December 3, 2018 CMP: ₹1,836 Time Horizon 12 Months Target ... · 3 Anand Rathi Research History...
Transcript of December 3, 2018 CMP: ₹1,836 Time Horizon 12 Months Target ... · 3 Anand Rathi Research History...
Anand Rathi Research
Time Horizon – 12 Months
December 3, 2018
Sep-18 Jun-18 Mar-18 Dec-17
Promoter 67.2% 67.2% 67.2% 67.2%
Institutions 19.4% 19.4% 19.4% 19.2%
Others 13.4% 13.4% 13.4% 13.6%
Total 100% 100% 100% 100%
Source: Company, Anand Rathi Research, Bloomberg
V
A
L
U
E
P
I
C
k
(In ₹ Mn.) FY-17 FY-18 FY-19E FY-20E
Net Sales 3,32,520 3,55,500 4,01,280 4,57,561
EBITDA 63,270 75,010 87,319 1,01,854
EBITDA Margin 19.0% 21.1% 21.8% 22.3%
PAT 44,760 52,140 63,640 74,228
EV/Sales 12.0 11.2 9.9 8.7
EV/EBITDA 59.4 50.4 42.1 36.2
P/E (x) 88.8 76.2 62.4 53.5
Price Performance CY15 CY16 CY17 YTD
Absolute 14% -4% 66% 34%
Relative 14% 1% 30% 38%
Relative stock performance (Dec’17=100)
CMP: ₹1,836
Target: ₹2,250
Shareholding Pattern (as on Sep’18)
Key Data
Bloomberg Code HUVR IN
NSE Code HINDUNILVR
BSE Code 500696
Sector FMCG
Industry FMCG
Face Value (₹) 1.0
BV per share (₹) 34
Dividend Yield (%) 1.1%
52 Week L/H(₹) 1,241 / 1,808
Market Cap. (₹ Mn.) 39,74,295
NOTE: HUL-GSK-CH amalgamation has been announced today. Our financials does not include GSK-CH as deal is pending shareholder approval.
Hindustan Unilever Limited (HUVR)
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Nifty 500 HUVR
Analyst: Narendra [email protected]
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Hindustan Unilever Limited (HUVR/HUL) is India’s largest fast-moving consumer goods (FMCG) company with a heritage of over 80 years. Nine out of tenIndian households use its products everyday to feel good, look good and get more out of life; giving us a unique opportunity to build a brighter future.
Each of its categories – Home Care, Personal Care, Foods and Refreshments – includes a portfolio of brands that serves consumers across the length andbreadth of India. With over 40 brands spanning 20 distinct categories including soaps, detergents, shampoos, skincare, toothpastes, deodorants,cosmetics, tea, coffee, packaged foods, ice cream, frozen desserts, water and air purifiers.
Its portfolio includes leading brands such as Lux, Lifebuoy, Surf excel, Rin, Wheel, Fair & Lovely, Pond’s, Vaseline, Lakmé, Dove, Clinic Plus, Sunsilk,Pepsodent, Closeup, Axe, Brooke Bond, BRU, Knorr, Kissan, Kwality Wall’s and Pureit. The products are available in over seven million outlets acrossIndia.
In terms of market reach, HUL has almost 100 suppliers & associates, over 3,000 distributers and a broad market penetration through more than 2.4million stores.
In its latest quarterly results, the company has reported a growth of 11.1% at ₹92,340 million as against ₹83,090 million in same quarter previous year.The volume growth for the quarter stood healthy at 10% with better growth in rural market on back of improved demand. All the key businesssegments of the company has reported early double digits growth in the quarter.
The operating margins for the company stood 21.9% at ₹20,190 in Q2-FY19 as against 20.2% at ₹16,820 in Q2-FY18, an improvement of ~160 basispoints. The profit after tax margins for the company stood at 16.5% in the quarter as against 15.4% in same quarter previous year. The improvement inmargins are due to cost savings program undertaken by the company.
