Particulars 2009-10 2010-11 2011-12 2012-13

Sales N/A 19735.51 22116.37 25810.21

% change in sales (CY) N/A N/A 12.1% 16.7%
average growth rate
Other Income N/A 493.60 431.70 1254.99
% change in other incomes N/A N/A -0.13 1.91
1 + Change N/A N/A 0.87 2.91
average growth rate
Total Income N/A 20229.11 22548.07 27065.20
Less: Expenses N/A 17071.01 18859.55 21846.15
% Change in expense N/A N/A 10.48% 15.84%
1 + Change N/A N/A 1.10 1.16
average growth rate
Less: Depreciation N/A 220.83 218.25 236.02
% change in dep N/A N/A -0.01 0.08
1 + Change N/A N/A 0.99 1.08
average growth rate
Less: Finance Charges N/A 0.24 1.24 25.15
% change in finance cost N/A N/A N/A N/A
1 + Change N/A N/A N/A N/A
average growth rate
Profit Before Tax N/A 2937.03 3469.03 4957.88
Less: Taxes N/A 631.04 777.63 1161.21
Profit after tax N/A 2305.99 2691.40 3796.67
Corporate Tax Rate N/A 21% 22% 23%

Particulars 2009-10 2010-11 2011-12 2012-13

Equity Share Capital N/A 215.95 216.15 216.25
Reserves N/A 2443.57 3296.78 2457.77
Long term Borrowings N/A 0.00 0.00 0.00
Net Fixed Assets N/A 2169.10 2147.47 2292.90
Short Term Borrowings N/A 0.00 0.00 0.00

Inventories 2179.93 2810.77 2516.65 2526.99

Trade Receivables 678.44 943.21 678.99 833.48
Loans and Advances 613.66 416.35 485.79 648.26
Other Current Assets 3.52 35.36 35.25 70.74
Less: Trade Payables 5222.99 5009.05 4622.96 5167.69
Working Capital -1747.44 -803.36 -906.28 -1088.22
% CHANGE IN WC N/A N/A 12.81% 20.08%
1+Change 1.13 1.20
average growth rate

Capital Expenditure N/A 299.19 244.97 404.85

CHANGE N/A N/A -0.18 0.65
1 + Change N/A N/A 0.82 1.65
geomean

Net Fixed Assets N/A 2169.10 2147.47 2292.90

CHANGE N/A N/A -0.01 0.07
1 + Change N/A N/A 0.99 1.07
geomean

Reserves N/A 2443.57 3296.78 2457.77

change N/A N/A 0.349165360517603 -0.2544937788
1 + change N/A N/A 1.3491653605176 0.74550622122
13.79%

DPS 6.50 7.50 18.50

EPS 9.56 11.69 14.63
Dividend Payout Ratio 67.99% 64.16% 126.45%
AVERAGE
RETENTION RATIO
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
28019.13 30805.62 31061.00 31890.00 34525.00 38224.00 38785.00
8.6% 9.9% 0.8% 2.7% 8.3% 10.7% 1.5%
5.5%
860.09 1296.50 643.00 824.00 563.00 437.00 608.00
-0.31 0.51 -0.50 0.28 -0.32 -0.22 0.39
0.69 1.51 0.50 1.28 0.68 0.78 1.39
2%
28879.22 32102.12 31704.00 32714.00 35088.00 38661.00 39393.00
23544.00 25611.19 25422.00 25900.00 27305.00 29587.00 29257.00
7.77% 8.78% -0.74% 1.88% 5.42% 8.36% -1.12%
1.08 1.09 0.99 1.02 1.05 1.08 0.99
6%
260.55 286.69 321.00 396.00 478.00 524.00 938.00
0.10 0.10 0.12 0.23 0.21 0.10 0.79
1.10 1.10 1.12 1.23 1.21 1.10 1.79
17%
36.03 16.82 15.00 22.00 20.00 28.00 106.00
0.43 -0.53 -0.11 0.47 -0.09 0.40 2.79
1.43 0.47 0.89 1.47 0.91 1.40 3.79
23%
5038.64 6187.42 5946.00 6396.00 7285.00 8522.00 9092.00
1160.90 1872.16 1809.00 1906.00 2048.00 2486.00 2354.00
3877.74 4315.26 4137.00 4490.00 5237.00 6036.00 6738.00
23% 30% 30% 30% 28% 29% 26%

