2. HUL Trading Comparables Valuation.xlsx

	B	C	D	E	F	G
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2	Relative Company Valuation of Hindustan Unilever Ltd
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4	Comparable Companies Multiples
5	Comparable Companies	Multiples
6	Comparable Companies	PE Ratio	PB Ratio	EV/EBITDA	EV/Sales	EV/EBIT
7	Nestle India Ltd	37.3x	27.9x	25.4x	5.6x	29.3x
8	Britannia Industries Limited	59.7x	38.9x	42.1x	7.8x	46.5x
9	Godrej Consumer Products Limited	68.1x	10.2x	41.4x	8.4x	45.3x
10	Dabur India Limited	49.0x	8.1x	37.1x	6.9x	45.9x
11	ITC Limited	24.2x	6.9x	18.2x	5.7x	19.4x
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13	High	68.1x	38.9x	42.1x	8.4x	46.5x
14	Median	49.0x	10.2x	37.1x	6.9x	45.3x
15	Low	24.2x	6.9x	18.2x	5.6x	19.4x
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17	Implied Enterprise Value of HUL	493,046	497,152	550,447	447,429	608,988
18	(-) Debt	14	14	14	14	14
19	(+) Cash & Cash Equivalents	4,442	4,442	4,442	4,442	4,442
20	Value of Equity (INR crore)	497,474	501,580	554,875	451,857	613,416
21	No of Equity Shares Outstanding (crore)	235	235	235	235	235
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23	Value per Share (INR)	2,117	2,134	2,361	1,923	2,610
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25	Conclusion	Overvalued	Overvalued	Undervalued	Overvalued	Undervalued
26	Premium %	9.40%	8.50%	-1.92%	20.44%	-11.28%
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28	HUL's Key Financial Data:
29	Particulars	INR crore
30	EBITDA of HUL	14,854
31	Sales of HUL	64,866
32	EBIT of HUL	13,451
33	PAT of HUL	10,067
34	Net worth of HUL	48,716
35	Book value per share	207
36	Share price as on 31/12/25	2,316
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