Hindustan Unilever. Institutional Equities. Company Update. Faster And Stronger BUY. Sector: FMCG CMP: Rs1,350 Target Price: Rs1,570 Upside: 16%

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1 Company Update Institutional Equities Hindustan Unilever Reuters: HLL.BO; Bloomberg: HUVR IN Faster And Stronger We reiterate our positive view on the Home and Personal Care (HPC) space and continue to highlight Hindustan Unilever (HUL) as our Top Buy idea. Goods and Services Tax or GST windfall underpriced: GST Council s decision to reduce the tax rate on premium consumer goods by 1% (from 28% to 18%) was a significant windfall for the sector. In our opinion, GST rate cut is underpriced and we believe it could easily uplift HPC segment s long-term growth rate by 2%-3% supported by improved market penetration, higher per capita consumption and premiumisation. HUL has an edge over competition because around 4% of its portfolio was under the 28% tax bracket, higher than its peers (except Gillette India which caters to a different segment). HUL was proactive in reducing prices and has gone for price cuts ranging from 7%-24% in product categories such as hair care, skin care, foods and detergents and also increased grammage in case of massmarket detergent brands (See Exhibit 1). Margin-accretive innovation: HUL continues to strengthen its innovation agenda in mid-to-premium brands like Lifebuoy, Surf, Dove, etc. It is also focusing on smaller but potentially large segments like air purifier. To increase its digital presence, HUL recently launched a mobile application called Skin Advisor Live (S.A.L.) which helps women transform their approach to skin care by giving them informative advice and solutions. All these activities are expected to create brand awareness and expand its reach and ultimately lead to margin expansion. Global strategy further to aid the impetus: Unilever PLC has indentified Naturals as a key focus area which is also reflected in its recent buyout of Schmidt Naturals and Sundial Brands. Some of these brands could have a salience for India in future. Unilever PLC is focusing on growth of core brands, streamlining the supply chain, and cost savings by adopting measures like Zero Based Budgeting (ZBB) leading to operating margin expansion. We believe the benefits of these measures could flow through its Indian operations as well. Valuation and outlook: We expect HUL to deliver competitive top-line and profitability growth and further higher rural focus in 218 could support this growth impetus. Therefore we have retained Buy rating on HUL with a revised target price of Rs1,57 by September 218, implying an upside of 16% from the CMP. We have marginally increased our earnings estimates by 1.3% and 5.4% in FY19 and FY2 respectively and also revised our earnings multiple (5x) to factor in improved market conditions and growth rates going forward. 2 December 217 BUY Sector: FMCG CMP: Rs1,35 Target Price: Rs1,57 Upside: 16% Vijay Chugh Research Analyst vijay.chugh@nirmalbang.com Abhishek Navalgund Research Associate abhishek.navalgund@nirmalbang.com Key Data Current Shares O/S (mn) 2,164.5 Mkt Cap (Rsbn/US$bn) 2,921.4/ Wk H / L (Rs) 1,352/782 Daily Vol. (3M NSE Avg.) 1,226,327 One -Year Indexed Stock Performance Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Price Performance (%) HINDUSTAN UNILEVER Nifty 5 1 M 6 M 1 Yr Hindustan Unilever Nifty Index Source: Bloomberg

2 Exhibit 1: Price cut by HUL post reduction in GST rate from 28% to 18% Category Brand SKU Old price New price % reduction Detergents Active Wheel 1 Kg % Detergents Surf Excel Matic 1 ltr % Detergents Surf Excel Matic 5g % Detergents Rin 125g % extra Detergents Vim 8g % extra Foods Knorr 68g % Shampoo Sunsilk 34ml % Skin care Lakme 9g % Skin care Lakme 4.3g % Skin care Fair and Lovely facewash 2g % Skin care Ponds skin cream 23g % Refreshments Bru 5g % Exhibit 2 : Newspaper advertisements indicating price cuts and promotions Source: Times of India, Nirmal Bang Institutional Equities Research 2 Hindustan Unilever

