Contents
Defence in a W-shaped world ...................................................................... 3
Recommendation and target price methodology.......................................... 5
Forced ranking............................................................................................. 6
Earnings momentum.................................................................................... 8
Evolution equity strategy view .................................................................. 10
Beverages Sector Overview
Anheuser-Busch InBev .................................................................................. 19
Britvic ......................................................................................................... 23
C&C Group................................................................................................... 27
Carlsberg..................................................................................................... 31
Coca-Cola Hellenic ........................................................................................ 35
Heineken ..................................................................................................... 39
SABMiller ..................................................................................................... 43
Baron de Ley................................................................................................ 47
Boizel Chanoine............................................................................................ 51
Campari ...................................................................................................... 55
Diageo ........................................................................................................ 59
Laurent-Perrier............................................................................................. 63
Pernod-Ricard .............................................................................................. 67
Rémy Cointreau............................................................................................ 71
Vranken-Pommery Monopole.......................................................................... 75
Food Producers Overview
Associated British Foods ................................................................................ 81
Cadbury ...................................................................................................... 85
Cranswick.................................................................................................... 89
Dairy Crest .................................................................................................. 93
Danone ....................................................................................................... 97
Nestlé ....................................................................................................... 101
Northern Foods .......................................................................................... 105
Parmalat.................................................................................................... 109
Premier Foods ............................................................................................ 113
Robert Wiseman Dairies .............................................................................. 117
Tate & Lyle ................................................................................................ 121
Unilever PLC/NV ......................................................................................... 125
Home and Personal Care sector overview
Beiersdorf.................................................................................................. 131
Henkel ...................................................................................................... 135
L’Oréal ...................................................................................................... 139
Reckitt Benckiser ........................................................................................ 143
Tobacco sector overview
British American Tobacco............................................................................. 149
Imperial Tobacco ........................................................................................ 153
Swedish Match ........................................................................................... 157
Luxury Goods overview
Bulgari ...................................................................................................... 163
Burberry.................................................................................................... 167
Christian Dior ............................................................................................. 171
Hermès ..................................................................................................... 175
LVMH ........................................................................................................ 179
Richemont ................................................................................................. 183
Swatch Group ............................................................................................ 187
Disclosures & Disclaimers........................................................................ 191