MNCs cash in on high valuations of HUL, Maruti & others as subsidiaries beat foreign parents
1/14
Local vs Global
Multinational companies are eager to capitalize on the booming Indian stock markets, with over a dozen firms reducing their stakes in local operations over the past year. Additionally, several others, including Hyundai and LG, are planning public offerings. GE T&D India is the latest addition to a growing list of global firms—such as Wabco, ITC, Styrenix Performance Materials, Federal-Mogul Goetze, Timken India—seeking to take advantage of the premium valuations in India, which significantly outpace those of their international peers.
2/14
HUL
2Y Stock Returns of Indian Subsidiary: 11.6%
PE: 65.4
Parent Company: Unilever
2Y Stock Returns of Parent: 42%
Parent co's PE: 33.9
PE: 65.4
Parent Company: Unilever
2Y Stock Returns of Parent: 42%
Parent co's PE: 33.9
3/14
Maruti Suzuki
2Y Stock Returns of Indian Subsidiary: 31.4%
PE: 26.1
Parent Company: Suzuki
2Y Stock Returns of Parent: 27.3%
Parent co's PE: 0.8
PE: 26.1
Parent Company: Suzuki
2Y Stock Returns of Parent: 27.3%
Parent co's PE: 0.8
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4/14
Nestle India
2Y Stock Returns of Indian Subsidiary: 38.3%
PE: 77.1
Parent Company: Nestle SA
2Y Stock Returns of Parent: -20%
Parent co's PE: 10
PE: 77.1
Parent Company: Nestle SA
2Y Stock Returns of Parent: -20%
Parent co's PE: 10
5/14
Siemens
2Y Stock Returns of Indian Subsidiary: 127.4%
PE: 97.6
Parent Company: Siemens AG
2Y Stock Returns of Parent: 66.8%
Parent co's PE: 17.3
PE: 97.6
Parent Company: Siemens AG
2Y Stock Returns of Parent: 66.8%
Parent co's PE: 17.3
6/14
ABB India
2Y Stock Returns of Indian Subsidiary: 146.5%
PE: 102.8
Parent Company: ABB REG
2Y Stock Returns of Parent: 89.9%
Parent co's PE: -0.6
PE: 102.8
Parent Company: ABB REG
2Y Stock Returns of Parent: 89.9%
Parent co's PE: -0.6
7/14
United Spirits
2Y Stock Returns of Indian Subsidiary: 80.7%
PE: 79
Parent Company: Diageo
2Y Stock Returns of Parent: -32.8%
Parent co's PE: 27.2
PE: 79
Parent Company: Diageo
2Y Stock Returns of Parent: -32.8%
Parent co's PE: 27.2
8/14
Cummins India
2Y Stock Returns of Indian Subsidiary: 213.2%
PE: 57
Parent Company: Cummins Inc
2Y Stock Returns of Parent: 39.8%
Parent co's PE: 13.4
PE: 57
Parent Company: Cummins Inc
2Y Stock Returns of Parent: 39.8%
Parent co's PE: 13.4
9/14
Abbott India
2Y Stock Returns of Indian Subsidiary: 59.9%
PE: 47.7
Parent Company: Abbott Lab
2Y Stock Returns of Parent: 10.4%
Parent co's PE: 38.1
PE: 47.7
Parent Company: Abbott Lab
2Y Stock Returns of Parent: 10.4%
Parent co's PE: 38.1
10/14
Colgate-Palmolive
2Y Stock Returns of Indian Subsidiary: 130%
PE: 69.9
Parent Company: Colgate
2Y Stock Returns of Parent: 35.7%
Parent co's PE: 23.6
PE: 69.9
Parent Company: Colgate
2Y Stock Returns of Parent: 35.7%
Parent co's PE: 23.6
11/14
P&G Health
2Y Stock Returns of Indian Subsidiary: 25.7%
PE: 42.3
Parent Company: P&G
2Y Stock Returns of Parent: 26%
Parent co's PE: 46.0
PE: 42.3
Parent Company: P&G
2Y Stock Returns of Parent: 26%
Parent co's PE: 46.0
12/14
United Breweries
2Y Stock Returns of Indian Subsidiary: 24.8%
PE: 121.1
Parent Company: Heineken
2Y Stock Returns of Parent: -10.4%
Parent co's PE: -9.9
PE: 121.1
Parent Company: Heineken
2Y Stock Returns of Parent: -10.4%
Parent co's PE: -9.9
13/14
Oracle Financial
2Y Stock Returns of Indian Subsidiary: 51%
PE: 65.3
Parent Company: 3M Co
2Y Stock Returns of Parent: 36.8%
Parent co's PE: 24.1
PE: 65.3
Parent Company: 3M Co
2Y Stock Returns of Parent: 36.8%
Parent co's PE: 24.1
14/14
3M India
2Y Stock Returns of Indian Subsidiary: 51%
PE: 65.3
Parent Company: 3M Co
2Y Stock Returns of Parent: 36.8%
Parent co's PE: 44.3
PE: 65.3
Parent Company: 3M Co
2Y Stock Returns of Parent: 36.8%
Parent co's PE: 44.3