Table of Contents
Earnings quick reference...........................................................................................................3
A Storm in a Port ............................................................................... 4
Looking for something beyond valuation ..................................................................................4
Company summary.................................................................................................................11
Estimate and price target changes..........................................................................................13
Management guidance summary ...........................................................................................14
Valuation ................................................................................................................................16
Comparable public company analysis .....................................................................................18
Risks ......................................................................................................................................18
Company detail................................................................................ 19
Alberto-Culver .........................................................................................................................19
Avon Products ........................................................................................................................23
Church & Dwight ....................................................................................................................28
Colgate-Palmolive ...................................................................................................................31
Clorox Company......................................................................................................................35
Energizer ................................................................................................................................39
Estee Lauder..........................................................................................................................43
Kimberly-Clark .........................................................................................................................47
Newell-Rubbermaid ................................................................................................................51
Procter & Gamble ...................................................................................................................54