Over the medium term, HUL’s existing strategy and positioning through various of its program like WiMI, premiumize and up trade opportunity in variousof its product categories seems to be paying off well and is also expected to deliver favourable returns in future.
With most of macro, fiscal disruptions over and FMCG market showing early signs of growth we expect tailwinds like upcoming elections, lowercommodity prices, favourable exchange rates, higher MSP to add to the volume growth as well as value growth for the companies.
With HUL being largest FMCG company with one of the largest footprint in terms of products and distribution network and its strategy to target volumegrowth primarily should drive health growth in medium term. The company has also entered into health drinks segment with proposed amalgamation ofGSK Consumer business which we believe is value neutral while earnings accretive for HUL at current ratio. The deal at completion could add tentativelyaround ₹4 in HUL’s EPS on post dilution shares.
We initiate our coverage on Hindustan Unilever Limited (HUVR/HUL) with a BUY rating and a target price of ₹2,250 per share.
HUL: A bellwether player in its industry.
Hindustan Unilever Limited (HUVR)
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History and Key Milestones
Source: Company, Anand Rathi Research
Year Key historic Milestone
1888 Sunlight soap introduced in India.
1895 Lifebuoy soap launched; Lever Brothers appoints agents in Mumbai, Chennai, Kolkata and Karachi.
1902 Pears soap introduced in India.
1903 Brooke Bond Red Label tea launched.
1905 Lux soap and Lux flakes introduced.
1913 Vim scouring powder introduced.
1914 Vinolia soap launched in India.
1918 Vanaspati introduced by Dutch margarine manufacturers like Van den Berghs, Jurgens, Verschure Creameries, and Hartogs.
1922 Rinso soap powder introduced.
1924 Gibbs dental preparations launched.
1925 Lever Brothers gets full control of North West Soap Company.
1926 Hartogs registers Dalda Trademark.
1930 Unilever is formed on January 1st through merger of Lever Brothers and Margarine Unie.
1931 Hindustan Vanaspati Manufacturing Company registered on November 27th; Sewri factory site bought.
1932 Vanaspati manufacture starts at Sewri.
1933 Application made for setting up soap factory at Sewri; Lever Brothers India Limited incorporated.
1934Soap manufacture begins at Sewri factory; North West Soap Company's Garden Reach Factory, Kolkata rented and expanded to produce Lever brands.
1935 United Traders incorporated on May 11 to market Personal Products.
1939 Garden Reach Factory purchased outright; concentration on building up Dalda Vanaspati as a brand.
1941 Agencies in Mumbai, Chennai, Kolkata and Karachi taken over; Company acquires own sales force.
1943 Personal Products manufacture begins in India at Garden Reach Factory.
1947 Pond's Cold Cream launched.
1956 Three companies merge to form Hindustan Unilever Limited, with 10% Indian equity participation.
1958 Research Unit starts functioning at Mumbai Factory.
1959 Surf launched.
1962 Formal Exports Department starts.
1964 Etah dairy set up, Anik ghee launched; Animal feeds plant at Ghaziabad; Sunsilk shampoo launched.
Hindustan Unilever Limited (HUVR)
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…Contd.
Source: Company, Anand Rathi Research
Year Key historic Milestone
1965 Signal toothpaste launched; Indian shareholding increases to 14%.
1966 Lever's baby food, more new foods introduced; Nickel catalyst production begins; Indian shareholding increases to 15%.
Taj Mahal tea launched.
1969 Rin bar launched; Fine Chemicals Unit starts production; Bru coffee launched.
1971 Clinic shampoo launched.
1974 Pilot plant for industrial chemicals at Taloja; Liril marketed.
1975 Close-up toothpaste launched.
1976 Construction work of Haldia chemicals complex begins; Taloja chemicals unit begins functioning.
1978 Indian shareholding increases to 34%; Fair & Lovely skin cream launched.
1984 Foods, Animal Feeds businesses transferred to Lipton.
1986 Agri-products unit at Hyderabad starts functioning - first range of hybrid seeds comes out.
Khamgaon Soaps unit and Yavatmal Personal Products unit start production.
