The Merchants of Debt... KKR
I agree with your assessment on the debt for the 2nd step and reprised EBITA , and the projected saving drivers for Rx segment. IMO, A/B will focus on the non Core business of beauty products & OTC medicines for growth..
See A/B Chart on revenue from OTC offerings in the last presentation showed this mix.
Alliance Boots laid this out briefly in their presentation..
Energy Aids, OTC Pain Meds, Diet and Sleep Aids going forward.
These markets are still open and are competing for brand imprints, J&J has crippled its OTC brand of pain Meds the last few years and has giving a opening for market share capture.
As for the beauty sectors growth with A/B, the growth in mature markets will face pricing pressure on imported products..
Emerging markets are seen for growth driver IMHO!!
KKR has been doing Surgery on its holdings, and is being risk adverse as its deleverages some of its holdings..
IPO's are a dead market now, so the shift has now been toward creative M&A's mergers unloading debt, KKR is Creative..
They also are Projecting a slow growth outlook, at least 18 months out.
Focus is on Energy, natural resources. and lean operations.
A lesson that you have focused on for the Walgreens Company.
Walgreens next Quarterly report, will be interesting as to Traffic counts vs big box retailers in this sector, as well as any other disruptive announcements.
With the pending Gov't cost pressures, I would not be buying at this S/P level, How about you??
GLTA!!
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