Result Update 1QFY2013 | FMCG

August 14, 2012

Godrej Consumer Products

Performance Highlights
Quarterly result (Consolidated)
Y/E March (` cr) Revenue EBITDA OPM (%) Recurring PAT
Source: Company, Angel Research

NEUTRAL
CMP Target Price
Investment Period

`630 -

1QFY13 1,389 181 13.0 130

1QFY12 998 143 14.3 100

% yoy 39.2 26.9 (126) 30.3

4QFY12 1,323 248 18.8 168

% qoq 5.0 (27.0) (570) (22.2)

Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code FMCG 21,454 (1,244) 0.4 658/370 40,516 1 17,728 5,380 GOCP.BO GCPL@IN

Godrej Consumer Products Ltd (GCPL), in its 1QFY2013 results, reported an impressive top-line growth of 39.2% yoy to `1,389cr. The Indian subcontinent business registered a growth of 23% yoy on account of a robust growth in homecare and personal wash segments. The international business registered an organic growth of 31%, aided by an impressive performance from Indonesia and LatAm as well as due to favorable impact of INR depreciation. Key highlights of the quarter: The Company reported a robust growth in its homecare and personal wash categories, growing by 27% and 42% yoy respectively. On the operating front, the company reported a 126bp yoy decline in margin to 14.3%. The recurring PAT for the quarter grew by 30.3% yoy to `130cr. However, the reported profit declined y-o-y on account of a higher base (due to one-time exit compensation of `156.2cr related to use of Kiwi license). During the quarter, the company entered the air fresheners category with the launch of AER. Outlook and valuation: GCPLs recent acquisitions have been in line with its 3X3 strategy and are expected to enable the company to spread its footprint and grow inorganically. The acquisition of Darling Group, the market leader in hair extension products in the African continent, and Chile based Cosmetica Nacional will continue to drive strong growth for the company in Africa and LatAm. At the current market price, the stock is trading at 23.8x FY2014E consolidated earnings. After valuing the companys various international subsidiaries and giving effect to their varied geographic presence, we believe the current implied valuation of the standalone business is at fair levels. We maintain our Neutral rating on the stock.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 64.0 1.0 27.2 7.8

Abs. (%) Sensex GCPL

3m 9.3 22.7

1yr 5.3 51.1

3yr 15.0 182.3

Key Financials (consolidated)

Y/E March (` cr) Net Sales % chg Net Profit (Adj.) % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

FY2011 3,643 78.5 482 41.8 17.6 14.2 44.5 11.8 38.4 25.0 6.4 36.3

FY2012 4,851 33.2 547 13.6 17.7 16.1 39.2 7.6 33.1 18.7 4.7 26.4

FY2013E 6,097 25.7 744 36.0 18.4 21.9 28.8 6.4 25.5 21.1 3.7 20.2

FY2014E 7,233 18.6 900 21.0 18.6 26.5 23.8 5.3 25.4 23.2 3.1 16.6

V Srinivasan
022-39357800 Ext: 6831 v.srinivasan@angelbroking.com Amit Patil 022-39357800 Ext: 6839 amit.patil@angelbroking.com

Please refer to important disclosures at the end of this report

GCPL | 1QFY2013 Result Update

Exhibit 1: Quarterly performance (Consolidated)

Y/E March (` cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Advertising (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM Interest Depreciation Other Income PBT (excl. Ext Items) Ext Income/(Expense) PBT (incl. Ext Items) (% of Sales) Provision for Taxation (% of PBT) PAT (reported) bef MI PATM Minority Interest Reported PAT Equity shares (cr) FDEPS (Rs)
Source: Company, Angel Research

1QFY13 1,389 664 47.8 129 9.3 153 11.0 261 18.8 1,207 181 13.0 16 20 18 163 163 11.7 11 7 152 10.9 21 130 34 3.8

1QFY12 998 489 49.0 80 8.0 117 11.7 168 16.9 855 143 14.3 19 16 60 167 139 307 30.7 67 22 239 24.0 100 32 3.1

% yoy 39.2 35.7 60.9 30.6 55.1 41.2 26.9 (14.5) 25.0 (69.7) (2.6) (46.8)

