Heineken shares have risen off the 1 year plus lows in the last few days as shown below.
Two excerpts from the results struck me as particular interesting. First, as the headline below notes, there was an improved performance trend during the second half of 2013. Note though that this was just consistent with 1.5% growth in operating profit.
And the language around the 2014 is suitably muted: 'gradual recovery...gradual and sustainable improvement in operating profit'.
The shares trade on just under x12 EV/ebit using the FY13 numbers just released but offer only a 2% yield. I am not that excited.
Turning to Reckitt Benckiser, the key presentation slide from the household products company was this one...with all numbers at constant exchange rates.
I will put a flag at the 4400p bottom of the recent technical range level.
As a conclusion, dullness with full valuations at a number of the big consumer names continues.