Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 132: Bandages - Value Share Figure 133: Bandages - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
10 2 200 181
- 150 138
(10) 100
(20)
(20) 50
(30)
-
(40)
(39) (50) (26)
(50)
(60) (100)
(70) (64) (63) (150) (127) (143)
(72)
(80) (200) (176)
KENVUE PRIVATE LABEL KENVUE PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
Figure 134: Antiseptic - Value Share Figure 135: Antiseptic - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
600 600
500 456 410 482 500 437 396 485
400 400
300 300
200 200
100 100 51
5
- -
(100) (6) (6) (100) (13) (14)
(200) (200)
(300) (279) (276) (300) (253)
(400) (319) (400) (338) (327)
KENVUE RECKITT PRIVATE LABEL KENVUE RECKITT PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
Baby Toiletries. The baby care and child-specific categories point to KVUE having the
largest market share globally, but it appears to be deteriorating with time. Looking
further at the brand data cut, there is a clear deceleration in the global market share for
the Johnson(cid:726)s brand.
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 136: Baby Care Global Market Share by Company
25.0%
20.0%
16.6%
14.4%
15.0%
10.0%
6.7% 6.7%
4.4% 4.6%
5.0%
2.1% 2.1%
1.9% 1.8%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Kenvue Kimberly-Clark Procter & Gamble Beiersdorf Unilever
Source: Euromonitor, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 137: Baby Care Global Market Share by Brands
20.0%
18.0%
16.0%
14.0%
11.4%
12.0%
10.0%
8.0%
5.9%
6.0%
4.1%
4.0%
1.3%
2.0%
0.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Johnson's Huggies Pampers Aveeno Nivea
Source: Euromonitor, J.P. Morgan
We analyzed the NielsenIQ data for baby bath, baby lotion, baby oil, baby powder, and
baby soap categories in the U.S., but we note that baby toiletries makes up a smaller part
of KVUE(cid:726)s business in the U.S. while international geographies are a larger source of
revenues. We have added below value and volume share performance charts for the 4,
13, and 52 weeks ending 5/6/23 for KVUE and some of its competitors.
Figure 138: Baby Bath - Value Share Figure 139: Baby Bath - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
500 300
408 250 244
400
200
300 150
206
200 100
50 2 11 17 18 14 11
100 35 46 38 37 -
- 2 (50) (3) (8) (29)
(62)(50)
(23)(23) (12) (13) (100) (78)
(100) (78) (68) (79) (150)
(141) (141)
(200) (158) (200)
KENVUE BEIERSDORF AG L'OREAL SA UNILEVER GROUP PRIVATE LABEL KENVUE BEIERSDORF AG L'OREAL SA UNILEVER GROUP PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 140: Baby Lotion - Value Share Figure 141: Baby Lotion - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
300 200 172 177
200 180 170 150
100 73 69
100 94 71 78 93 50 38 53
12 25 2 3
- -
(50) (28) (10)
(100) (100)
(200) (150) (140) (150)
(200)
(300) (252) (273) (250)
(312)
(400) (300) (260)
KENVUE L'OREAL SA UNILEVER GROUP PRIVATE LABEL KENVUE L'OREAL SA UNILEVER GROUP PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
Figure 142: Baby Oil - Value Share Figure 143: Baby Oil - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
100 50 24 27
54
50 32 -
(50) (28) (24)
- (100) (55) (59)
(14)
(50) (47) (34) (28) (150) (148)
(100) (200)
(100)
(150) (137) (250) (233)
(300)
(200)
(350)
(250) (246) (400) (391)
(300) (450)
KENVUE UNILEVER GROUP PRIVATE LABEL KENVUE UNILEVER GROUP PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
Figure 144: Baby Powder - Value Share Figure 145: Baby Powder - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