4QFY12 1,323 614 46.4 120 9.1 110 8.3 231 17.4 1,075 248 18.8 19 16 20 233 25 258 19.5 60 23

% qoq 5.0 8.1 7.3 39.6 13.2 12.3 (27.0) (15.2) 28.1 (7.2) (30.0) (36.8)

FY2012 4,851 2,319 47.8 392 8.1 450 9.3 830 17.1 3,990 861 17.7 66 64 67 798 (180) 977 20.1 226 23

FY2011 3,643 1,749 48.0 285 7.8 352 9.7 617 16.9 3,002 641 17.6 52 50 73 612 (33) 645 17.7 130 20 548 15.0 482 34 14.2

% chg 33.2 32.6 37.7 27.7 34.6 32.9 34.3

29.1 (7.8) 30.4 51.5 73.6 69.9

(36.6)

198 14.9 5

(23.2)

931 19.2 25

30.3 23.9

168 32 5.2

(22.2) (26.0)

547 34 16.1

13.6 13.6

Home care and Personal wash segments drive top-line growth

GCPL reported an impressive top-line growth of 39.2% yoy to `1,389cr. The Indian sub-continents business registered a growth of 23% yoy. The companys homecare (household insecticides) category grew by 27% yoy in 1QFY2013, 3x faster than the categorys growth of 8%, led by strong marketing investments and distribution synergies. Personal wash (soaps) grew by 42% yoy, led by a 24% yoy volume growth. However, hair care (hair colors) grew by only 5% yoy due to a higher base of the corresponding quarter of the previous year. During the quarter, the company entered air fresheners category with the launch of AER. Revenue from the international business registered an organic growth of 31%, aided by an impressive performance from Indonesia and LatAm as well as favorable impact of INR depreciation.

August 14, 2012

GCPL | 1QFY2013 Result Update

Exhibit 2: Robust top-line performance

1,600 1,400 1,200 1,000 (` cr) 800 600 1,011 1,186 1,344 1,323 1,389 400 715 953 989 200 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 998 62.9 65.5 39.6 91.0 98.6 24.5 35.9 30.9 39.2 120.0 100.0 80.0 60.0 40.0 20.0 ( %) ( %)

Top-line (LHS) Source: Company, Angel Research

yoy growth (RHS)

Recurring profit grows by 30.3% yoy

During the quarter, the company posted an impressive bottom-line performance. The companys recurring profit grew by 30.3% yoy to `130cr. However, the reported profit declined y-o-y on account of a higher base (due to a one-time exit compensation of `156.2cr related to the use of Kiwi license).

Exhibit 3: Recurring PAT up by 30.3% yoy

190 170 150 130 (` cr) 110 90 70 130 120 142 100 144 173 168 83 30 10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 130 50 76.8 54.4 40.9 41.1 94.2 10.8 30.3 43.7 18.3 100.0 80.0 60.0 40.0 20.0 (20.0)

PAT (LHS) Source: Company, Angel Research

yoy growth (RHS)

On the operating front, GCPL reported a 126bp yoy decline in its operating margin to 13.0%. The y-o-y decline in OPM was due to an increase in staff costs and other expenditure, offset to an extent by the cooling of raw material prices and reduction of advertising expenses.

