%
6.0%
10.0%
4.0%
5.0%
2.0%
0.0% 0.0%
Brazil China India UK U... |
56 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 80: Global Market Share Growth by Category
Y-Axis: KVUE Market Share change (2017 - 2022); X-Axis: KVUE Category 5Y CAGR
300
Smoke Cessation Allergy
200
100 Bath/ Hygiene Analgesics
Haircare
... |
57 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 82: Household Penetration - Allergy Care Figure 83: Household Penetration - Pain Relievers
52W-period ending 5/5/19, 5/3/20, 5/2/21, 5/1/22 and 4/30/23 52W-period ending 5/5/19, 5/3/20, 5/2/2... |
58 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 88: Household Penetration - Body Care Figure 89: Household Penetration - Face Care
52W-period ending 5/5/19, 5/3/20, 5/2/21, 5/1/22 and 4/30/23 52W-period ending 5/5/19, 5/3/20, 5/2/21, 5/1/2... |
59 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
pricing at retail increased tremendously during the time line observed. More
specifically, KVUE gained +15 bps of value share in the four-week period ending
5/6/23, improving from losing -45 bps in ... |
60 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 91: KVUE Pricing Change by Key Categories – U.S.
Change in Pricing in Latest 4, 13 & 52-Weeks
For Periods Ending 5/06/23
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix YOY EQ Price Change (%)
L4W ... |
61 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Global Category Market Share
Self Care
Our analysis of the tracked channel data for some of the major categories within the Self
Care segment are laid out below from various tracked channel data sou... |
62 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 93: Paincare - Global Market Share by Brands
5.0% 4.6%
4.5%
3.9%
4.0%
3.5%
2.9%
3.0%
2.5%
2.0%
1.4%
1.5%
1.0%
1.2%
0.5%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Tylenol Advil As... |
63 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 94: Paincare - U.S. Value Share Figure 95: Paincare - U.S. Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
250 218 150
111
200
100
150 137 69 58
47
50... |
64 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 97: Allergy - Global Market Share by Brands - KVUE Absolute Leader Combining Zyrtec and Benadryl
14.0%
11.8%
12.0%
10.0%
8.3%
8.0%
7.9%
6.0%
6.2%
4.0%
2.0%
0.0%
2013 2014 2015 2016 2017 2018 ... |
65 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Cough & Cold. In the cold, cough (and allergy) remedies category as per Euromonitor
data globally, KVUE leads with market share of 7.3% followed by Haleon (6.7%) and
Reckitt (5.7%). We note here KVU... |
66 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 101: Cold & Cough Global Market Share by Brands
4.7%
5.0%
4.5%
4.0%
3.4%
3.5%
3.0%
2.5%
2.5%
2.0%
1.6%
1.5%
1.5%
1.0% 1.0%
0.7%
0.5%
0.6%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 202... |
67 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Digestive Remedies. Globally, data from Euromonitor points to KVUE holding the
second largest market share position (7.2%) in the digestive remedies category, while
Haleon has the highest market sha... |
68 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 105: Digestive Remedies Global Market Share by Brands
3.0%
2.5%
2.5%
2.4%
2.2%
2.0%
1.7%
1.5%
1.5%
1.0%
0.5%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Dulcolax Imodium Tums Gavis... |
69 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 106: Acid Relief - Value Share Figure 107: Acid Relief - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
80 100
60 50 58 60 56 80 75
40 40 26 60 49
20... |
70 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Face Care. Looking at the mass face care category on a worldwide basis, data from
Euromonitor shows that KVUE has market share of 4.1%, while L(cid:726)Oreal Groupe
(covered by Celine Pannuti) has t... |
71 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 113: Mass Face Care Global Market Share by Brands
7.0%
6.0%
4.9%
5.0%
4.8%
4.0%
2.8%
3.0%
2.7%
2.0% 2.5%
0.7%
1.0%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
L'Oréal Paris Olay Ce... |
72 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 114: Face Care - Value Share Figure 115: Face Care - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
500 426 414 500 411 419 433
400 370 400
300 300
2... |
73 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 117: Mass Body Care Global Market Share by Brands
14.0%
12.0%
12.0%
10.0%
8.0%
6.0%
4.5%
4.0%
2.6%
2.3%
2.0% 2.0%
1.4%
1.2%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Nivea Vaseli... |
74 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 118: Body Lotion - Value Share Figure 119: Body Lotion - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
100 150
74
68 00 63 55 100 74 81 98
44
40 31 ... |
75 | Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 122: Mass Adult Sun Care Global Market Share by Company
16.0% 15.2%
14.7%
14.0%
12.0%
8.8%
10.0% 9.5% 8.5%
8.2%
8.0% 7.3%
6.6%
6.0%
4.3%
4.0% 3.3%
2.0%
0.0%
2013 2014 2015 2016 2017 2018 2019... |
End of preview. Expand in Data Studio
No dataset card yet
- Downloads last month
- 3