UBS says European food and household/personal care sector remains attractive due to low valuations and pricing power and defensive earnings visibility.
UBS highlights Reckitt Benckiser and Danone as preferred stocks, noting Reckitt trades ~20% discount to sector despite solid sales growth.
Danone is seen benefiting from health‑wellness demand, gaining market share in China infant formula, expanding medical nutrition and high‑protein dairy.
UBS warns near‑term risks from consumer affordability pressures and input‑cost timing mismatches but expects defensive earnings visibility.