RESULTS REVIEW 4QFY18 21 MAY 2018
Colgate-Palmolive (India) NEUTRAL
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
Near term recovery priced-in Colgate registered 5/4% revenue/volume growth vs. expectation of 11/6%. Soft commodity inflation, favorable base & cost control initiatives drove healthy EBITDA/PAT growth of 26/26% (expectation 16/20%). Toothpaste industry has delivered 7% (Colgate 2.5%) volume growth in FY18 vs. 2% CAGR (Colgate 1%) during FY16-FY17. Consumers’ renewed affluence towards the natural segment (25% mix for industry) has benefited Dabur and Patanjali (80% combined share). While Colgate, with limited natural products was caught on the back-foot. Additionally, higher wholesale dependence (~50%) has led to decline in market share in FY18 by 170bps to 53.4% (7 year low). Colgate’s premium segment (revenue mix at 4% vs. 8% earlier) i.e. Colgate Sensitive and Colgate Total, was impacted the most by naturals segment. Colgate has launched Cibaca Vedshakti (North) and Swarna Vedshakti (South) to enjoy the growth in naturals. Both these products have received positive response. The strategy going forward is to take Swarna Vedshakti (1% market share) national (launched in South earlier) with wider SKUs. We believe market share will start bottoming out. We model 12% revenue CAGR
during FY18-20E, which factors in pass through of higher inflation and recovery in rural demand. Owing to stiff competition, we expect Colgate to continue to spend abundantly on marketing (~13%). We foresee low-margin expansion of ~160bps over FY18-20E vs. ~600bps in the past three years. We downgrade to neutral (stock is up ~16% since our upgrade in Mar-18), as we believe near term recovery is priced-in. We value Colgate based on P/E of 35x on Mar-20 EPS to arrive at a TP of 1,203.
Highlights of the quarter 26% EBITDA growth: GM expanded by 302bps to 65.7%
owing to soft commodity inflation. A&P grew by -1% YoY (24% in 4QFY17). Employee/Other expenses increased by -1/3%. EBITDA margin expanded by 462bps to 28% (exp. of 25%).
APAT grew by 26%: Other income grew by 6% YoY, however slower tax growth (-1% YoY) resulted in APAT (Rs 117mn of severance pay) growing by 26% to Rs 1.79bn vs. expectation of Rs 1.71bn.
Near-term outlook: With most of the near-term recovery priced-in (stock is up 16% in the last 2 months), we advise investors to look at other mid-cap’s (Marico and Dabur) to play consumption recovery.
Financial Summary (Rs mn) 4QFY18 4QFY17 YoY (%) 3QFY18 QoQ (%) FY16 FY17 FY18P FY19E FY20E Net Sales 10,917 10,375 5.2 10,333 5.6 38,682 39,818 41,880 46,703 52,693 EBITDA 3,075 2,443 25.9 2,824 8.9 9,382 9,444 11,124 12,761 14,833 APAT 1,888 1,426 32.4 1,707 10.6 6,031 5,774 6,637 7,922 9,353 Diluted EPS (Rs) 6.6 5.2 25.6 6.3 4.9 22.2 21.2 24.4 29.1 34.4 P/E (x) 54.5 56.9 49.5 41.5 35.1 EV / EBITDA (x) 34.7 34.5 29.0 25.3 21.5 Core RoCE (%) 82.2 58.3 60.4 68.4 83.0 Source: Company, HDFC sec Inst Research
INDUSTRY FMCG
CMP (as on 21 May 18) Rs 1,208
Target Price Rs 1,203
Nifty 10,517 Sensex 34,616
KEY STOCK DATA Bloomberg CLGT IN
No. of Shares (mn) 272 MCap (Rs bn)/(US$ mn) 328/4,824 6 m avg traded value (Rs mn) 349
STOCK PERFORMANCE (%) 52 Week high / low Rs 1,285/975 3M 6M 12M Absolute (%) 11.7 15.6 18.8 Relative (%) 9.4 12.2 5.2
SHAREHOLDING PATTERN (%) Promoters 51.00 FIs & Local MFs 12.61 FPIs 13.92 Public & Others 22.47 Source : BSE Naveen Trivedi [email protected] +91-22-6171-7324