1988 Launch of Lipton Taaza tea.
1991 Surf Ultra detergent launched.
1993 The erstwhile Brooke Bond India acquires the Kissan brand from the United Breweries Group.
1994 Tata Oil Mills Company (TOMCO), merges with the company, the biggest such in Indian industry till that time.
HUL forms Unilever Nepal Limited
HUL & Kimberley-Clark Corporation form 50:50 JV - Kimberley-Clark Lever Ltd. - to market Huggies diapers & Kotex products.
HUL acquires Kwality and Milkfood 100% brandnames and distribution assets. HUL introduces Wall's.
1995 HUL enters branded staples business with salt.
1996 HUL and Indian cosmetics major, Lakme Ltd., form 50:50 joint venture - Lakme Lever Ltd
1998 HUL acquires Lakme brand, factories and Lakme Ltd.'s 50% equity in Lakme Lever Ltd.
2000 HUL acquires 74% stake in Modern Food Industries Ltd
2002 HUL enters Ayurvedic health & beauty centre category with the Ayush range and Ayush Therapy Centres.
2008 Pureit launched across India.
2016 Sales of six HUL brands; Surf excel, Brooke Bond, Wheel, Lifebuoy, Rin and Fair & Lovely cross the ₹2,000 crore mark.
Surf excel crosses the 3000 crore mark.
Hindustan Unilever Limited (HUVR)
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Revenue growth has been increasing with steady margins in past.
Source: Company, Anand Rathi Research
Revenue & Revenue Growth (₹ Mn.) EBITDA & EBITDA margin
HUL’s revenue has registered a CAGR of 5% in latest five years, the growth was marginal in FY-16 to FY-17 due to impact of
demonetisation followed by GST implementation which led to overall slowdown in FMCG sector. However, in FY-18 the growth
has come back moderately and has since strengthened the momentum in current financial year.
For the H1-FY19, HUL has reported a growth of 11.2% in its revenues of which volume growth was around 11% for the period.
In terms of profitability, the company has consistently improved its operating margins in last five years. The total margins
improvement for the company for the period was ~490 basis points despite facing challenges in revenue growth in few years
impacted by fiscal policy decisions. The improvement in margins was mainly due to improvement in overall efficiency of the
company. FY-18 was the seventh consecutive year of margins improvement.
2,00,000
2,75,000
3,50,000
4,25,000
FY-14 FY-15 FY-16 FY-17 FY-18
10%
15%
20%
25%
30%
20,000
35,000
50,000
65,000
80,000
FY-14 FY-15 FY-16 FY-17 FY-18
EBITDA (₹ Mn.) EBITDA Margins (RHS)
Hindustan Unilever Limited (HUVR)
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Business Segments & Key Brands
Source: Company, Anand Rathi Research
HUL Business Segments
Others (~2%)Home Care (33%)
• Detergents• Floor Cleaners• Kitchen Cleaners• Fabric
Conditioners
• Infant Care• Famine Care• Exports
Foods & Refreshment (18%)
• Tea & Coffee• Cold Beverages• Ice Creams• Jams, Ketchup• Salts & Atta
Beauty & Personal Care (47%)
• Bathing Soaps• Shampoo• Deodorants• Toothpaste• Skincare Cream• Hair Care
Hindustan Unilever Limited (HUVR)
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Segment wise performance
Source: Company, Anand Rathi Research
Home care Segment Beauty & Personal Care Segment
In terms business segments, HUL’s business is driven primarily by four segments Home Care, Beauty & Personal Care, Foods &
Refreshments and Others which contribute 33%, 47%, 18% and 2% respectively to the revenues.
