发帖
雷达卡
Table of Contents
Executive Summary........................................................................... 4
Outlook: Brazil and LatAm starting carrying industry weight on their shoulders.......................4
Valuation ..................................................................................................................................6
Risks ........................................................................................................................................6
Macro and demographic backdrop.................................................. 7
Trends slowing, but still relatively decent .................................................................................7
Consumer markets..................................................................................................................12
Retail markets .........................................................................................................................18
Competitive landscape............................................................................................................21
Company detail................................................................................ 25
Avon Products ........................................................................................................................25
Colgate Palmolive ...................................................................................................................28
Procter & Gamble ...................................................................................................................31
Unilever (covered by DB analyst Harold Thompson)...............................................................35
Natura (covered by DB analyst Reinaldo Santana) ..................................................................37
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