US Consumer Packaged Goods:Taking the plunge

Uncharted waters…

    Across our coverage universe, recent US tax reform legislation is likely tomeaningfully impact realized earnings and free cash flow beginning in CY18,and flowing forward indefinitely. Granted, uncertainty surrounding those impactsis significant, and is likely to linger well into 2018before being fully resolved.However, with change coming, and with the broad blueprint of reform now firmlyestablished, we have incorporated initial impact estimates into our forecasts (seeFigure 2for a summary of our changes).