Contents
Investment Case............................................................................................................................................................. 3
Theme for F2010: Slowdown in Revenue Growth...............................................................................................................................3
Potential Concerns Not Factored In ....................................................................................................................................................5
Revised Earnings Estimates ....................................................................................................................................... 10
Valuation & Price Target Methodology ....................................................................................................................... 12
Company Analysis ....................................................................................................................................................... 13
Hindustan Unilever....................................................................................................................................................... 14
Colgate Palmolive ........................................................................................................................................................ 18
Dabur India.................................................................................................................................................................... 23
Godrej Consumer Products ........................................................................................................................................ 28
Marico............................................................................................................................................................................ 32
ITC.................................................................................................................................................................................. 37
Tata Tea......................................................................................................................................................................... 42
Nestle............................................................................................................................................................................. 47