Table of Contents
Investment Thesis ....................................................................3
Assessing the staples cycle....................................................6
Winners and Losers in ‘Value for Money’ ............................12
Earnings and Valuation..........................................................24
Company Profiles...................................................................33
Beiersdorf ...............................................................................34
Givaudan.................................................................................36
Henkel......................................................................................38
L'Oréal .....................................................................................40
Oriflame...................................................................................42
Reckitt Benckiser ...................................................................44
SCA..........................................................................................46
Unilever NV/Plc.......................................................................48
Valuation Methodology..........................................................50