Home Care business of HUL comprises of products used primarily for home utility purpose like floor cleaners (Domex), kitchen
cleaners (Vim), fabric conditioners (Comfort), detergents (Surf Excel, Rin, Sunlight). The company currently has eight brands in
this portfolio with multiple product extensions for each brand.
In Beauty & Personal Care business the company offers products targeted to individual use like bathing soap (Pears, Dove, Lux,
Lifebuoy, etc.), Shampoo (Sunsilk, ClinicPlus) , deodorants (Axe, Ponds), toothpaste (Closeup, Pepsodent), skincare (Lakme,
Vaseline, Fair & Lovely), haircare (Brylcreem) etc.
-5%
2%
9%
16%
23%
15,000
20,000
25,000
30,000
35,000
Sales (₹ Mn.) Growth YoY (RHS)
-5%
0%
5%
10%
15%
35,000
37,500
40,000
42,500
45,000
Sales (₹ Mn.) Growth % (RHS)
Hindustan Unilever Limited (HUVR)
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… contd.
Source: Company, Anand Rathi Research
Foods & Refreshment Segment Others Segment
The Foods & Refreshment business of the company caters to products like Tea & Coffee (Lipton, Bru, Red Label, Taj), Cold
Beverages, Ice Creams (Cornetto, KwalityWall’s, Magnum), Jams (Kissan), Ketchup (Kissan), Salts & Atta (Annapurna).
The others business of the company includes products for Infant (Baby Dove) & Feminine Care along with exports by the
company.
In terms of growth, all the top three segments of the company have witnessed growth over in early double digits for the latest
quarter ended Sep-18 while Others segment contributing around 2% grew 4.7%. The overall blended volume growth for the
company during the quarter stood at 10%.
The company has witnessed revival in growth in Sep-18 quarter which was mainly due to better growth in rural market on back
of improved demand coupled with tailwinds like good monsoon, increase in MSP which added to the growth.
3%
6%
9%
12%
15%
10,000
12,000
14,000
16,000
18,000
Sales (₹ Mn.) Growth % (RHS)
-50%
-32%
-14%
4%
22%
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600
1,200
1,800
2,400
Sales (₹ Mn.) Growth % (RHS)
Hindustan Unilever Limited (HUVR)
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Segment wise volume and margins
Source: Company, Anand Rathi Research
Segment EBIT margins
Over the last ten quarters, the volume growth for the company has bounced back to health early double digits post
events like demonetization and GST implementation. The growth mix was rural markets driven with a value growth
multiple of around 1.3 times urban growth.
In terms of profitability, the Beauty & Personal Care segment continues to be largest segment in terms of contribution
to revenues as well as in terms of margins. The EBIT margins for this segment stood at 26% in Sep-18 quarter. This is on
back of greater premiumization witnessed in the segment as compared to other segments.
While the other two larger segments Home Care and Food & Refreshments continues to report EBIT margins in mid
teens.
-10%
0%
10%
20%
30%
Home Care Beauty & Personal Care
Foods & Refreshment Others
-5%
0%
5%
10%
15%
Standalone Volume Growth
Hindustan Unilever Limited (HUVR)
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The Strategy,
Source: Company, Anand Rathi Research
To be competitive in the FMCG sector the companies have to have an evolving approach towards markets and HUL is current undergoing such initiative.
The company has undertaken a broad strategy of re-imaging itself in the Indian market with seven key areas under the initiative.
These includes differentiated approach towards the structure of the markets in terms of demographics, affluence, habits and category. The company
thus has a Winning in Many India (WiMI) strategy to focus on these aspects.
In terms of portfolio, the company is focusing on driving penetration and distribution and not only targeting opportunities to premiumize and up trade
but also constantly innovating and renovating the core portfolio of products.
Coming to the trade channels and value chain, the company is also focusing on improving throughput in its existing channels and also has started
building future channels of modern trade like E-commerce ets.
Hindustan Unilever Limited (HUVR)
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The outcome
HUL’s ongoing re-imaging strategy has so far shown favourable
results in last two years.