3 Exhibit 3: Recent advertisement campaigns and new launches Brand Dove Lifebuoy Surf Excel Pureit Advertisement campaign/launch New nourishing hand wash launched. Yound girl empowerment campaign (hand wash). Kickstart #HaarkoHarao campaign Advertisement commercial promoting Pureit air purifier. Domex Kissan Ponds Ponds Introduced toilet cleaning powder at an affordable price point to promote sanitation. Real Togetherness campaign. New advertisement campaign Jhappi.(cold cream). Launch of mobile app Skin Advisor Live. Source: Nirmal Bang Institutional Equities Research Focus on naturals segment at parent level The Naturals trend is evolving all over the world and Unilever PLC was proactive while foraying into this segment. Its core strategy involves expanding presence in naturals category and the same was reflected from its recent buyout of Schmidt Naturals and Sundial brands. Some of these brands could have salience for India in future. The company is introducing naturals across categories i.e. personal care and home care. Data indicates that currently naturals account for 27% of global personal care sales and Unilever PLC is already growing well ahead of the market. Core focus on naturals portfolio at the parent level gives an edge to HUL over local players and there could be a similar growth rate in Indian market which is currently dominated by Patanjali. Exhibit 4: Naturals segment of Unilever PLC outpacing the market Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research 3 Hindustan Unilever

4 Exhibit 5: Focus on naturals in personal care strategy of Unilever PLC Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research Exhibit 6: Key thrust in home care strategy of Unilever PLC Exhibit 7: Latest acquisition by Unilever PLC in naturals space Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research Exhibit 9: Peer Comparison Company Exhibit 8: Change in our estimates Y/E March Old estimate New estimate Change (%) (Rsmn) FY18E FY19E FY2E FY18E FY19E FY2E FY18E FY19E FY2E Net sales 3,4,289 3,64,326 3,92,79 3,4,289 3,68,611 4,4, EBITDA 72,451 84,942 95,312 72,451 85,946 1,, EBITDA (%) bps PAT 52,576 61,73 69,414 52,576 62,55 73, Source: Bloomberg, Nirmal Bang Institutional Equities Research CMP Target price Mkt cap (USD mn) P/Sales (x) EV/EBITDA (x) P/E (x) Sales CAGR FY18E FY19E FY2E FY18E FY19E FY2E FY18E FY19E FY2E %* EBITDA CAGR %* EPS CAGR %* Hindustan Unilever Ltd. 1,35 1,57 45, Godrej Consumer Products Ltd. 991 N.R. 1, Dabur India Ltd , Marico Ltd 313 N.R. 6, Procter & Gamble Hygiene & Healthcare 9,423 N.R. 4, Emami India Ltd. 1,35 1,8 4, Colgate Palmolive (India) Ltd 1,74 1,1 4, Gillette India Ltd 6,873 7, 3, Jyothy Laboratories Limited 394 N.R. 1, Source: Bloomberg, Nirmal Bang Institutional Equities Research *3yearCAGR FY17-FY2E 4 Hindustan Unilever

5 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Institutional Equities Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Exhibit 1: Quarterly underlying volume trend (%) (1.). (1) 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 (2) (3) (4) (5) (4.) Exhibit 12: Robust EBITDA growth likely (Rsmn) (%) 1,2, ,, , , , 5.2 2, 5 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E EBITDA EBITDA Growth Exhibit 14: Return ratios inching upwards (Rsmn) (%) 8, , , , , , , , 2 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E Capital Employed RoCE RoE Exhibit 11: Improved top-line performance likely (Rsmn) (%) 4,5, ,, 16 3,5, 14 3,, ,5, ,, ,5, 6 1,, , 2 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E Sales Sales growth Exhibit 13: Margin profile to witness significant improvement (Rsmn) (%) 8, , , , 4, , , 1, 5 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E Net Profit PAT margin EBITDA margin Exhibit 15: One-year forward P/E (x) Forward PE Median 5 Hindustan Unilever

