Kalina is a relatively small, local cosmetics manufacturer but with a significant market share across Russia. The company has a strong local distribution base and sales force, which is expensive and difficult for foreign competitors to emulate. Rapidly rising local consumer expenditure is fast spilling over into 'fripperies' and Kalina, with its mid-to-low market brands, is in a very strong position to benefit. The company has little debt, is lowly rated, yet producing high teens growth at the EPS level. To any foreign competitor keen to expand, it is an obvious take-out (similar to the recent acquisition of Lebedyansky (juices) by PepsiCo).
| Sedol |
Type |
Price |
Date |
| 7130922 |
Buy |
USD 33.40 |
31/03/2008 |
|