The company’s various business operating matrix have shown
improvement in terms of speed, coverage of the market along
with better operational matrix in terms of lower inventory days,
better net working capital and well placed capital reserves to
undertake faster inorganic growth.
Source: Company, Anand Rathi Research
Hindustan Unilever Limited (HUVR)
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The Industry
Source: Company, Anand Rathi Research
FMCG Industry Structure
Food Products (19%)
• Dairy products• Tea/coffee• Sugar• Vegetable oils• Bakery products• Confectionery• Processed foods• Branded flour, etc.
Household & Personal Care (50%)
• Oral care, skin care• Soaps & Detergents• Tooth powder• Hair Shampoo• Toothpaste• Hair oil,• Creams & lotions• Agarbattis,• Fragrances &
essentional oils, etc.
Healthcare (31%)
• Over the counter (OTC) products & ethicals
Hindustan Unilever Limited (HUVR)
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Revenue growth has been increasing with steady margins in past.
Source: Company, CII Bain;2017, Anand Rathi Research
Per Capita FMCG Consumption FMCG Spending per capita (US$ 2016)
FMCG industry is the fourth largest sector in the Indian economy and provides employment to around 3 million people. Over the years, India FMCG
sector has been growing at a healthy pace on account of growing disposable income, booming youth population and increasing brand consciousness
among consumers.
This demand is shaped by factors such as, noticeable shift in demographics with rising income middle class, rise in number of smaller towns entering
consumption. There is high attention on the affluent and elite households in India, but the major focus has been in metros, state capitals and larger
towns. There is a strong and growing market in the next tier of towns with population of less than 1 million. It is estimated that these 600 towns will add
another 30% of elite/affluent households. (Source: FMCG Sector Growth & Logistc Innovaton; Assocham).
In terms of per capita FMCG consumption India stands lowest within its developing country peers at just around US$29 as against Indonesia which
amounts to almost double while China at four times India’s consumption.
Historically, if we look at the FMCG spending per capita for the world, we can conclude that FMCG growth follows an S-curve; India is at the cusp and has
significant room to grow in the next 5 to 10 years.
-
300
600
900
1,200
India Indonesia China Philippines
2x
4x
5x
1x
Hindustan Unilever Limited (HUVR)
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Rural is showing faster growth than urban markets lately.
Source: Company, CII, BCG, IBEF, TRA, Anand Rathi Research
FMCG Sector Industry Break-up (2017-18) Existing and Future trends for the Industry
Urban segment is the largest contributor to the overall revenue generated by the FMCG sector in India. However, Rural segment is growing
at a rapid pace and accounted for a revenue share of 45% in the overall revenues recorded by FMCG sector in India. FMCG products account
for 50% of total rural spending.
As reported by the major companies in India in the last few years, the FMCG market has grown at a faster pace in rural India compared with
urban India. In 2018-19, revenues from the rural segment are expected to grow 15-16 per cent outpacing its urban peers by more than 700
basis points.
Urban55%
Rural45%
Current Forecast
• FMCG marketreached US$ 52.75billion in FY18.
• The rural FMCGmarket reached US$23.63 billion in FY18.
• The online FMCGmarket reached US$20 billion in 2017.
• FMCG market isexpected reach US$103.7 billion by 2020.
• The rural market isexpected to grow toUS$ 220 billion by2025.
• The online FMCGmarket is forecastedto reach US$ 45billion in 2020.
Hindustan Unilever Limited (HUVR)
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The way forward
Source: Company, Anand Rathi Research
With broad fundamentals looking better for the overall FMCG sector in India, we believe there are also some rural
specific factors which looks positive for the medium term.
The overall good monsoon, higher MSP and upcoming elections for states and central government could provide
tailwinds to the existing growth momentum.
The decline in macro commodities like crude oil, palm oil and stable currency should also add to the favourable factors
for the sector and the companies in terms of margins.