Siddhant Chhabria [email protected] +91-22-6171-7336
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
Page | 2
Quarterly Financials Particulars (Rs mn) 4QFY18 4QFY17 YoY (%) 3QFY18 QoQ (%) FY18 FY17 YoY (%) Net Revenue 10,917 10,375 5.2 10,333 5.6 41,880 39,818 5.2 Material Expenses 3,750 3,877 (3.3) 3,598 4.2 14,901 14,763 0.9 Employee Expenses 758 763 (0.6) 750 1.1 3,059 2,885 6.0 ASP Expenses 1,436 1,443 (0.5) 1,207 18.9 5,268 5,117 3.0 Other Operating Expenses 1,898 1,849 2.7 1,954 (2.9) 7,528 7,617 (1.2) EBITDA 3,075 2,443 25.9 2,824 8.9 11,124 9,436 17.9 Depreciation 405 341 18.6 396 2.3 1,565 1,332 17.5 EBIT 2,670 2,102 27.0 2,429 10.0 9,559 8,103 18.0 Other Income 85 80 5.9 90 (6.2) 388 411 (5.6) PBT 2,755 2,182 26.3 2,519 9.4 9,947 8,514 16.8 Exceptional (117) - na - na (117) - PBT after exceptional 2,639 2,182 20.9 2,519 4.8 9,830 8,514 15.5 Tax 751 756 (0.7) 812 (7.6) 3,097 2,740 13.0 RPAT 1,888 1,426 32.4 1,707 10.6 6,734 5,774 16.6 APAT 1,791 1,426 25.6 1,707 4.9 6,637 5,774 14.9 EPS (adjusted) 6.6 5.2 25.6 6.3 4.9 24.4 21.2 14.9 Source: Company, HDFC sec Inst Research
Margin Analysis Particulars 4QFY18 4QFY17 YoY (bps) 3QFY18 QoQ (bps) FY18 FY17 YoY (bps) Material Expenses % Net Sales 34.3 37.4 (302) 34.8 (47) 35.6 37.1 (150) Employee Expenses % Net Sales 6.9 7.4 (41) 7.3 (32) 7.3 7.2 6 ASP Expenses % Net Sales 13.1 13.9 (75) 11.7 147 12.6 12.9 (27) Other Operating Expenses % Net Sales 17.4 17.8 (43) 18.9 (152) 18.0 19.1 (116) EBITDA Margin (%) 28.2 23.5 462 27.3 84 26.6 23.7 286 Tax Rate (%) 28.5 34.7 (619) 32.3 (379) 31.5 32.2 (68) APAT Margin (%) 17.3 13.7 355 16.5 78 16.1 14.5 158 Source: Company, HDFC sec Inst Research
We were expecting revival in revenue growth owing to a favourable base (-3% YoY), stability in distribution channel, moderating competitive intensity (Patanjali) and traction from new launches like Colgate Swarna Vedshakti The management is guiding for 5-6% volume growth in the near-term We expect advertising spend to increase in the near term with pan-India launch of Swarna Vedshakti EBITDA margin expansion was driven by soft commodity inflation, favourable base and cost control initiatives
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
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Net Revenue Volume Growth
Source: Company, HDFC sec Inst Research Note: 1QFY16-4QFY16 growth is based on old AS
Source: Company, HDFC sec Inst Research
Gross Margin Change EBITDA Margin Change
Source: Company, HDFC sec Inst Research Note: 1QFY16-4QFY16 change is based on old AS
Source: Company, HDFC sec Inst Research Note: 1QFY16-4QFY16 change is based on old AS
Volume growth challenges have persisted for the past several quarters driven by slower category growth and market share losses Soft commodity inflation leading to gross margin expansion Favourable base and cost control initiatives led to EBITDA margin expansion
(15.0)
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
25.0
-
3,000
6,000
9,000
12,000
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
18
Net Sales YoY Growth - RHS
(Rs mn) (%)
5.0 3.0 3.0
1.0
6.0 6.0 4.0
(12.0)
(3.0)(5.0)
(0.9)
12.0
4.0
(15.0)
(10.0)
(5.0)
-
5.0
10.0
15.0
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(%)
312
86
137 120
34
139
91 76
142 108
41
130
302
-
110
220
330
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(bps)
229
(26)
591
326
(211)(105)
(35) (47)(21)
183 171
286
462
(300)
(50)
200
450
700
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(bps)
