Nestle India Ltd

Nestle India Limited is an India-based company engaged in food business. The Company operates in the Food segment.

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Pros:

Company is virtually debt free.

Company has a good return on equity (ROE) track record: 3 Years ROE 38.60%

Company has been maintaining a healthy dividend payout of 65.78%

Cons:

Stock is trading at 30.73 times its book value

The company has delivered a poor growth of 4.41% over past five years.

Peer Comparison Sector: FMCG // Industry: Food - Processing - MNC

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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	2,249	2,343	2,266	2,492	2,402	2,514	2,601	2,757	2,698	2,939	2,897	3,003
	1,784	1,859	1,877	1,974	1,941	1,930	2,068	2,060	2,053	2,214	2,347	2,265
Operating Profit	465	483	389	517	462	584	533	697	645	725	551	738
OPM %	21%	21%	17%	21%	19%	23%	21%	25%	24%	25%	19%	25%
Other Income	5	37	43	42	41	43	51	56	60	67	75	73
Interest	22	22	21	23	23	23	23	31	28	27	25	32
Depreciation	89	88	87	87	85	86	84	83	82	93	78	78
Profit before tax	359	410	323	450	395	518	477	640	595	672	522	701
Tax %	33%	32%	40%	32%	33%	34%	35%	34%	34%	34%	35%	34%
Net Profit	240	278	195	307	263	343	312	424	395	446	342	463
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	TTM
	3,501	4,328	5,129	6,255	7,515	8,335	9,101	9,855	8,175	9,141	10,010	11,292	11,538
	2,861	3,492	4,134	5,016	5,990	6,509	7,153	7,823	6,620	7,313	7,913	8,675	8,879
Operating Profit	640	836	995	1,239	1,525	1,825	1,948	2,032	1,555	1,829	2,097	2,618	2,658
OPM %	18%	19%	19%	20%	20%	22%	21%	21%	19%	20%	21%	23%	23%
Other Income	64	31	35	35	21	31	97	94	-391	161	177	259	276
Interest	1	2	1	1	5	27	37	14	3	91	92	112	112
Depreciation	75	92	111	128	153	277	330	338	347	354	342	336	331
Profit before tax	629	773	917	1,145	1,388	1,553	1,678	1,774	814	1,545	1,839	2,429	2,491
Tax %	34%	31%	29%	29%	31%	31%	33%	33%	31%	35%	33%	34%
Net Profit	414	534	655	819	962	1,068	1,117	1,185	563	1,001	1,225	1,607	1,646
EPS in Rs	37.50	48.17	59.69	76.90	91.91	102.89	107.62	111.55	48.50	103.85	127.07	166.66
Dividend Payout %	77%	77%	71%	57%	49%	44%	42%	51%	83%	61%	68%	69%

* Sales is net of excise duty and discounts

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018
	96	96	96	96	96	96	96	96	96	96	96	96
Reserves	322	377	485	759	1,178	1,702	2,272	2,741	2,721	3,186	3,324	3,577
Borrowings	3	0	0	0	971	1,050	1,189	20	18	33	35	35
	1,027	1,261	1,501	1,752	2,217	2,387	2,848	3,067	3,367	3,633	4,060	4,559
Total Liabilities	1,449	1,734	2,082	2,607	4,462	5,236	6,406	5,924	6,202	6,948	7,516	8,268
	602	753	896	1,013	1,576	3,204	3,369	3,177	2,898	2,730	2,616	2,401
CWIP	74	109	80	349	1,372	344	295	245	231	188	94	105
Investments	94	35	203	151	134	365	851	812	1,325	1,756	1,979	2,658
	679	837	903	1,095	1,380	1,322	1,891	1,691	1,749	2,274	2,827	3,104
Total Assets	1,449	1,734	2,082	2,607	4,462	5,236	6,406	5,924	6,202	6,948	7,516	8,268

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018
	519	722	928	1,037	1,158	1,693	1,796	1,644	1,098	1,466	1,818	2,052
	-169	-252	-255	-446	-1,528	-941	-441	-432	-70	-126	-131	-52
	-372	-374	-542	-544	323	-513	-580	-1,635	-498	-666	-997	-1,317
Net Cash Flow	-22	96	130	47	-47	239	775	-423	529	674	691	683

	Dec 2007	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018
ROCE %	157%	174%	175%	161%	90%	62%	53%	56%	46%	54%	57%	71%
Debtor Days	6	4	5	4	6	4	3	4	4	4	3	4
Inventory Turnover	10.33	10.35	10.99	11.64	11.47	11.27	12.29	12.47	9.82	10.38	10.87	12.09