We value HUL based on 45x P/E on Jun-20 EPS to arrive TP of Rs 1,709. We recently downgraded HUL to NEUTRAL owing to limited upside. HULs domestic revenue growth of 16% (like-like) driven by 12% volume growth was bang on with our estimates. Favorable base (5% revenue growth in 1QFY18), gradual improvement in demand drivers along with companys own initiatives (new launches, distribution expansion, digital push) aided growth. EBITDA/APAT grew by 21% each (in-line).