Carlsberg versus Dutch Lady (A Comparative Study)

	7.4.2012		3.4.2012
	Carlsberg		Dutch Lady
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
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
Net assets per share	2.060		4.05
Cash & Eq	72.196		193.143
LT Borrowings	0		0
ST Borrowings	22.251		0
Net Cash	49.945		193.143
Inventories	62.538		93.448
Trade receivables	231.108		36.713
Trade payables	214.185		121.831
Quick Ratio	1.21		1.71
Current Ratio	1.46		2.40
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
Capex	-27.701		-10.882
FCF	126.836		151.058
Dividends paid	-127.268		-46.400
DPS (sen)	41.63		72.5
No of ord shares (m)
basic	305.748		64
diluted
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
ROA	17.42%		27.12%
ROC	28.80%		163.73%
ROE	26.52%		41.71%
Valuation	7.4.2012		3.4.2012
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
EY	5.10%		4.69%
FCF/P	3.86%		6.56%
DY	3.88%		2.01%
DIO   (Days)	#DIV/0!		67
DSO  (Days)	57		17
DPO  (Days)	#DIV/0!		88
CCC   (Days)	#DIV/0!		-4