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20

216.27 216.35 216.00 216.00 216.00 216.00 216.00
3060.78 3508.43 6063.00 6274.00 6859.00 7443.00 7815.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
2422.06 2457.53 2914.00 4024.00 4142.00 4343.00 5056.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00

2747.53 2602.68 2528.00 2362.00 2359.00 2422.00 2636.00

816.43 782.94 1064.00 928.00 1147.00 1673.00 1046.00
537.68 657.27 673.29 306.00 829.00 543.00 1410.00
71.91 59.28 62.46 507.00 560.00 351.00 533.00
5793.89 5288.90 5498.00 6006.00 7013.00 7070.00 7399.00
-1620.34 -1186.73 -1170.25 -1903.00 -2118.00 -2081.00 -1774.00
48.90% -26.76% -1.39% 62.61% 11.30% -1.75% -14.75%
1.49 0.73 0.99 1.63 1.11 0.98 0.85
9.20%

511.15 494.75 732.54 1367.00 837.00 724.00 713.00

0.26 -0.03 0.48 0.87 -0.39 -0.14 -0.02
1.26 0.97 1.48 1.87 0.61 0.86 0.98
10.13%

2422.06 2457.53 2914.00 4024.00 4142.00 4343.00 5056.00

0.06 0.01 0.19 0.38 0.03 0.05 0.16
1.06 1.01 1.19 1.38 1.03 1.05 1.16
 9.86%

3060.78 3508.43 6063.00 6274.00 6859.00 7443.00 7815.00

0.24534842561 0.146253569352 0.72812340563 0.0348012535 0.093241950909 0.08514360694 0.049979846836
1.24534842561 1.146253569352 1.72812340563 1.0348012535 1.093241950909 1.08514360694 1.049979846836
13.79%

13.00 15.00 16.00 17.00 20.00 22.00 25.00

16.07 17.18 15.89 20.72 24.14 28.03 31.24
80.90% 87.31% 100.69% 82.05% 82.85% 78.49% 80.03%
85.09%
14.91%
 2020-21 2021-22 2022-23 2023-24 2024-25
40934.38 43202.87 45597.08 48123.96 50790.89
- - - - -

622.24626 636.82632 651.74802 667.019355 682.64852

- - - - -
- - - - -

41556.62 43839.70 46248.82 48790.98 51473.53

31061.793 32977.919 35012.247 37172.0672 39465.122
- - - - -
- - - - -

1101.5309 1293.5719 1519.0932 1783.93198 2094.9427

- - - - -
- - - - -

130.18424 159.8862 196.36475 241.166 296.1888

- - - - -
- - - - -

9263.12 9408.32 9521.12 9593.82 9617.28

2398.3034 2435.8975 2465.1026 2483.92492 2489.9998
6864.81 6972.42 7056.02 7109.89 7127.28
26%

2020-21 2021-22 2022-23 2023-24 2024-25

216 216 216 216 216
8892.6142 10118.821 11514.11 13101.7965 14908.41
0.00 0.00 0.00 0.00 0.00
5554.4806 6102.1073 6703.7256 7364.65856 8090.7542
0.00 0.00 0.00 0.00 0.00

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-1937.2277 -2115.4741 -2310.1211 -2522.6779 -2754.7922
- - - - -
- - - - -

