We value Colgate based on P/E of 35x on Jun-20 EPS to arrive at a TP of Rs 1,185 (Rs 1,219). Colgate registered 6.6/4% revenue/volume growth (exp. 11/6%). Despite favorable base (-5% in 1QFY18), good traction for Swarna Vedshakti and improving consumption dynamics, volume growth remained tepid.