HSBC Global Research - The Personal Touch
Date: 7 December 2011
Language: English
Pages: 149


Growth: The rise and rise of consumption in India 8
Loosening the purse strings 8
Needs and wants 8
FDI a positive for retail but… 9
Favourable socio-economic trends 11
Foods and HPC categories have significant long-term potential 13
Per capita consumption is still low; rural market participation is rising 14
Multinational have grown in the last decade, and will be stronger in the next, especially in categories such as HPC 15
Capturing value of growth 16
It’s tough out there 16
What drives FMCG valuation? 19
Money well spent 19
Impressive track record of shareholder returns 20
Good times, bad times 21
The valuation debate 21
DCF our primary valuation methodology 27
Commodity prices 29
Appendix: Commodity cost trends 32
Company section 35
Hindustan Unilever 36
ITC 56
Godrej Consumer 81
Nestle India 106
Dabur India 119
Disclosure appendix 142
Disclaimer 146






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