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

Dutch Lady: How do you value this stock?

Dutch Lady

FYE 31st Dec Qtr  Year Revenue Earnings  EPS Div NAV ttm-EPS ROE Q4 2011 211.404 28.37 44.33 37.5 4.05 168.88 41.70% Q3 2011 201.708 23.6 36.87 35 3.98 141.48 35.55% Q2 2011 200.892 27.775 43.4 0 3.61 125.43 34.75% Q1 2011 196.643 28.338 44.28 0 3.53 111.59 31.61% Q4 2010 156.768 10.835 16.93 37.5 3.09 99.83 32.31% Q3 2010 183.619 13.822 20.82 35 3.27 107.98 33.02% Q2 2010 185.784 18.918 29.56 0 3.07 118.74 38.68% Q1 2010 170.454 20.812 32.52 0 3.14 113.23 36.06% Q4 2009 169.521 16.048 25.08 57.19 2.81 94.39 33.59% Q3 2009 177.129 20.21 31.58 8.44 Q2 2009 176.631 15.389 24.05 0 Q1 2009 168.566 8.753 13.68 0

Dutch Lady	31/12/2011	31/12/2010	Absolute Chg	Change
Revenue	810.65	696.63	114.02	16.37%
Gross Profit	304.47	248.664	55.81	22.44%
Operating Profit	139.372	89.221	50.15	56.21%
Financing costs	-0.919	0	-0.92	#DIV/0!
PBT	141.553	90.104	51.45	57.10%
PAT	108.082	63.887	44.20	69.18%
EPS (basic) sen	168.88	99.82	69.06	69.18%
NCA	74.048	73.246	0.80	1.09%
CA	324.465	234.244	90.22	38.52%
Total Assets	398.513	307.49	91.02	29.60%
Total Equity	259.154	197.472	61.68	31.24%
NCL	4.051	3.757	0.29	7.83%
CL	135.308	106.261	29.05	27.34%
Total Liabilities	139.359	110.018	29.34	26.67%
Total Eq + Liab	398.513	307.49	91.02	29.60%
Net assets per share	4.05	3.09	0.96	31.07%
Cash & Eq	193.143	85.657	107.49	125.48%
LT Borrowings	0	0	0.00	#DIV/0!
ST Borrowings	0	0	0.00	#DIV/0!
Net Cash	193.143	85.657	107.49	125.48%
Inventories	93.448	72.722	20.73	28.50%
Trade receivables	36.713	75.176	-38.46	-51.16%
Trade payables	121.831	99.638	22.19	22.27%
Current Ratio	2.40	2.20	0.19	8.78%
PBT	141.553	90.104	51.45	57.10%
OPBCWC			0.00	#DIV/0!
Cash from Operations	188.290	123.391	64.90	52.60%
Net CFO	161.940	98.389	63.55	64.59%
CFI	-7.135	-8.064	0.93	-11.52%
CFF	-47.319	-46.400	-0.92	1.98%
Capex	-10.882	-9.089	-1.79	19.73%
FCF	151.058	89.300	61.76	69.16%
Dividends paid	-46.400	-46.400	0.00	0.00%
DPS (sen)	72.5	72.5	0.00	0.00%
No of ord shares (m)	64	64	0.00	0.00%
Financial Ratios
Net Profit Margin	13.33%	9.17%	0.04	45.38%
Asset Turnover	2.03	2.27	-0.23	-10.21%
Financial Leverage	1.54	1.56	-0.02	-1.24%
ROA	27.12%	20.78%	0.06	30.54%
ROC	163.73%	57.14%	1.07	186.57%
ROE	41.71%	32.35%	0.09	28.91%
Valuation	5.3.2012	5.3.2011
Price	29.5	17.38	12.12	69.74%
Market cap (m)	1888.00	1112.32	775.68	69.74%
P/E	17.47	17.41	0.06	0.33%
P/BV	7.29	5.63	1.65	29.34%
P/FCF	12.50	12.46	0.04	0.34%
P/Div	40.69	23.97	16.72	69.74%
DPO ratio	0.43	0.73	-0.30	-40.89%
EY	5.72%	5.74%	0.00	-0.33%
FCF/P	8.00%	8.03%	0.00	-0.34%
DY	2.46%	4.17%	-0.02	-41.08%

The price of Dutch Lady was RM 29.50 on 5.3.2012.  Its price a year ago, on 5.3.2011 was RM 17.38.  However, look at their  PEs.  Today, Dutch Lady is trading at PE of 17.47 while it was trading at PE of 17.41 a year ago.  :-)