Nestle versus Dutch Lady (A Comparative Study)


3.4.2012 3.4.2012
Nestle Dutch Lady
Income Statement
31/12/2011 31/12/2011
RM (m) RM (m)
Revenue 4,700.99 810.65
Gross Profit 1,542.12 304.47
Operating Profit 579.428 139.372
Financing costs -21.398 -0.919
PBT 558.809 141.553
PAT 456.301 108.082
EPS (basic) sen 194.58 168.88
EPS (diluted) sen
Balance Sheet
NCA 987.259 74.048
CA 1015.064 324.465
Total Assets 2002.323 398.513
Total Equity 640.86 259.154
NCL 446.723 4.051
CL 914.74 135.308
Total Liabilities 1361.463 139.359
Total Eq + Liab 2002.323 398.513
Net assets per share 2.730 4.05
Cash & Eq 52.461 193.143
LT Borrowings 337.711 0
ST Borrowings 4.223 0
Net Cash -289.473 193.143
Inventories 517.573 93.448
Trade receivables 444.854 36.713
Trade payables 878.321 121.831
Quick Ratio 0.54 1.71
Current Ratio 1.11 2.40
Cash flow statement
PBT 558.809 141.553
OPBCWC 681.492
Cash from Operations 640.247 188.290
Net CFO 581.844 161.940
CFI -90.683 -7.135
CFF -461.013 -47.319
Capex -93.015 -10.882
FCF 488.829 151.058
Dividends paid -398.650 -46.400
DPS (sen) 180.00 72.5
No of ord shares (m)
basic 234.5 64
diluted
Financial Ratios
Gross Profit Margin 32.80% 37.56%
Net Profit Margin 9.71% 13.33%
Asset Turnover 2.35 2.03
Financial Leverage 3.12 1.54
ROA 22.79% 27.12%
ROC 49.05% 163.73%
ROE 71.20% 41.71%
Valuation 3.4.2012 3.4.2012
Price  55.9 36
Market cap (m) 13108.55 2304.00
P/E 28.73 21.32
P/BV 20.45 8.89
P/FCF 26.82 15.25
P/Div 32.88 49.66
DPO ratio 0.87 0.43
EY 3.48% 4.69%
FCF/P 3.73% 6.56%
DY 3.04% 2.01%