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
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Employee Expense Advertising Expense
Source: Company, HDFC sec Inst Research Note: 1QFY16-4QFY16 growth is based on old AS
Source: Company, HDFC sec Inst Research Note: 1QFY16-4QFY16 growth is based on old AS
Gross Margin EBITDA Margin
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
We expect advertising spend would increase in the coming quarters. Colgate will spend more aggressively to support new launches
53
12
(16)
9 13 16 26
(1)
2
(2)
13 15
(1)
4.0
5.0
6.0
7.0
8.0
(25)
-
25
50
75
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
Employee Gr. (%) Employee (% of sales) - RHS(%)
(7)
11
(17)(11)
28 24
28
(21)
24
(8) (7)
44
(0)
-
5
10
15
20
25
(30)
-
30
60
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
Advertising Gr. (%) Advertising (% of sales) - RHS(%)
63.7
60.9
62.1 63.1
61.2 62.3
63.0 63.9
62.6 63.4 63.4
65.2 65.7
57.0
59.0
61.0
63.0
65.0
67.0
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(%)
24.1 21.9
26.4 24.9
23.8
20.9
26.0 24.5
23.5 22.7
27.7 27.3 28.2
10.0
15.0
20.0
25.0
30.0
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(%)
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
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Colgate’s Toothpaste Market Share Colgate’s Toothbrush Market Share
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
Market share declines for Colgate in toothpaste have come from its premium segment (Colgate Sensitive and Colgate Total). The premium segment revenue contribution now is at ~4% vs. ~8% earlier Colgate continued to face intense competition in the naturals segment (25% mix for industry) which is dominated by Dabur and Patanjali (80% combined share)
56.7
57.8
57.9
57.6
57.3
55.3
55.9
55.7
55.4
55.1
54.3
54.0
53.7
53.4
51.0
52.0
53.0
54.0
55.0
56.0
57.0
58.0
59.0
3QFY
15
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(%)
42.1
42.7
43.3
43.8
45
.8 46
.8
46.6
47.0
47.4
45
.0 45.5
45.1
44.8
39.0
40.0
41.0
42.0
43.0
44.0
45.0
46.0
47.0
48.0
4QFY
15
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
(%)
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
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Toothpaste Market Performance (Quarterly) Toothpaste Market Performance (Yearly)
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research Toothpaste Market Share
Source: Company, HDFC sec Inst Research
Toothpaste volume market growth has also slowed down~6% during the last 3 quarters Higher competitive intensity from Dabur and Patanjali has been impacting Colgate’s market share
0.1% 2.1%
7.4%6.1%
5.9%
6.5%
0.0%
4.0%
8.0%
12.0%
16.0%
CY15
CY16
CY17
Volume Growth Price Growth
48.8 48.452.2 53.3 52.7 54.5 56.1 57.0 57.4 55.6 53.7
25.1 24.6 22.8 22.6 23.3 23.5 22.8 21.3 19.6 19.1 17.6
11.9 12.2 12.9 13.7 14.8 14.0 13.4 13.4 13.9 15.3 15.5
0.0 0.1 0.4 0.6 1.3 2.86.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17
Colgate Competitor 1 Competitor 2 Competitor 3(%)
-5%
0%
5%
10%
15%
20%
25%
1QCY
15
2QCY
15
3QCY
15
4QCY
15
1QCY
16
2QCY
16
3QCY
16
4QCY
16
1QCY
17
2QCY
17
3QCY
17
4QCY
17
1QCY
18
Volume Growth Price Growth
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
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Toothbrush Market Performance (Quarterly) Toothbrush Market Performance (Yearly)
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research Toothbrush Market Share
