Kenvue Inc (KVUE)

[DewDiligence]

The P/E, based on the company’s 2023 non-GAAP EPS guidance of $1.26-1.31, is 17.5-18x — high, but not exorbitant, for a reliable company in a non-cyclical sector of the economy.

I’m impressed with the backgrounds of the CEO and CFO, which include extensive international experience. (~50% of KVUE’s sales are ex-US.)

I listened to KVUE’s 2Q23 CC (its first CC ever) and thought the amount of disclosure was helpful. (Nobody on the CC asked about the ex-US talc liabilities; the sell-side analysts presumably didn’t want to get off on the wrong foot, LOL.)

I’m considering taking a position after a bit more DD.