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Bandai Namco Holdings, Inc., was our top contributor during the quarter. Komatsu Ltd. advanced on an earnings beat and a subsequent increase to full-year guidance. Infineon Technologies AG declined during the quarter as investors reacted to softer-than-expected margin guidance.
Reckitt Benckiser Group LON: RKT reported 3.3% like-for-like net revenue growth in the third quarter, or 3.9% excluding Russia Hygiene, as strength in emerging markets and a return to growth in Europe were partly offset by supply constraints and a weaker consumer environment in North America.
In September Zegona announced a capital return program of €400 million, divided equally between dividends and share repurchases. McBride expects the agreement to increase annual revenues by £170 million at margins consistent with McBride's existing revenue base. Talen will borrow against its 2027 and 2028 guaranteed capacity payments, accelerating these payments and repurchasing $1.5 billion in shares by the end of March 2027.
A change in Reckitt's sales tactics led to 12 consecutive quarters of double-digit sales growth in the country.
These stocks have economic moats and look attractive today.
I rate Reckitt Benckiser a buy with a 12–24 month horizon and medium confidence, citing a 21% discount to peer multiples despite litigation overhang. Core Reckitt delivers high-margin, volume-led growth, with FY2025 organic growth of +5.2% and a 26.7% adjusted operating margin, supporting quality business status. Mead Johnson litigation risk remains the key discount driver; recent favorable legal outcomes improve sentiment but do not resolve federal MDL exposure.
Reckitt Benckiser Group LON: RKT reported accelerating sales growth in the second quarter of 2026, supported by innovation, emerging-market demand and a return to growth in North America, while maintaining its full-year outlook despite commodity and supply-chain volatility.
Reckitt Benckiser Group PLC (LSE:RKT) has launched a new £500 million share buyback after second-quarter sales accelerated across all regions and product categories. The maker of consumer products brands ranging from Dettol to Durex said like-for-like net revenue rose 4.7% in the second quarter, lifting first-half growth to 2.6%.