Hindustan Unilever Limited (HUVR)
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We expect growth to maintain momentum of latest quarter along with gradual improvement margins.
Revenue estimates (₹ Mn.)
We expect HUL to grow at a CAGR of 13.5% in next two years. We estimate the company to report revenues of
₹401,280 million in FY-19E and ₹457,561 million in FY-20.
The operating margins for the company should continue to improve with our estimate of around 120 basis points
over two years. We expect company’s EBITDA margins to be around 21.8% in FY-19E and 22.3% in FY-20E.
Source: Company, Anand Rathi Research
EBITDA & EBITDA margin estimates
10%
15%
20%
25%
30%
30,000
50,000
70,000
90,000
1,10,000
FY-17 FY-18 FY-19E FY-20E
EBITDA (₹ Mn.) EBITDA Margins (RHS)
2,00,000
2,75,000
3,50,000
4,25,000
5,00,000
FY-17 FY-18 FY-19E FY-20E
Hindustan Unilever Limited (HUVR)
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With factors such as, noticeable shift in demographics
with rising income middle class, rise in number of smaller
towns entering consumption.
The FMCG industry is a strong and growing market in the
next tier of towns with population of less than 1 million. It
is estimated that these 600 towns will add another 30% of
elite/affluent households.
HUL being largest FMCG company with one of the largest
footprint in terms of products and distribution network
and its strategy to target volume growth primarily should
drive health growth in medium term.
At CMP the stock is trading at 62x times FY19E and 53x FY-
20E consolidated earnings.
We initiate our coverage on Hindustan Unilever Limited
(HUVR) with a BUY rating and a target price of ₹2,250 per
share.
Relative stock performance (Dec’17=100)
Valuation and Recommendation:
Source: Bloomberg, Anand Rathi Research
Source: Company, Anand Rathi Research
(In ₹ mn) FY-17 FY-18 FY-19E FY-20E
EPS (₹) 20.7 24.1 29.4 34.3
P/E (x) 88.8 76.2 62.4 53.5
P/B (x) 58.9 54.6 50.7 45.7
ROE 66.4% 71.6% 81.2% 85.4%
ROCE 83.1% 84.5% 96.7% 103.1%
EV/EBIDTA (x) 59.4 50.4 42.1 36.2
Hindustan Unilever Limited (HUVR)
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Margins FY-17 FY-18 FY-19E FY-20E
Sales Growth % 2.9% 6.9% 12.9% 14.0%
Operating Margin % 19.0% 21.1% 21.8% 22.3%
Net Margin % 13.5% 14.7% 15.9% 16.2%
Consolidated Financials:
Source: Company, Anand Rathi Research
(In ₹ Mn.) FY-17 FY-18 FY-19E FY-20E
Liabilities
Equity Share Capital 2,450 2,450 2,450 2,450
Reserves & Surplus 64,990 70,360 75,919 84,489
Total Shareholder's Funds 67,440 72,810 78,369 86,939
Minority Interest 220 200 200 200
Long-Term Liabilities - - - -
Other Long-term Liabilities 12,260 16,740 16,740 16,740
Deferred Tax Liability (1,700) (3,020) (3,020) (3,020)
Short-term Liabilities 77,140 88,870 1,00,314 1,14,384
Total 1,55,360 1,75,600 1,92,603 2,15,243
Assets
Net Fixed Assets 46,690 50,050 51,438 54,587
Long-Term L&A 7,080 9,070 9,070 9,070
Non Current Investments 60 20 20 20
Other Non-Current Assets 20 20 20 20
Current Asset 1,01,510 1,16,440 1,32,055 1,51,547
Total 1,55,360 1,75,600 1,92,603 2,15,243
(In ₹ Mn.) FY-17 FY-18 FY-19E FY-20E
Net Sales 3,32,520 3,55,500 4,01,280 4,57,561
Operating Expense 2,69,250 2,80,490 3,13,960 3,55,707
EBITDA 63,270 75,010 87,319 1,01,854
Other Income 3,690 3,840 7,022 8,007
Depreciation 4,320 5,200 5,136 5,857
EBIT 62,640 73,650 89,205 1,04,004
Interest 350 260 253 253
Misc. items 2,370 (330) - -
PBT 64,660 73,060 88,952 1,03,752
Tax 19,760 20,790 25,312 29,524
Minority Interest (140) (130) - -
PAT 44,760 52,140 63,640 74,228
Hindustan Unilever Limited (HUVR)
NOTE: HUL-GSK-CH amalgamation has been announced today. Our financials does not include GSK-CH financials as deal is pending shareholder approval.
