Agree.
EPS looks more like 60 in 2020 Fin Yr (not WSJ's 2021)
In 2021 it should be 86 ( that's factoring in 50% marketing spend increase per annum right through from FY2018 actual to 200 in 2021. But that may be light. Why highlight marketing spend? Likely to be a well justified, massive increase to capitalise on first-mover advantage. China building blocks very well in place. P&L easy to model.In $ terms, margin growth ( quantum + 1-2 % improvement from scale) will more than balance marketing spend growth, ensuring revenue growth cascading down to maintaining EPS momentum. ( 10 years China FMCG experience talking).
Although USA looks very promising medium term, China will drive next few years.
Chart Update, page-6075
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