RHHBY - GlaxoSmithKline: 30% Undervalued And Spinoff To Drive Growth

• We see positive long-term outlook for the company benefiting from strong product portfolio and pipeline as well as its market leading position.
• GSK is cheap relative to its competitors and value should be unlocked from multiples expansion.
• We like the 5.5% dividend yield and dividend valuation model indicates GSK is undervalued by 30%.
• We expect the spinoff to increase the focus on R&D and consumers.

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