Table of Contents
Earnings quick reference...........................................................................................................3
On the margin . . . .............................................................................. 4
. . . costs falling but so is pricing, when will volume save the day?..........................................4
Company summary.................................................................................................................16
Estimate and price target changes..........................................................................................18
Management guidance summary ...........................................................................................20
Valuation ................................................................................................................................22
Comparable public company analysis .....................................................................................24
Risks ......................................................................................................................................24
Company detail................................................................................ 26
Alberto-Culver .........................................................................................................................26
Avon Products ........................................................................................................................30
Church & Dwight ....................................................................................................................34
Colgate-Palmolive ...................................................................................................................38
Clorox Company......................................................................................................................42
Energizer ................................................................................................................................46
Estee Lauder..........................................................................................................................50
Kimberly-Clark .........................................................................................................................55
Newell-Rubbermaid ................................................................................................................60
Procter & Gamble ...................................................................................................................63