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%