<p>Food & HPC<br/>Big brands, bigger basket of profits</p><p>Against a background of accelerating sector growth, the<br/>current inflationary environment is driving margins faster 􀁘<br/>Strong brands are crucial to driving mix in two ways:<br/>greater portfolio focus and more pricing power 􀁘<br/>Top picks: Unilever, Nestlé, Reckitt Benckiser. Too early for<br/>Danone, Henkel. Cadbury, Beiersdorf are range bound</p><p>Contents<br/>Summary 1<br/>Sector still looks attractive 4<br/>Introduction: managing the mix 10<br/>Share of wallet: the potential 13<br/>Share of pain: manageable 17<br/>Share of channel: improving 24<br/>Share of profit: pricing power 29<br/>Share of voice: stabilising 37<br/>Appendix – commodities 41<br/>Companies 43<br/>Beiersdorf ................................................................................................................45<br/>Cadbury Schweppes ...............................................................................................51<br/>Danone....................................................................................................................57<br/>Henkel KGaA...........................................................................................................65<br/>Nestlé ......................................................................................................................73<br/>Reckitt Benckiser.....................................................................................................79<br/>Unilever NV .............................................................................................................85<br/>Disclosures 93</p><p></p><p> <br/></p><p></p>