Brexit and Its Impact on the Largest FMCG Companies
As the UK is set to leave the EU, we can examine the potential impact of Brexit on retail sales of FMCG companies covered in Passport. The exact...
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Kao's Full-Year Operating Margin Improvement Better Than Expected; Raising FVE to JPY 6,900
Wide-moat Kao posted positive full-year earnings results, with operating margins coming in stronger than expected. While revenue was in line with...
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Supported by Its Home Care and Human Healthcare Businesses, Kao Stands to Deliver High ROICs
We initiate coverage of Kao with a fair value estimate of JPY 6,100, which implies a forward P/E of 27 times, enterprise value/EBITDA of 13 times,...
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