Source: Company, HDFC sec Inst Research
Toothbrush volume market growth has been steady at ~10% while price growth has declined to 2% in last 3 quarters vs. 8-9% average during FY16-FY17 Higher competitive intensity from P&G (Oral-B) and unorganized players in toothbrush led to 260bps decline in vol. market share to 44.8%
-16.0%
-8.0%
0.0%
8.0%
16.0%
24.0%
32.0%
1QCY
15
2QCY
15
3QCY
15
4QCY
15
1QCY
16
2QCY
16
3QCY
16
4QCY
16
1QCY
17
2QCY
17
3QCY
17
4QCY
17
1QCY
18
Volume Growth Price Growth
9.3%
-4.1%
12.0%
10.3%
11.0%
3.1%
-7.0%
1.0%
9.0%
17.0%
25.0%
CY15
CY16
CY17
Volume Growth Price Growth
33.438.4 38.0 35.9
39.842.3 42.8 44.4
47.3 45.1
11.4 11.914.8
17.8 18.8 18.4 18.2 17.414.6 14.2
5.9 6.4 7.2 7.2 6.7 7.5 7.9 9.3 10.7 11.00.0
10.0
20.0
30.0
40.0
50.0
60.0
CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17
Colgate Competitor 1 Competitor 2(%)
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
Page | 8
Per Capita Consumption
Source: Company, HDFC sec Inst Research Assumptions
FY16 FY17 FY18P FY19E FY20E Toothpaste revenue growth (2.6) 2.7 5.8 12.0 13.4 Toothpaste volume growth 5.0 (2.0) 2.5 6.6 8.0 GM (%) 61.8 62.9 64.4 64.9 65.4 Employee (% of sales) 6.8 7.2 7.3 7.1 6.8 ASP (% of sales) 11.6 12.9 12.6 12.6 12.6 Distribution (% of sales) 3.6 3.2 3.1 3.0 3.2 Royalty (% of sales) 5.7 5.2 5.2 5.2 5.2 Other expenses (% of sales) 9.9 10.7 9.7 9.8 9.5 EBITDA Margin (%) 24.3 23.7 26.6 27.3 28.2 Tax Rate (%) 30.4 32.2 31.5 32.0 32.0 Source: Company, HDFC sec Inst Research
603
458
312
212158
0
100
200
300
400
500
600
700
Brazil USA Philipines China India
With stiff competition, we expect Colgate to continue to spend abundantly on marketing (13%). We foresee low-margin expansion of ~160bps over FY18-20E vs. ~600bps in the past three years
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
Page | 9
Income Statement (Rs mn) FY16 FY17 FY18P FY19E FY20E Net Revenues 38,682 39,818 41,880 46,703 52,693 Growth (%) 4.5 2.9 5.2 11.5 12.8 Material Expenses 14,766 14,768 14,901 16,389 18,198 Employee Expense 2,624 2,885 3,059 3,304 3,751 ASP Expense 4,476 5,118 5,268 5,866 6,618 Distribution Expense 1,390 1,274 1,298 1,401 1,686 Other Expenses 6,044 6,330 6,229 6,983 7,608 EBITDA 9,382 9,444 11,124 12,761 14,833 EBITDA Growth (%) 14.1 0.7 17.8 14.7 16.2 EBITDA Margin (%) 24.3 23.7 26.6 27.3 28.2 Depreciation 1,114 1,332 1,565 1,726 1,872 EBIT 8,268 8,112 9,559 11,034 12,961 Other Income (Inc. EO Items) 86 403 272 616 793 Interest - - - - - PBT 8,354 8,514 9,830 11,650 13,754 Total Tax 2,541 2,740 3,097 3,728 4,401 RPAT 5,812 5,774 6,734 7,922 9,353 Exceptional Gain/(loss) (218) - (97) - - Adjusted PAT 6,031 5,774 6,637 7,922 9,353 APAT Growth (%) 7.9 (4.2) 14.9 19.4 18.1 Adjusted EPS (Rs) 22.2 21.2 24.4 29.1 34.4 EPS Growth (%) 7.8 (4.2) 14.9 19.4 18.1
Source: Company, HDFC sec Inst Research
Balance Sheet (Rs mn) FY16 FY17 FY18P FY19E FY20E SOURCES OF FUNDS Share Capital - Equity 272 272 272 272 272 Reserves 10,038 12,466 15,836 15,897 19,529 Total Shareholders’ Funds 10,311 12,738 16,109 16,169 19,801 Long Term Debt - - - - - Short Term Debt - - - - - Total Debt - - - - - Net Deferred Taxes 400 275 355 355 355 Other Non-current Liabilities & Provns 1,235 1,004 683 701 729
