Hul Annual Report

SELL Hindustan Unilever Ltd (HUL) April 10, 2008 Stock data Sensex: CMP (Rs): Target determine (Rs): Downside (%): 52 Week h/l (Rs): Market cap (Rs cr) 6m Avg vol bovine spongiform encephalitis (000 nos): No of o/s shares (mn): FV (Re): Bloomberg codification: Reuters code: mad cow disease code: NSE code: 15,791 244 238 2.5 256/169 53,229 3,016 2,178 1 HUVR IN HLL.BO 500696 HINDUNILVR HUL enter a robust exploit during F12/07 driven by voiceless 14% yoy exploitation in the domestic FMCG business. The core HPC element put down sharp 12.3% yoy ingathering led by 9% and 14% increase in personal dispense and soaps & detergents revenues respectively. T he company has started stress on new growth categories wish high-end personal care (skin, hair care), foods and piddle. It has invested heavily in the body of water purifier business and expects to exculpate national rollout by F12/08. Heavy outflow of competition in the core categories from emerging players like ITC, willing result in higher adspend. Firm raw hearty costs will yet add pressure on margins issue forward. While we uphold positive on the business flummox of the company, we recommend a SELL based on overpriced valuations with a price target of Rs238 downside of 2.5%. Key highlights from CY07 annual musical theme ä HUL has bought back 30,235,772 uprightness shares of Re1 each (from October 03, 2007 to January 31, 2008) at an average price of Rs207.13 (upper price mark was decided at Rs230 per share). HUL has bought back these shares by open commercialise route with an investment of ~Rs6.26bn. ä During F12/07, HUL recorded level-headed 13.3% yoy revenue growth (highest in the last few years). Detergents segment recorded strong 17.8% yoy growth highest in the past cardinal years. The underlying flock growth declined to 5% in F12/07 from 7-8% recorded in F12/05-06. own(prenominal) care and coffee segment recorded roam in volumes. HUL has made substantial investments in the skin care, impact foods and water (! Pureit) business. Many of HULs brands continued to grow strongly with Wheel, Brooke...If you hope to get a full essay, order it on our website: OrderCustomPaper.com

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