Carlsberg versus Dutch Lady (A Comparative Study)
| 7.4.2012 | | 3.4.2012 |
| Carlsberg | | Dutch Lady |
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| Income Statement | | | |
| 31/12/2011 | 31/12/2011 |
| RM (m) | | RM (m) |
| Revenue | 1,489.36 | | 810.65 |
| COGS | | | 505.53 |
| Gross Profit | | | 304.47 |
| Operating Profit | 216.036 | | 139.372 |
| Financing costs | -4.385 | | -0.919 |
| PBT | 220.374 | | 141.553 |
| PAT | 167.38 | | 108.082 |
| | | |
| EPS (basic) sen | 54.35 | | 168.88 |
| EPS (diluted) sen | | | |
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| Balance Sheet | | | |
| NCA | 591.354 | | 74.048 |
| CA | 369.504 | | 324.465 |
| Total Assets | 960.858 | | 398.513 |
| | | |
| Total Equity | 631.049 | | 259.154 |
| NCL | 76.033 | | 4.051 |
| CL | 253.776 | | 135.308 |
| Total Liabilities | 329.809 | | 139.359 |
| Total Eq + Liab | 960.858 | | 398.513 |
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| Net assets per share | 2.060 | | 4.05 |
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| | | |
| Cash & Eq | 72.196 | | 193.143 |
| LT Borrowings | 0 | | 0 |
| ST Borrowings | 22.251 | | 0 |
| Net Cash | 49.945 | | 193.143 |
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| | | |
| Inventories | 62.538 | | 93.448 |
| Trade receivables | 231.108 | | 36.713 |
| Trade payables | 214.185 | | 121.831 |
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| | | |
| Quick Ratio | 1.21 | | 1.71 |
| Current Ratio | 1.46 | | 2.40 |
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| Cash flow statement | | | |
| PBT | 220.374 | | 141.553 |
| OPBCWC | 253.167 | | |
| Cash from Operations | 197.728 | | 188.290 |
| Net CFO | 154.537 | | 161.940 |
| CFI | -21.577 | | -7.135 |
| CFF | -162.735 | | -47.319 |
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| | | |
| Capex | -27.701 | | -10.882 |
| FCF | 126.836 | | 151.058 |
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| Dividends paid | -127.268 | | -46.400 |
| DPS (sen) | 41.63 | | 72.5 |
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| No of ord shares (m) | | | |
| basic | 305.748 | | 64 |
| diluted | | | |
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| Financial Ratios | | | |
| | | |
| Gross Profit Margin | 0.00% | | 37.56% |
| Net Profit Margin | 11.24% | | 13.33% |
| Asset Turnover | 1.55 | | 2.03 |
| Financial Leverage | 1.52 | | 1.54 |
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| | | |
| ROA | 17.42% | | 27.12% |
| ROC | 28.80% | | 163.73% |
| ROE | 26.52% | | 41.71% |
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| Valuation | 7.4.2012 | | 3.4.2012 |
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| Price | 10.74 | | 36 |
| Market cap (m) | 3283.73 | | 2304.00 |
| | | |
| P/E | 19.62 | | 21.32 |
| P/BV | 5.20 | | 8.89 |
| P/FCF | 25.89 | | 15.25 |
| P/Div | 25.80 | | 49.66 |
| | | |
| DPO ratio | 0.76 | | 0.43 |
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| EY | 5.10% | | 4.69% |
| FCF/P | 3.86% | | 6.56% |
| DY | 3.88% | | 2.01% |
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| | | |
| DIO (Days) | #DIV/0! | | 67 |
| DSO (Days) | 57 | | 17 |
| DPO (Days) | #DIV/0! | | 88 |
| CCC (Days) | #DIV/0! | | -4 |
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