August 14, 2012

GCPL | 1QFY2013 Result Update

Exhibit 4: Gross margin and OPM

60.0 50.0 40.0 50.5 51.6 53.3 51.1 51.0 52.1 53.5 53.6 52.2

Exhibit 5: Ad spends rise q-o-q, fall y-o-y

170 150 130 110 (` cr) 7.4 90 70 111 117 111 112 110 153 50 74 98 30 10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 75 10.4 10.3 11.2 11.7 9.4 8.3 8.3 11.0 14.0 12.0 10.0 8.0 (%) 6.0 4.0 2.0 1Q13

(%)

30.0 20.0 10.0 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 17.8 17.8 16.7 17.0 14.3 17.6

19.7

18.8 13.0

3Q12

4Q12

1Q13

OPM

Gross Margin

Absolute ASP (LHS)

ASP as % of sales (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Double-digit growth in soaps and household insecticides

GCPLs soaps business registered a staggering sales growth of 42% yoy. The strong growth was a result of strong volume growth of ~24% in soaps, much ahead of the categorys volume growth rate of 5%. Hair care (hair colors) grew by a mere 5% yoy on account of a higher base of the corresponding previous year quarter (due to launch of Expert care and advanced color products in 1QFY2012). Household insecticides grew by 27% yoy, 3x the categorys growth rate of 8%. The category continued its good growth due to continuous brand building investments and leveraging distribution synergies resulting in strong growth momentum. New media campaigns of Goodknight and HIT were aired during the quarter.

International business grows by 31% yoy

The companys international business registered an organic sales growth of 31% yoy; with Latin America and Africa reporting a strong top-line performance. LatAm: The LatAm business witnessed a strong sales growth of 94%, with sales at `108cr aided by the consolidation of Chile based Cosmetica Nacional and new product launches. In constant currency terms, the company reported a sales growth of 78% yoy. Asia: The Indonesian business grew by 40% yoy (25% yoy in constant currency terms) and came in at `271cr. The EBITDA margin expanded by 140bp and came in at 18%. Recently launched products such as Mitu range of kid products and HIT variants have shown good performance. Africa: Sales from the African region recorded a robust growth of 236% yoy and stood at `144cr aided by distribution expansion and consolidation of the Darling group. The EBIDTA margin expanded by 850bp and came in at 19.0%. Renew continued its strong growth momentum during the quarter. The company is expected to incur a lower tax expense on account of tax benefits on the Mozambique unit and the Nigerian business. Europe: The European business witnessed sales growth of 17%, with sales at `73cr and EBITDA margin at 13%. The company reported a moderate sales growth on account of sluggish sales growth in the sun care category (due to the wettest summer having been experienced in decades in the UK).
August 14, 2012

GCPL | 1QFY2013 Result Update

Investment rationale
Acquisitions to drive an 11.3% CAGR in earnings over FY201214E and add to EPS: The management has constantly reiterated that all recent international acquisitions have been EPS-accretive. Over FY201214E, we expect GCPL to post an 11.3% CAGR in earnings, largely driven by consolidation of the recent acquisitions. Synergistic benefits and cross-pollination opportunities: We believe there are significant synergistic benefits in terms of distribution and supply-chain networks through the integration of Godrej Household Products Ltd (GHPL), which is likely to get reflected in the companys performance going ahead. Moreover, GHPLs strong presence in Southern India complements GCPLs strong presence in Northern India extremely well, giving GCPL a balanced presence.

Outlook and valuation

GCPLs recent acquisitions have been in line with its 3X3 strategy and are expected to enable the company to spread its footprint and grow inorganically. GCPLs acquisition of Darling Group, the market leader in hair extension products in the African continent and Chile based Cosmetica Nacional will continue to drive strong growth in Africa and LatAm. At the current market price, the stock is trading at 23.8x FY2014E consolidated earnings. After valuing the companys various international subsidiaries and giving effect to their varied geographic presence, we believe the current implied valuation of the standalone business is at fair levels. We maintain our Neutral rating on the stock.

