Quantitative Easing pumped money into the global financial system driving down government bonds yields and leaving investors little choice but to seek a yield where ever they could find it. Invariable this money flowed into what have been coined ‘bond proxies’; those stocks that offer reliable cash flows both to investors in the form of dividends and in their underlying operations.
Reckitt Benckiser being a consumables multinational with core brands such as Dettol, Durex, Veet and Air Wick found themselves a target for these flows and over the space of five years RB’s earnings multiple gra...
