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: bovine spongiform encephalitis 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 put down a robust exploit during F12/07 driven by voiceless 14% yoy exploitation in the domestic FMCG business. The core HPC member 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 handle high-end personal care (skin, hair care), foods and piddle. It has invested heavily in the water system purifier business and expects to exculpate national rollout by F12/08. Heavy onrush of competition in the core categories from emerging pla yers like ITC, pass on result in higher adspend. Firm raw real scathes will yet add pressure on margins departure forward. While we uphold positive on the business homunculus of the company, we recommend a SELL based on dear(predicate) valuations with a price target of Rs238 downside of 2.5%.

Key highlights from CY07 annual reputation 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 o f ~Rs6.26bn. ä During F12/07, HUL recorded ! goodly 13.3% yoy revenue growth (highest in the last few years). Detergents segment recorded strong 17.8% yoy growth highest in the past ennead 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 give the sack in volumes. HUL has made substantial investments in the skin care, processed foods and water (Pureit) business. Many of HULs brands continued to grow potently with Wheel, Brooke...If you hope to get a full essay, order it on our website: OrderCustomPaper.com

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