Exhibit 6: Change in estimates

Old estimates (` cr) Revenue OPM (%) EPS (`) FY2013E 5,973 18.4 22.8 FY2014E 7,000 18.6 27.2 New estimates FY2013E 6,097 18.4 21.9 FY2014E 7,233 18.6 26.5 % chg FY2013E 2.1 (4.1) FY2014E 3.3 (2.8)

Source: Company, Angel Research

Exhibit 7: Peer valuation

Company Asian Paints Britannia Colgate Dabur India Godrej Con GSK Con* HUL ITC Marico Nestle* TGBL Reco. Neutral Buy Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Mcap (` cr) 36,195 5,539 16,098 21,294 21,454 11,708 106,988 209,730 11,652 42,942 8,265
#

CMP (`) 3,773 464 1,184 122 630 2,784 495 268 190 4,454 134

TP (`) 633 -

Upside (%) 37 -

P/E (x) FY13E 31.2 22.4 34.2 27.4 28.8 26.6 34.7 28.9 27.9 38.8 21.3 FY14E 26.1 16.9 28.9 23.6 23.8 22.5 30.1 24.8 22.4 31.9 17.9

EV/Sales (x) FY13E 3.1 0.9 5.2 3.5 3.7 3.3 4.0 6.7 2.4 4.9 1.1 FY14E 2.6 0.8 4.5 3.0 3.1 2.8 3.4 5.8 2.0 4.1 1.0

RoE (%) FY13E 37.4 42.7 99.5 43.2 25.5 34.4 70.9 35.6 31.4 71.2 8.6 FY14E 35.3 44.3 94.1 41.4 25.4 32.8 59.8 35.0 29.7 60.3 9.5

CAGR # Sales 17.0 17.4 12.8 15.3 22.1 16.8 15.5 16.9 18.6 16.5 9.7 PAT 18.5 32.7 11.7 18.3 28.3 21.0 17.6 17.0 27.6 15.0 16.9

Source: Company, Angel Research; Note: Denotes CAGR for FY2012-14E;*December year ending

August 14, 2012

GCPL | 1QFY2013 Result Update

Exhibit 8: One year forward Premium vs Sensex

120% 100%

Exhibit 9: One year forward P/E band

800 700 600 Share Price (`) 500 400 300 200 100 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 24x Jun-12

80% 60% 40% 20% 0% -20% -40% Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12

15x

18x

21x

Source: Company, Angel Research

Source: Company, Angel Research

Company Background
GCPL is a leading FMCG company in the household and personal care products category, with brands such as Good Knight, HIT, Cinthol, Godrej No.1 and Expert. The company has built a foothold in Africa, Latin America, Indonesia and UK through several acquisitions. Currently, ~36% of the company's revenue comes from its international business.

August 14, 2012

GCPL | 1QFY2013 Result Update

Profit & loss statement (consolidated)

Y/E March (` cr) Net Sales Other Operating Income Total operating income % chg Total expenditure Cost of Materials Advertising Exp Personnel Others EBITDA % chg (% of Net Sales) Depreciation & amort EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of asso. Recurring PBT % chg Prior Period & Extra Exp/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earn. of asso. Less: Minority interest (MI) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY09 1,393 4 1,397 26.5 1,186 770 97 87 233 207 (3.4) 14.9 19 188 (4.3) 13.5 19 37 17.4 209 11.6 (1) 210 37 17.5 173 173 173 8.4 12.4 6.7 5.1 8.4 FY10 2,041 2 2,044 46.3 1,634 946 133 152 403 407 96.6 20.0 24 384 104.2 18.8 11 45 10.7 420 100.7 420 80 19.1 340 340 340 96.7 16.6 11.0 10.0 96.7 FY11 3,643 3 3,646 78.4 3,002 1,749 352 285 617 641 57.3 17.6 50 591 54.0 16.2 52 70 11.4 612 45.7 (33) 645 130 21.3 515 515 482 41.8 13.2 14.9 14.2 41.8 FY12 4,851 15 4,866 33.5 3,990 2,319 450 392 830 861 34.3 17.7 64 796 34.8 16.4 66 52 6.5 798 30.4 (180) 977 226 28.3 751 24.5 727 547 13.6 11.3 16.1 16.1 13.6 FY13E 6,097 15 6,112 25.6 4,978 2,896 567 488 1,027 1,119 30.0 18.4 68 1,051 32.0 17.2 54 79 7.3 1,092 36.9 1,092 306 28.0 786 42.0 744 744 36.0 12.2 21.9 21.9 36.0 FY14E 7,233 15 7,248 18.6 5,891 3,421 673 579 1,219 1,342 19.9 18.6 80 1,262 20.0 17.4 47 79 6.0 1,308 19.9 1,308 366 28.0 942 42.0 900 900 21.0 12.4 26.5 26.5 21.0

