two noteworthy topics from Unilever's investor day (focused on S Asia)
most investors dont view UL as beauty products co, but they have become an industry stalwart 
UL's overall beauty business has been growing at almost a 6% organic CAGR
thus rapidly outgrowing the rest of UL's portfolio and becoming the primary engine for overall growth
UL's beauty product dominance in India is even more compelling
where its organic beauty growth is ~2x faster than overall company growth (these #s = all of S Asia, not just India), and 70% (!) YTD online beauty growth
the other interesting point was Unilever mgmt's capital allocation; here is HUL stock performance in the ~decade through 2012 (narrator: notable under performance); right at the end of this period...
...UL mgmt reacquired 15% of HUL (their controlled Indian subsidiary) on the open market, and the subsequent returns...
...have been >impressive.
UL mgmt getting criticized for high valuation HUL paying GSK for its Indian consumer franchise, but are paying w currency (~all stock) they themselves acquired for 65% less than current price, & that currency currently valued at a 53% P/E premium vs what they are acquiring
Summary:
outside of luxury, beauty = fastest growing CPG sector, & Unilever on track to get ~50% of their rev from beauty, + overindexed to EMs
relative to other legacy CPG, UL mgmt hasnt made egregious unforced errors re capital allocation; one could argue the exact opposite
outside of luxury, beauty = fastest growing CPG sector, & Unilever on track to get ~50% of their rev from beauty, + overindexed to EMs
relative to other legacy CPG, UL mgmt hasnt made egregious unforced errors re capital allocation; one could argue the exact opposite
