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  "documentTitle": "Kao Corporation (4452.JP)",
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  "presentationDate": "2024-04-25 00:00:00",
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  "notes": "Uses a waterfall-style bridge to illustrate the gap between current company forecasts and market-aligned potential.",
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      "text": "Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets",
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      "text": "Seizing the opportunity - as Beiersdorf, Galderma and L'Oréal have done would create substantial upside.",
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      "text": "Curél Revenue Forecast (JPY billion) 2022-27",
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      "text": "CAGR: 5.3%",
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      "text": "Kao Consigns Brands to Mediocrity. Kao anticipates Curél can achieve a CAGR of 5.3% till 2030... L'Oréal grew CeraVe revenue in 2023 by almost as much as Kao expects to grow Curél's revenue over eight years.",
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      "text": "Growth is everywhere... As for CeraVe, it recorded a 39% growth... Growth is everywhere at 25% in the US and 61% internationally.",
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      "text": "Growth is everywhere... As for CeraVe, it recorded a 39% growth, becoming number one in cleansing and body in the dermocosmetics market. Growth is everywhere at 25% in the US and 61% internationally. — Myriam Cohen-Welgryn, President, Dermatological Beauty Division, L'Oréal, Q4 2023 Earnings Conference Call February 9, 2024",
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      "text": "Source: L'Oreal FY2023 Earnings Call, Oasis calculations based on sell-side analyst estimates for Curel revenue and Kao September 2023 Presentation Material",
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      "text": "Curél and freeplus CAGR lag the market",
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      "text": "1. Untapped Potential – Curél + freeplus",
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