GLAXF - GlaxoSmithKline: Gem In Consumer Healthcare Deflation Resistant Keep Watch

• While inflation is the flavour of the day, deflation is a non-negligible risk too in a more normalised environment.
• A good hedge for both these eventualities are non-deferrable products.
• Pharmaceuticals are the first we think of in this category, and among them we think that GSK has some of the best value.
• Both its consumer products and biopharma division have plenty of non-deferrables, and with value to boot we think GSK continues to be an attractive allocation.
• Its consumer products division strikes us as a particularly interesting exposure, so we set the target at which we'd buy them as a NewCo.

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