Relative PE in perspective 7
Return to profitable growth… in
2010 13
Nestlé: defensive, but few
catalysts 19
Unilever: reignited? 25
Danone: “just” an early cyclical 30
Cadbury: high expectations,
low volumes 36
L’Oréal: fairly priced 41
Reckitt: core business not
worth 2010e premium 47
Henkel: too early to play the
margin story 52
Beiersdorf: mass-market
visibility at a cost 59
Disclosure appendix 64
Disclaimer 67