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 34.20 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:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	2,343	2,266	2,492	2,402	2,514	2,601	2,757	2,698	2,939	2,897	3,003	3,001
	1,859	1,877	1,974	1,941	1,930	2,068	2,060	2,053	2,214	2,347	2,265	2,304
Operating Profit	483	389	517	462	584	533	697	645	725	551	738	697
OPM %	21%	17%	21%	19%	23%	21%	25%	24%	25%	19%	25%	23%
Other Income	37	43	42	41	43	51	56	60	67	75	73	73
Interest	22	21	23	23	23	23	31	28	27	25	32	30
Depreciation	88	87	87	85	86	84	83	82	93	78	78	81
Profit before tax	410	323	450	395	518	477	640	595	672	522	701	659
Tax %	32%	40%	32%	33%	34%	35%	34%	34%	34%	35%	34%	34%
Net Profit	278	195	307	263	343	312	424	395	446	342	463	438
EPS in Rs	28.87	20.27	31.82	27.32	35.59	32.34	43.98	40.97	46.27	35.45	48.05	45.40
	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	11,840
	2,861	3,492	4,134	5,016	5,990	6,509	7,153	7,823	6,620	7,313	7,913	8,675	9,130
Operating Profit	640	836	995	1,239	1,525	1,825	1,948	2,032	1,555	1,829	2,097	2,618	2,711
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	288
Interest	1	2	1	1	5	27	37	14	3	91	92	112	114
Depreciation	75	92	111	128	153	277	330	338	347	354	342	336	330
Profit before tax	629	773	917	1,145	1,388	1,553	1,678	1,774	814	1,545	1,839	2,429	2,554
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	1,689
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	175.17
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	Jun 2019
	96	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	3,898
Borrowings	3	0	0	0	971	1,050	1,189	20	18	33	35	35	52
	1,027	1,261	1,501	1,752	2,217	2,387	2,848	3,067	3,367	3,633	4,060	4,559	4,625
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	8,672
	602	753	896	1,013	1,576	3,204	3,369	3,177	2,898	2,730	2,616	2,401	2,313
CWIP	74	109	80	349	1,372	344	295	245	231	188	94	105	96
Investments	94	35	203	151	134	365	851	812	1,325	1,756	1,979	2,658	2,503
	679	837	903	1,095	1,380	1,322	1,891	1,691	1,749	2,274	2,827	3,104	3,760
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	8,672

	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