1,500 2,000
1,138 1,594
1,500
1,000
572 1,000 713
500
175 500 150
- -
(500) (180) (500) (361)
(603) (1,000) (856)
(1,000)
(1,500)
(1,153)
(1,500) (2,000) (1,811)
KENVUE PRIVATE LABEL KENVUE PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 146: Baby Soap - Value Share Figure 147: Baby Soap - Volume Share
For Periods Ending 5/06/23, YOY (bps) For Periods Ending 5/06/23, YOY (bps)
250 400
303
200 198 300 257
200
11 05 00 102 110 93 86 1 0 -0 50 47 24 64 54 47 38 50 69
50 32 (100) (32)
4 9
- (200)
(12) (300)
(50)
(38) (400)
(100) (74)(71) (500) (441)(417)
(150) (104) (133) (127) (600) (514)
KENVUE BEIERSDORF AG L'OREAL SA UNILEVER GROUP PRIVATE LABEL KENVUE BEIERSDORF AG L'OREAL SA UNILEVER GROUP PRIVATE LABEL
4W 13W 52W 4W 13W 52W
Source: NielsenIQ, J.P. Morgan Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
U.S. Pricing, Share and Volume by Category
- Tracked Channels
Figure 148: KVUE Value & Volume Share Change by Key Categories - U.S. (Prior Year-End)
Contribution to Total Sales in Latest 4, 13 & 52-Weeks, Weighted Change in Value Share & Dollar Equivalent Unit (EQ) Share
For Periods Ending 12/31/22
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix YOY $ Share Change (bps) YOY EQ Share Change (bps)
L4W L13W L52W L4W L13W L52W L4W L13W L52W
KVUE
Acid Relief 2.8% 2.9% 2.6% 4 (0) 31 (18) (21) 3
Allergy 9.3% 9.9% 10.9% 96 120 13 (69) (58) (35)
Antibiotic 2.1% 2.2% 2.4% (169) (130) (118) (282) (245) (254)
Anti-Diarrhea 2.4% 2.4% 2.2% 217 21 170 131 (76) 99
Antiseptic 0.0% 0.0% 0.0% 418 373 394 463 418 411
Baby Bath 2.9% 3.1% 3.3% (18) (27) (324) (15) (19) (374)
Baby Lotion 0.7% 0.7% 0.8% (322) (282) (162) (100) (121) (155)
Baby Oil 0.5% 0.5% 0.6% (33) (72) (402) 286 281 (53)
Baby Powder 0.4% 0.4% 0.5% (107) 58 (104) (101) 2 (188)
Baby Soap 0.9% 1.0% 1.1% 64 11 (303) 532 320 (339)
Bandages 4.1% 4.3% 4.5% (1) (33) 15 (111) (146) 1
Body Wash 2.3% 2.3% 2.3% 38 10 (14) 56 25 15
Body Lotion 3.8% 3.5% 3.2% (224) (192) (68) (138) (96) (2)
Cold & Flu 2.6% 2.1% 1.2% (113) 8 154 (13) (13) 4
Digestive Aid 0.7% 0.7% 0.6% (265) (159) 130 (530) (255) 104
Facial Skin Care 10.1% 10.4% 10.6% (266) (297) (299) (194) (251) (217)
Mouthwash 9.1% 9.5% 9.3% (344) (293) (322) (235) (179) (173)
Pain Relief 20.1% 18.7% 16.3% 75 205 129 48 41 61
Sun Care 6.5% 4.5% 3.8% 172 187 (162) 343 371 30
Weighted Total 81.3% 79.1% 76.4% (45) (18) (80) (32) (51) (70)
Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 149: KVUE Value & Volume Share Change by Key Categories - U.S. (Prior Year)
Contribution to Total Sales in Latest 4, 13 & 52-Weeks, Weighted Change in Value Share & Dollar Equivalent Unit (EQ) Share
For Periods Ending 5/7/22
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix YOY $ Share Change (bps) YOY EQ Share Change (bps)
L4W L13W L52W L4W L13W L52W L4W L13W L52W
KVUE
Acid Relief 2.5% 2.5% 2.7% (6) 50 56 5 29 39
Allergy 13.6% 12.4% 10.9% (37) (48) 14 20 15 54
Antibiotic 2.4% 2.4% 2.6% (222) (127) 30 (380) (220) 6
Anti-Diarrhea 2.0% 2.0% 2.1% 165 231 189 176 212 234
Antiseptic 0.0% 0.0% 0.0% 558 286 79 676 356 103
Baby Bath 3.3% 3.6% 3.6% (645) (625) (396) (673) (737) (592)
Baby Lotion 0.8% 0.9% 0.9% (49) (42) (127) (89) 74 23
Baby Oil 0.6% 0.6% 0.6% (540) (579) (207) (124) (230) (132)
Baby Powder 0.5% 0.5% 0.5% (377) (521) (303) (463) (704) (524)
Baby Soap 1.1% 1.1% 1.2% (541) (486) (351) (811) (825) (498)
Bandages 4.2% 4.2% 4.5% 181 213 83 260 282 206
Body Wash 2.2% 2.3% 2.4% (50) (49) (14) (5) (1) 19
Body Lotion 3.0% 3.3% 3.2% (9) (31) 36 16 1 5