19 Anand Rathi Research
The company’s business is exposed to palm oil price risks. Any significant rise could lower margins from expectations.
The company’s business is indirectly exposed to overall economic factors like inflation, interest rates and forex rates.
Any significant adverse volatility could lower revenue growth than estimated.
Key Risks:
Hindustan Unilever Limited (HUVR)
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Rating and Target Price history:
Date Rating Target Price (₹) Share Price (₹)
03-Dec-18 BUY 2,250 1,836
APNT rating detailsAPNT rating history & price chart
Source: Bloomberg, Anand Rathi Research Source: Bloomberg, Anand Rathi Research
NOTE: Prices are as on 3 December 2018 close.
Hindustan Unilever Limited (HUVR)
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Continued…
Hindustan Unilever Limited (HUVR)
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Disclaimer:
Contd…
Opinions expressed are our current opinions as of the date appearing on this Research only. We do not undertake to advise you as to any change of our views expressed in this Report. Research Report may differ between ARSSBL’s RAs and/ or ARSSBL’s associate companies on account of differences in research methodology, personal judgment and difference in time horizons for which recommendations are made. User should keep this risk in mind and not hold ARSSBL, its employees and associates responsible for any losses, damages of any type whatsoever.
ARSSBL and its associates or employees may; (a) from time to time, have long or short positions in, and buy or sell the investments in/ security of company (ies) mentioned herein or (b) be engaged in any other transaction involving such investments/ securities of company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) these and other activities of ARSSBL and its associates or employees may not be construed as potential conflict of interest with respect to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall ARSSBL and its associates or employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind.
Details of Associates of ARSSBL and Brief History of Disciplinary action by regulatory authorities & its associates are available on our website i. e. www.rathi.com
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Copyright: - This report is strictly confidential and is being furnished to you solely for your information. All material presented in this report, unless specifically indicated otherwise, is under copyright to ARSSBL. None of the material, its content, or any copy of such material or content, may be altered in any way, transmitted, copied or reproduced (in whole or in part) or redistributed in any form to any other party, without the prior express written permission of ARSSBL. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of ARSSBL or its affiliates, unless specifically mentioned otherwise.
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Hindustan Unilever Limited (HUVR)
23 Anand Rathi Research
Disclaimer:
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Statements on ownership and material conflicts of interest, compensation - ARSSBL and Associates
Sr. No.
Statement
Answers to the Best of the knowledgeand belief of the ARSSBL/ itsAssociates/ Research Analyst who ispreparing this report
1ARSSBL/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? Nature of Interest (if applicable), is givenagainst the company’s name?. NO
2
ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company, at theend of the month immediately preceding the date of publication of the research report or date of the public appearance?. NO
3ARSSBL/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or atthe time of public appearance?. NO
4 ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months. NO
5ARSSBL/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the pasttwelve months.
NO
6ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerageservices from the subject company in the past twelve months. NO
7
ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking ormerchant banking or brokerage services from the subject company in the past twelve months. NO
8ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the subject company or third party inconnection with the research report. NO
9 ARSSBL/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company. NO
10 ARSSBL/its Associates/ Research Analyst/ his Relative has been engaged in market making activity for the subject company. NO
Hindustan Unilever Limited (HUVR)