TOTAL SOURCES OF FUNDS 11,945 14,017 17,147 17,225 20,886 APPLICATION OF FUNDS Net Block 10,081 11,081 11,460 11,833 11,962 CWIP 784 1,666 1,586 1,269 1,015 Other Non-current Assets 1,191 1,157 1,313 1,444 1,585 Total Non-current Assets 12,056 13,904 14,358 14,546 14,561 Inventories 2,915 2,926 2,267 2,526 2,845 Debtors 1,015 1,299 2,010 1,868 2,108 Other Current Assets 951 1,630 2,022 2,224 2,446 Cash & Equivalents 3,198 3,207 5,635 6,088 10,064 Total Current Assets 8,080 9,062 11,934 12,706 17,463 Creditors 7,902 8,653 8,751 9,633 10,744 Other Current Liabilities & Provns 290 296 394 394 394 Total Current Liabilities 8,191 8,949 9,145 10,027 11,138 Net Current Assets (111) 114 2,789 2,679 6,324 TOTAL APPLICATION OF FUNDS 11,945 14,017 17,147 17,225 20,886
Source: Company, HDFC sec Inst Research
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
Page | 10
Cash Flow Statement (Rs mn) FY16 FY17 FY18P FY19E FY20E Reported PBT 8,595 8,514 9,830 11,650 13,754 Non-operating & EO Items (52) - - - - Interest Expenses (246) - - - - Depreciation 1,114 1,332 1,565 1,726 1,872 Working Capital Change 155 (412) (721) 453 218 Tax Paid (2,836) (2,740) (3,097) (3,728) (4,401) OPERATING CASH FLOW ( a ) 6,729 6,694 7,578 10,101 11,443 Capex (2,713) (3,214) (1,864) (1,783) (1,746) Free Cash Flow (FCF) 4,017 3,480 5,714 8,318 9,696 Investments 70 - - - - Non-operating Income 42 125 (80) - - INVESTING CASH FLOW ( b ) (2,601) (3,089) (1,944) (1,783) (1,746) Debt Issuance/(Repaid) - - - - - FCFE 4,128 3,605 5,634 8,318 9,696 Share Capital Issuance - - - - - Dividend (2,987) (3,266) (7,862) (7,862) (5,720) Others (800) 250 - (3) - FINANCING CASH FLOW ( c ) (3,786) (3,017) (7,862) (7,865) (5,720) NET CASH FLOW (a+b+c) 342 588 (2,228) 453 3,976 EO Items, Others 0 579 (4,656) (0) - Closing Cash & Equivalents 2,887 2,896 5,323 5,776 9,752
Source: Company, HDFC sec Inst Research
Key Ratios FY16 FY17 FY18P FY19E FY20E PROFITABILITY (%) GPM 61.8 62.9 64.4 64.9 65.5 EBITDA Margin 24.3 23.7 26.6 27.3 28.2 EBIT Margin 21.4 20.4 22.8 23.6 24.6 APAT Margin 15.6 14.5 15.8 17.0 17.7 RoE 67.0 50.1 46.0 49.1 52.0 RoIC (or Core RoCE) 82.2 58.3 60.4 68.4 83.0 RoCE 60.0 45.7 43.5 47.1 50.0 EFFICIENCY Tax Rate (%) 30.4 32.2 31.5 32.0 32.0 Fixed Asset Turnover (x) 2.5 2.2 2.1 2.1 2.2 Inventory (days) 27.5 26.8 19.8 19.7 19.7 Debtors (days) 9.6 11.9 17.5 14.6 14.6 Other Current Assets (days) 9.0 14.9 17.6 17.4 16.9 Payables (days) 74.6 79.3 76.3 75.3 74.4 Other Current Liab & Provns (days) 2.7 2.7 3.4 3.1 2.7 Cash Conversion Cycle (days) (31.2) (28.4) (24.8) (26.6) (25.9) Net D/E (x) (0.3) (0.3) (0.3) (0.4) (0.5) Interest Coverage (x) - - - - - PER SHARE DATA (Rs) EPS 22.2 21.2 24.4 29.1 34.4 CEPS 26.2 26.1 30.1 35.4 41.2 Dividend 10.0 10.0 24.0 17.5 22.3 Book Value 37.9 46.8 59.2 59.4 72.7 VALUATION P/E (x) 54.5 56.9 49.5 41.5 35.1 P/BV (x) 31.9 25.8 20.4 20.3 16.6 EV/EBITDA (x) 34.7 34.5 29.0 25.3 21.5 EV/Revenues (x) 8.4 8.2 7.7 6.9 6.0 OCF/EV (%) 2.1 2.1 2.3 3.1 3.6 FCF/EV (%) 1.3 1.1 1.7 2.6 3.0 FCFE/Mkt Cap (%) 1.3 1.1 1.7 2.5 3.0 Dividend Yield (%) 0.8 0.8 2.0 1.4 1.9
Source: Company, HDFC sec Inst Research
COLGATE-PALMOLIVE : RESULTS REVIEW 4QFY18
Page | 11
RECOMMENDATION HISTORY
Rating Definitions BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period
Date CMP Reco Target 16-May-17 994 NEU 992 4-Aug-17 1,083 NEU 1,062 10-Oct-17 1,090 NEU 1,112 13-Nov-17 1,063 NEU 1,110 27-Dec-17 1,082 NEU 1,118 12-Jan-18 1,125 NEU 1,139 6-Feb-18 1,121 NEU 1,163
12-Mar-18 1,038 BUY 1,204 11-Apr-18 1,091 BUY 1,204 21-May-18 1,208 NEU 1,203
800850900950
1,0001,0501,1001,1501,2001,2501,300
May
-17
Jun-
17
Jul-1
7
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