Hindustan Unilever limited - Heads I Win, Tails You Loose, Retain SELL - Emkay

Reco: SELL
CMP: Rs 685
Target Price: Rs 525

- Addressing excitement and fear; Remote possibility of another corporate action by Unilever Plc; low probability of another windfall to investors

- Cut the noise and focus on fundamentals; challenging business environment restricting revenue growth to 12% yoy and net profit growth to 8% yoy in FY13-15E period

- Expensive valuations at 40X FY15E earnings; higher than Asian Paints, Colgate and Nestle which have much stronger category dynamics. Retain Sell

Source : Equity Bulls

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