6 Financials (standalone) Exhibit 16: Income statement Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY2E Net Sales 3,1,61 3,18,899 3,4,289 3,68,611 4,4,848 % Growth COGS 1,53,53 1,56,842 1,6,836 1,7,575 1,83,484 Staff costs 15,728 16,198 16,792 18,62 19,433 Advertising costs 36, 34,693 37,755 38,254 43,15 Other expenses 48,338 5,697 52,455 55,774 58,629 Total expenses 2,53,118 2,58,429 2,67,838 2,82,665 3,4,561 EBITDA 57,491 6,47 72,451 85,946 1,,287 % growth EBITDA margin (%) Other income 5,638 5,259 5,45 5,979 6,565 Interest costs Depreciation 3,28 3,96 4,943 5,112 5,269 PBT (before exceptional items) 59,769 61,554 72,793 86,812 1,1,582 Exceptional items (38) 2, Tax 18,96 19,6 2,446 24,37 28,443 PAT (before exceptional items) 41,673 42,494 52,346 62,55 73,139 PAT 41,365 44,94 52,576 62,55 73,139 PAT margin (%) % Growth (4.6) Exhibit 18: Balance sheet Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY2E Share capital 2,164 2,164 2,164 2,164 2,164 Reserves 6,63 62,74 65,53 67,84 66,652 Net worth 62,794 64,94 67,217 69,967 68,816 Total debt Deferred tax liability (1,68) (1,6) (1,6) (1,6) (1,6) Total liabilities 71,4 73,894 74,646 78,148 77,913 Gross block 31,95 43,19 46,69 5,69 54,69 Depreciation 2,93 6,65 11,593 16,76 21,975 Net block 29,2 36,54 35,97 33,984 32,715 Capital work-in-progress 3,98 5,73 7,5 7,5 7, Investments 3,19 2,6 7,223 7,824 8,558 Inventories 25,28 23,62 23,97 25,567 25,78 Debtors 1,64 9,28 8,531 1,762 1,341 Cash 3,12 19,77 22,949 28,174 24,952 Loans & advances 2,94 3,12 3,25 3,521 3,851 Other current assets 4,87 6,25 5,417 5,868 8,558 Total current assets 95,524 94,114 91,565 1,3,624 1,8,72 Creditors 54,98 6,6 59,543 61,963 68,738 Other current liabilities & provisions 11,54 11,96 14,446 2,343 17,545 Total current liabilities 66,52 72,2 73,989 82,35 86,283 Net current assets 29,4 22,94 17,576 21,319 21,789 Total assets 71,4 73,894 74,646 78,148 77,913 Exhibit 17: Cash flow Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY2E PAT 41,365 44,94 52,576 62,55 73,139 Depreciation 3,28 3,96 4,943 5,112 5,269 Other income (5,638) (5,259) (5,45) (5,979) (6,565) (Inc.)/dec. in working capital (786) 7,14 3,22 4,37 1,567 Cash flow from operations 43,787 56,4 6,721 71,654 79,976 Capital expenditure (-) (6,622) (13,23) (5,27) (4,) (3,5) Net cash after capex 37,165 42,774 55,451 67,654 76,476 Interest paid (-) Dividends paid (-) (41,395) (42,929) (5,263) (59,755) (74,291) Inc./(dec.) in total borrowings Inc./(dec.) in investments 2,476 (9,99) (128) (3,155) (5,994) Cash from financial activities (39,315) (42,149) (51,824) (59,3) (73,374) Others - 1, Opening cash balance 28,61 3,12 19,77 22,949 28,174 Closing cash balance 3,12 19,77 22,949 28,174 24,952 Exhibit 19: Key ratios Y/E March FY16 FY17 FY18E FY19E FY2E Per share (Rs) EPS Book value DPS Valuation (x) P/Sales EV/sales EV/EBITDA P/E P/BV Return ratios (%) RoCE RoE Profitability ratios (%) Gross margin EBITDA margin EBIT margin PAT margin Liquidity ratios (%) Current ratio Quick ratio Solvency ratio (%) Debt-to-equity ratio Turnover ratios Total asset turnover ratio (x) Fixed asset turnover ratio (x) Debtor days Inventory days Creditor days Hindustan Unilever