Cold & Flu 0.8% 0.8% 0.8% 159 191 333 6 11 18
Digestive Aid 0.5% 0.6% 0.6% 51 136 397 80 175 501
Facial Skin Care 10.1% 11.1% 11.5% (291) (258) (203) (136) (138) (17)
Mouthwash 8.7% 9.3% 9.7% (394) (423) (129) (202) (250) (101)
Pain Relief 15.3% 15.2% 14.7% 76 72 250 72 82 86
Sun Care 6.2% 4.4% 4.1% (550) (505) (426) (310) (322) (255)
Weighted Total 77.8% 77.1% 76.5% (152) (139) (29) (83) (85) (20)
Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 150: KVUE Pricing Change by Key Categories - U.S. (Prior Year-End)
Change in Pricing in Latest 4, 13 & 52-Weeks
For Periods Ending 12/31/22
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix YOY EQ Price Change (%)
L4W L13W L52W L4W L13W L52W
KVUE
Acid Relief 2.8% 2.9% 2.6% 8.7% 8.5% 6.3%
Allergy 9.3% 9.9% 10.9% 11.2% 12.3% 6.7%
Antibiotic 2.1% 2.2% 2.4% 10.6% 11.1% 9.1%
Anti-Diarrhea 2.4% 2.4% 2.2% 11.0% 10.8% 7.8%
Antiseptic 0.0% 0.0% 0.0% 72.0% 68.1% 55.7%
Baby Bath 2.9% 3.1% 3.3% 10.5% 11.5% 12.8%
Baby Lotion 0.7% 0.7% 0.8% 9.1% 10.8% 11.2%
Baby Oil 0.5% 0.5% 0.6% 10.8% 11.0% 9.8%
Baby Powder 0.4% 0.4% 0.5% 13.8% 15.0% 14.3%
Baby Soap 0.9% 1.0% 1.1% 6.3% 11.7% 16.4%
Bandages 4.1% 4.3% 4.5% 11.0% 10.9% 7.3%
Body Wash 2.3% 2.3% 2.3% 5.5% 7.7% 4.3%
Body Lotion 3.8% 3.5% 3.2% 5.9% 7.0% 5.9%
Cold & Flu 2.6% 2.1% 1.2% 36.1% 61.3% 19.2%
Digestive Aid 0.7% 0.7% 0.6% 9.5% 7.4% 5.3%
Facial Skin Care 10.1% 10.4% 10.6% 10.8% 14.0% 10.8%
Mouthwash 9.1% 9.5% 9.3% 9.1% 9.2% 5.3%
Pain Relief 20.1% 18.7% 16.3% 5.2% 14.8% 4.3%
Sun Care 6.5% 4.5% 3.8% -2.4% -5.6% -3.6%
Weighted Total 81.3% 79.1% 76.4% 8.5% 12.3% 6.8%
Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Figure 151: KVUE Pricing Change by Key Categories - U.S. (Prior Year)
Change in Pricing in Latest 4, 13 & 52-Weeks
For Periods Ending 5/7/22
JOHNSON & JOHNSON % $ Mix % $ Mix % $ Mix YOY EQ Price Change (%)
L4W L13W L52W L4W L13W L52W
KVUE
Acid Relief 2.5% 2.5% 2.7% 1.6% 1.2% -0.4%
Allergy 13.6% 12.4% 10.9% 0.4% 1.4% 2.2%
Antibiotic 2.4% 2.4% 2.6% 7.4% 3.6% 0.1%
Anti-Diarrhea 2.0% 2.0% 2.1% 5.1% 4.6% 2.7%
Antiseptic 0.0% 0.0% 0.0% 52.3% 27.4% 5.4%
Baby Bath 3.3% 3.6% 3.6% 7.1% 10.4% 11.0%
Baby Lotion 0.8% 0.9% 0.9% 8.7% 8.7% 8.1%
Baby Oil 0.6% 0.6% 0.6% 7.6% 8.4% 7.7%
Baby Powder 0.5% 0.5% 0.5% 12.9% 14.6% 10.1%
Baby Soap 1.1% 1.1% 1.2% 14.4% 19.0% 11.9%
Bandages 4.2% 4.2% 4.5% 5.1% 3.4% 2.7%
Body Wash 2.2% 2.3% 2.4% 2.6% 2.1% 0.4%
Body Lotion 3.0% 3.3% 3.2% 6.6% 5.2% 9.8%
Cold & Flu 0.8% 0.8% 0.8% 12.4% -2.7% -8.0%
Digestive Aid 0.5% 0.6% 0.6% 0.9% 2.6% 2.9%
Facial Skin Care 10.1% 11.1% 11.5% 4.0% 3.4% 1.3%
Mouthwash 8.7% 9.3% 9.7% 1.6% 2.4% 6.3%
Pain Relief 15.3% 15.2% 14.7% -2.8% -5.1% 6.7%
Sun Care 6.2% 4.4% 4.1% 2.5% 8.4% 12.6%
Weighted Total 77.8% 77.1% 76.5% 2.3% 2.2% 4.8%
Source: NielsenIQ, J.P. Morgan
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Investment Thesis, Valuation and Risks
Kenvue (Overweight; Price Target: $29.00)
Investment Thesis
We rate Kenvue (KVUE) Overweight. As the largest pure-play consumer health company
in the world, reaching 1.2 billion consumers daily, KVUE benefits from participating in
large categories where reliability and performance matter for consumers. As such, we
highlight five KVUE attributes that underpin our positive view: (1) resilient top-line growth
expected, (2) room for margin expansion, (3) high cash flow conversion and shareholder-
friendly capital allocation, (4) management has a strong background not only with JNJ but
with other blue-chip CPGs with solid relationships with key customers, and (5) attractive
valuation.
