Haleon PLC ADR

HLN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$5.30	Nrc	Xwgbsvr

Haleon Earnings: Foreign Exchange and Divestiture Post Headwinds but Organic Growth Remains Strong

Keonhee Kim

Feb 29, 2024

Wide-moat Haleon reported fourth-quarter earnings that were largely in line with our expectations. Total sales of GBP 2.8 billion were down 0.4% year over year, but organic growth remained resilient with 6.4% from price and 0.3% from volume. We maintain our fair value estimate of $8.70 per share, or GBX 347, as our slightly trimmed near-term assumptions were offset by time value of money impacts.

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