HUL - Simplicity Within Complexity: ICICI Securities
It still is an employer of choice and has potential to accelerate merger and acquisition.
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ICICI Securities Report
Hindustan Unilever Ltd.'s analyst meet always gives the feeling of it being a complex business (keywords of robotics, data lakes, nanotech, many four-letter acronyms etc.).
However, this analyst walked away with higher visibility and confidence on its simple business model. HUL is now applying winning in many India at scale, produces high quality products (per it's blind tests) in factories with new-tech and has an evolving sales system (Shikhar is a true competitive advantage, in our view).
It still is an employer of choice and has potential to accelerate merger and acquisition. Premiumisation continues to be the top agenda; we reckon margin gains will be reinvested for further category development (discounted cash flow-accretive).
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