Valuation
Despite the strong share performance since the IPO, we view current valuation as attractive.
Our Dec 2023 target price of $29 is based on a blended average of EV/EBITDA (based on
blended average of HLN, Consumer Health, HPC & Beauty peers) and a DCF based on
perpetual growth method. We assign a 70% weighting to EV/EBITDA as the primary
valuation method embedding 15.1.x EV/EBITDA off our 2024E EBITDA estimate of
$4.0B (implies $27 per share) and 30% weighting to DCF as the secondary valuation method
embedding $32 per share. KVUE currently trades at 15.5x our 2023E EBITDA and was
priced at the IPO at 13.3x our 2023E EBITDA.
Risks to Rating and Price Target
We believe the key risks to our OW rating and price target for Kenvue are (1) execution risk
tied to the separation from JNJ, (2) potential talc litigation outside North America, (3)
seasonality of cold & flu and allergy medicines, (4) inflation and supply chain volatility, (5)
risk of trade-down to private label due to deteriorating macroeconomic outlook or pricing
actions (elasticity), and (5) share overhang from JNJ announced intention to de-consolidate
KVUE, which may include a spin-off or split-off KVUE shares, leading to potential short-
term excess supply of shares.
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
Kenvue: Summary of Financials
Income Statement - Annual FY21A FY22A FY23E FY24E FY25E Income Statement - Quarterly 1Q23A 2Q23E 3Q23E 4Q23E
Revenue 15,054 14,950 15,662 16,289 16,973 Revenue 3,851A 3,947 3,911 3,953
COGS (6,587) (6,610) (6,800) (7,050) (7,246) COGS (1,726)A (1,738) (1,666) (1,671)
Gross profit 8,467 8,340 8,862 9,239 9,727 Gross profit 2,125A 2,209 2,245 2,283
SG&A (5,061) (5,000) (5,305) (5,515) (5,659) SG&A (1,316)A (1,337) (1,310) (1,343)
Adj. EBITDA 3,810 3,606 3,797 3,983 4,308 Adj. EBITDA 867A 940 1,007 983
D&A - - - - - D&A - - - -
Adj. EBIT 3,493 3,310 3,487 3,648 3,957 Adj. EBIT 796A 861 928 903
Net Interest 0 0 (283) (379) (367) Net Interest (1)A (90) (96) (95)
Adj. PBT 3,493 3,310 3,204 3,270 3,589 Adj. PBT 795A 770 832 808
Tax (731) (676) (739) (761) (843) Tax (150)A (181) (205) (203)
Minority Interest - - - - - Minority Interest - - - -
Adj. Net Income 2,711 2,589 2,404 2,451 2,693 Adj. Net Income 630A 574 611 590
Reported EPS 1.05 1.08 1.11 1.14 1.27 Reported EPS 0.29A 0.26 0.28 0.27
Adj. EPS 1.40 1.34 1.24 1.27 1.39 Adj. EPS 0.33A 0.30 0.32 0.30
DPS 0.00 0.00 0.40 0.81 0.84 DPS 0.00A 0.00 0.20 0.20
Payout ratio 0.0% 0.0% 36.1% 71.3% 65.7% Payout ratio 0.0%A 0.0% 71.0% 73.9%
Shares outstanding 1,935 1,935 1,935 1,935 1,935 Shares outstanding 1,935A 1,935 1,935 1,935
Balance Sheet & Cash Flow Statement FY21A FY22A FY23E FY24E FY25E Ratio Analysis FY21A FY22A FY23E FY24E FY25E
Cash and cash equivalents 740 1,231 1,014 1,013 981 Gross margin 56.2% 55.8% 56.6% 56.7% 57.3%
