Where Haleon stands after its latest Filing
Revenue for the twelve months was $14.6bn, up 1.3% on a year earlier, slower than the 2.1% growth a quarter earlier. Free-cash-flow margin rose to 21.0% from 11.8% a year earlier. Operating margin widened to 21.9% from 17.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $5.64 a share, against a share price of $8.66. At that price, our model says the market is pricing in about 7.7% a year of cash-flow growth for five years, faster than the 2.8% a year revenue growth it has delivered.