7 Apr-17 Apr-17 May-17 May-17 May-17 Jun-17 Jun-17 Jul-17 Jul-17 Aug-17 Aug-17 Sep-17 Sep-17 Oct-17 Oct-17 Oct-17 Nov-17 Nov-17 Dec-17 Institutional Equities Rating track Date Rating Market price (Rs) Target price (Rs) 29 September 217 Buy 1,17 1, October 217 Buy 1,272 1,46 2 December 217 Buy 1,35 1,57 Rating track graph Not Covered Covered 7 Hindustan Unilever

8 Disclaimer Stock Ratings Absolute Returns BUY > 15% ACCUMULATE -5% to15% SELL < -5% DISCLOSURES This Report is published by Nirmal Bang Equities Private Limited (hereinafter referred to as NBEPL ) for private circulation. NBEPL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 214 having Registration no. INH1436. NBEPL is also a registered Stock Broker with National Stock Exchange of India Limited and BSE Limited in cash and derivatives segments. NBEPL has other business divisions with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets. NBEPL or its associates have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. NBEPL, its associates or analyst or his relatives do not hold any financial interest in the subject company. NBEPL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. NBEPL or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research report. NBEPL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. NBEPL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and NBEPL / analyst has not been engaged in market making activity of the subject company. Analyst Certification: We, Vijay Chugh, the Independent Research Analyst and Abhishek Navalgund, Research Associate are the authors of this report, hereby certify that the views expressed in this research report accurately reflects our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. 8 Hindustan Unilever

9 DISCLAIMER This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. NBEPL is not soliciting any action based upon it. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any such transaction. In preparing this research, we did not take into account the investment objectives, financial situation and particular needs of the reader. This research has been prepared for the general use of the clients of NBEPL and must not be copied, either in whole or in part, or distributed or redistributed to any other person in any form. If you are not the intended recipient you must not use or disclose the information in this research in any way. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. NBEPL will not treat recipients as customers by virtue of their receiving this report. This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject NBEPL & its group companies to registration or licensing requirements within such jurisdictions. The report is based on the information obtained from sources believed to be reliable, but we do not make any representation or warranty that it is accurate, complete or up-to-date and it should not be relied upon as such. We accept no obligation to correct or update the information or opinions in it. NBEPL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. NBEPL or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. This information is subject to change without any prior notice. NBEPL reserves its absolute discretion and right to make or refrain from making modifications and alterations to this statement from time to time. Nevertheless, NBEPL is committed to providing independent and transparent recommendations to its clients, and would be happy to provide information in response to specific client queries. Before making an investment decision on the basis of this research, the reader needs to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of their particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. Opinions expressed are subject to change without any notice. Neither the company nor the director or the employees of NBEPL accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. Here it may be noted that neither NBEPL, nor its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profit that may arise from or in connection with the use of the information contained in this report. This report is jointly prepared by Independent Research Analyst, Mr. Vijay Chugh who is registered with SEBI as Research Analyst having registration no. INH529 and Mr. Abhishek Navalgund employed with NBEPL as Research Associate. As represented by Third Party Research Analyst, there is no material conflict of interest of him. We reviewed the third party research report for material fact and information before distribution of the same. Copyright of this document vests exclusively with NBEPL. Our reports are also available on Access all our reports on Bloomberg, Thomson Reuters and Factset. Team Details: Name Id Direct Line Rahul Arora CEO rahul.arora@nirmalbang.com - Girish Pai Head of Research girish.pai@nirmalbang.com / 18 Dealing Ravi Jagtiani Dealing Desk ravi.jagtiani@nirmalbang.com , Pradeep Kasat Dealing Desk pradeep.kasat@nirmalbang.com /811, Michael Pillai Dealing Desk michael.pillai@nirmalbang.com /813, Nirmal Bang Equities Pvt. Ltd. Correspondence Address B-2, 31/32, Marathon Innova, Nr. Peninsula Corporate Park, Lower Parel (W), Mumbai-413. Board No. : /1; Fax. : Hindustan Unilever

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