Accounts receivable 2,074 2,122 2,281 2,370 2,471 EBITDA margin 25.3% 24.1% 24.2% 24.5% 25.4%
Inventories 1,702 2,226 1,957 1,852 1,819 EBIT margin 23.2% 22.1% 22.3% 22.4% 23.3%
Other current assets 408 294 302 311 317 Net profit margin 18.0% 17.3% 15.4% 15.0% 15.9%
Current assets 4,924 5,874 5,555 5,546 5,588
PP&E 1,827 1,820 1,927 2,074 2,227 ROE 13.1% 13.0% 15.5% 21.6% 22.7%
LT investments - - - - - ROA 9.5% 9.4% 8.8% 9.0% 9.7%
Other non current assets 21,101 19,586 19,638 19,833 20,300 ROCE 13.1% 13.0% 13.2% 13.9% 14.8%
Total assets 27,852 27,280 27,119 27,453 28,115 SG&A/Sales 33.6% 33.4% 33.9% 33.9% 33.3%
Net debt/equity NM NM 0.7 0.6 0.6
Short term borrowings - - - - -
Payables 1,827 1,829 1,853 1,937 2,001 P/E (x) 18.8 19.7 21.2 20.8 18.9
Other short term liabilities 2,224 2,105 2,195 2,290 2,378 P/BV (x) 2.5 2.6 4.6 4.4 4.2
Current liabilities 4,051 3,934 4,049 4,227 4,379 EV/EBITDA (x) 13.3 14.0 15.7 12.7 11.8
Long-term debt 0 0 8,512 8,310 8,122 Dividend Yield 0.0% 0.0% 1.5% 3.1% 3.2%
Other long term liabilities 3,785 3,403 3,403 3,403 3,403
Total liabilities 7,836 7,337 15,964 15,940 15,904 Sales/Assets (x) 0.5 0.5 0.6 0.6 0.6
Shareholders' equity 20,015 19,943 11,155 11,513 12,211 Interest cover (x) - - 13.4 10.5 11.7
Minority interests - - - - - Operating leverage 35.2% 756.1% 112.5% 115.6% 201.2%
Total liabilities & equity 27,852 27,280 27,119 27,453 28,115
Revenue y/y Growth 4.1% (0.7%) 4.8% 4.0% 4.2%
BVPS 10.34 10.31 5.76 5.95 6.31
EBITDA y/y Growth 0.9% (5.4%) 5.3% 4.9% 8.2%
y/y Growth (6.3%) (0.4%) (44.1%) 3.2% 6.1%
Tax rate 22.4% 21.8% 25.0% 25.0% 25.0%
Net debt/(cash) (740) (1,231) 7,498 7,297 7,141
Adj. Net Income y/y Growth 0.3% (4.5%) (7.1%) 1.9% 9.9%
EPS y/y Growth 0.3% (4.5%) (7.1%) 1.9% 9.9%
Cash flow from operating activities 3,077 2,407 2,821 2,953 3,268
DPS y/y Growth - - - 103.0% 3.0%
o/w Depreciation & amortization 680 599 591 599 597
o/w Changes in working capital (49) (672) 134 99 (4)
Cash flow from investing activities (171) (390) (792) (982) (1,254)
o/w Capital expenditure (295) (375) (417) (482) (504)
as % of sales 2.0% 2.5% 2.7% 3.0% 3.0%
Cash flow from financing activities (2,743) (1,465) (2,247) (1,972) (2,045)
o/w Dividends paid 0 0 (774) (1,571) (1,618)
o/w Net debt issued/(repaid) (7) 14 8,512 (202) (188)
Net change in cash 163 553 (217) (1) (32)
Adj. Free cash flow to firm 2,782 2,032 2,405 2,471 2,763
y/y Growth (26.3%) (27.0%) 18.3% 2.7% 11.8%
Source: Company reports and J.P. Morgan estimates.
Note: $ in millions (except per-share data).Fiscal year ends Dec. o/w - out of which
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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Andrea Teixeira, CFAAC North America Equity Research JPMORGAN
(1-212) 622-6735 29 May 2023
andrea.f.teixeira@jpmorgan.com
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