4. Consumer Products Co reports growth by segment in the “Management’s Discussion and Analysis” section of its annual report (shown here in Exhibit 15.6, Part A) for a given year. For this year, does each segment have the same organic growth characteristics? As an approximation, set organic growth equal to the sum of volume excluding acquisitions, price, and other. Based on growth by segment, can Consumer Products Co be valued as a whole, or should individual segments be valued separately?

EXHIBIT 15.6 Consumer Products Co: Annual Report A. Net sales change drivers vs. year ago, %
Segment Volume with acquisitions and divestitures Volume excluding acquisitions and divestitures Foreign exchange Price Other Net sales growth Styling (2) (1) (4) 2 0 (4)
Refinement (6) (5) (6) 5 (2) (9)
Medical (4) (3) (5) 4 (2) (7)
Snacks (6) (6) (4) 9 (2) (3)
Upholstery and home care (3) (3) (5) 6 0 (2)
Baby and family care 1 2 (4) 5 (1) 1 Company (3) (2) (4) 5 (1) (3)
B. Footnote 10: Financials by segment, $ million Segment Revenues Operating profit Styling 19,011 3,455 Refinement 7,602 2,116 Medical 13,688 3,559 Snacks 3,177 400 Upholstery and home care 23,882 4,820 Baby and family care 14,949 2,997 Corporate (1,301) (1,562)
Company 81,008 15,785