Table of Contents
Earnings quick reference...........................................................................................................3
3Q09 preview and handbook............................................................ 4
Outlook improving with the economy, but will anyone care? ...................................................4
Company summary.................................................................................................................13
Estimate and price target changes..........................................................................................15
Management guidance summary ...........................................................................................17
Valuation ................................................................................................................................19
Comparable public company analysis .....................................................................................21
Risks ......................................................................................................................................21
Relative performance summary ..............................................................................................22
Company detail................................................................................ 23
Alberto-Culver .........................................................................................................................23
Avon Products ........................................................................................................................27
Church & Dwight ....................................................................................................................31
Colgate-Palmolive ...................................................................................................................35
Clorox Company......................................................................................................................39
Energizer ................................................................................................................................43
Estee Lauder..........................................................................................................................47
Kimberly-Clark .........................................................................................................................52
Newell-Rubbermaid ................................................................................................................57
Procter & Gamble ...................................................................................................................61