August 14, 2012

GCPL | 1QFY2013 Result Update

Balance Sheet (consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Long term Provisions Other long term liabilities Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loans and advances Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 733 378 127 228 330 403 853 910 305 225 380 553 357 998 285 110 175 3 265 8 359 153 206 1 368 67 660 377 282 8 2,795 167 1,237 227 187 823 736 501 3,754 728 494 234 38 3,458 246 2,041 640 145 1,256 1,208 834 4,809 938 561 376 47 3,608 246 2,302 550 158 1,593 1,383 919 5,196 1,113 642 471 56 3,758 246 2,765 717 158 1,890 1,557 1,208 5,739 853 998 26 546 572 278 4 31 924 955 37 7 32 1,693 1,725 2,001 1 18 9 3,754 34 2,781 2,815 88.00 1,877 (1) 22 7 4,809 34 3,326 3,360 130.00 1,677 (1) 22 7 5,196 34 4,027 4,061 172.00 1,477 (1) 22 7 5,739 FY09 FY10 FY11 FY12 FY13E FY14E

August 14, 2012

GCPL | 1QFY2013 Result Update

Cash flow Statement

Y/E March (` cr) Profit before tax Depreciation Change in Working Capital Interest / Dividend (Net) Direct taxes paid Others Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Interest / Dividend (Net) Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances FY09 209 19 (45) (17) 37 (0) 130 (161) (8) (169) 396 90 120 (8) 375 336 43 352 FY10 420 24 (13) (16) 80 (24) 310 (67) 5 (241) 104 (16) (324) (47) 352 305 FY11 612 50 (389) 25 130 173 342 67 498 1,973 197 25 2,249 (78) 305 227 FY12 798 64 (11) (18) 226 200 806 (760) (760) 657 (126) 182 (18) 367 413 227 640 FY13 1,092 68 (175) (12) 306 0 667 (369) (369) (200) 199 (12) (387) (89) 640 550 FY14E 1,308 80 (123) (19) 366 0 880 (334) (334) (200) 199 (19) (380) 166 550 717

34 (2,736) (33) (2,669)

August 14, 2012

GCPL | 1QFY2013 Result Update

Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) 4.9 43.9 15.8 76.5 6 5.7 47.3 20.6 95.2 9 5.5 44.0 38.5 72.0 42 6.7 59.0 35.6 86.9 30 6.5 58.9 36.5 78.9 35 6.5 58.9 36.5 74.8 35 30.8 109.0 46.6 41.5 166.7 44.5 25.0 121.5 38.4 18.7 113.5 33.1 21.1 123.3 25.5 23.2 111.8 25.4 6.7 5.1 7.5 4.0 22.2 11.0 10.0 11.8 4.1 31.0 14.9 14.2 16.4 5.0 53.3 16.1 16.1 18.7 4.6 82.7 21.9 21.9 25.1 5.0 98.7 26.5 26.5 30.0 5.0 119.3 124.3 84.4 28.3 0.6 15.3 103.1 25.0 63.2 53.5 20.4 0.6 10.4 52.0 21.2 44.5 38.4 11.8 0.8 6.4 36.3 6.2 39.2 33.7 7.6 0.7 4.7 26.4 4.7 28.8 25.1 6.4 0.8 3.7 20.2 4.4 23.8 21.0 5.3 0.8 3.1 16.6 3.9 FY09 FY10 FY11 FY12 FY13E FY14E

August 14, 2012

10

GCPL | 1QFY2013 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies 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. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

GCPL No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

August 14, 2012

11