Table of Contents
Investment thesis .....................................................................3
Earnings and Valuation............................................................5
Price/mix and volume: the big rollercoaster ..........................9
Beiersdorf: Upgrading to Neutral; a good portfolio in tough
times........................................................................................18
Portfolio Analysis ...................................................................19
Beiersdorf ...............................................................................20
Henkel......................................................................................22
L’Oreal .....................................................................................24
Reckitt .....................................................................................26
Unilever — HPC......................................................................28
Unilever — Food division ......................................................30
Category Analysis ..................................................................33
Air fresheners .........................................................................40
Detergents — Dish - Automatic.............................................42
Liquid Cleaners ......................................................................44
Laundry Detergent — Liquid .................................................46
Cosmetics — Eye ...................................................................48
Cosmetics — Facial................................................................50
Deodorants .............................................................................52
Face Cleansers, Creams & Lotions.......................................54
Hand & Body Lotions .............................................................56
Shampoo.................................................................................58
Soap — Bars ...........................................................................60
Company Analysis .................................................................63
Beiersdorf ...............................................................................64
Givaudan.................................................................................65
Henkel......................................................................................66
L’Oreal .....................................................................................67
Reckitt Benckiser ...................................................................68
Unilever ...................................................................................69