785.22523 864.76671 952.36556 1048.83797 1155.0828

- - - - -
- - - - -

5554.48 6102.11 6703.73 7364.66 8090.75

- - - - -
- - - - -
 ANOUNT: IN CRORES
Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
EBIT 2443.67 3038.57 3728.04 4214.58 4907.74 5318.00 5594.00 6742.00 8113.00 8590.00 8771.05 8931.38 9065.74 9167.96 9230.82
less: Taxes 525.04 681.14 873.16 971.04 1484.96 1617.94 1667.01 1895.35 2366.69 2224.03 2270.90 2312.41 2347.20 2373.67 2389.94
NOPAT 1918.63 2357.43 2854.88 3243.54 3422.78 3700.06 3926.99 4846.65 5746.31 6365.97 6500.15 6618.96 6718.54 6794.30 6840.88
Add: Depreciation 220.83 218.25 236.02 260.55 286.69 321.00 396.00 478.00 524.00 938.00 1101.53 1293.57 1519.09 1783.93 2094.94
Less: Capital Expenditure 299.19 244.97 404.85 511.15 494.75 732.54 1367.00 837.00 724.00 713.00 785.23 864.77 952.37 1048.84 1155.08
Less: Investment in Working Capital 944.08 -102.92 -181.94 -532.12 433.61 16.48 -732.75 -215.00 37.00 307.00 -163.23 -178.25 -194.65 -212.56 -232.11
FCFF 896.19 2433.63 2867.99 3525.06 2781.11 3272.04 3688.74 4702.65 5509.31 6283.97 6979.68 7226.02 7479.91 7741.95 8012.85

Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
Net Fixed Assets 2169.10 2147.47 2292.90 2422.06 2457.53 2914.00 4024.00 4142.00 4343.00 5056.00 5554.48 6102.11 6703.73 7364.66 8090.75
Add: Operating Working Capital -803.36 -906.28 -1088.22 -1620.34 -1186.73 -1170.25 -1903.00 -2118.00 -2081.00 -1774.00 -1937.23 -2115.47 -2310.12 -2522.68 -2754.79
Capital Invested 1365.74 1241.19 1204.68 801.72 1270.80 1743.75 2121.00 2024.00 2262.00 3282.00 3617.25 3986.63 4393.60 4841.98 5335.96

Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
NOPAT 1918.63 2357.43 2854.88 3243.54 3422.78 3700.06 3926.99 4846.65 5746.31 6365.97 6500.15 6618.96 6718.54 6794.30 6840.88
Invested Capital 1365.74 1241.19 1204.68 801.72 1270.80 1743.75 2121.00 2024.00 2262.00 3282.00 3617.25 3986.63 4393.60 4841.98 5335.96
ROIC 140.48% 189.93% 236.98% 404.57% 269.34% 212.19% 185.15% 239.46% 254.04% 193.97% 179.70% 166.03% 152.92% 140.32% 128.20%
 ANOUNT: IN CRORES
Particulars 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
Net Income 2305.99 2691.40 3796.67 3877.74 4315.26 4137.00 4490.00 5237.00 6036.00 6738.00 6864.81 6972.42 7056.02 7109.89 7127.28
Add: Depreciation 220.83 218.25 236.02 260.55 286.69 321.00 396.00 478.00 524.00 938.00 1101.53 1293.57 1519.09 1783.93 2094.94
Less: Capital Expenditure 299.19 244.97 404.85 511.15 494.75 732.54 1367.00 837.00 724.00 713.00 785.23 864.77 952.37 1048.84 1155.08
Less: Investment in Working Capital 944.08 -102.92 -181.94 -532.12 433.61 16.48 -732.75 -215.00 37.00 307.00 -163.23 -178.25 -194.65 -212.56 -232.11
Net short term borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Long-term borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FCFE 1283.55 2767.60 3809.78 4159.26 3673.59 3708.98 4251.75 5093.00 5799.00 6656.00 7344.35 7579.47 7817.39 8057.54 8299.25
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOU
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CR
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES ANOUNT: IN CRORES
ANOUNT: IN CRORES ANOUNT: IN CRORES
Capital Structure of HUL 2009-10 2010-11 2011-12
Equity Proportion N/A 2659.52 3512.93
Debt Proportion N/A 0.00 0.00
Total Capital N/A 2659.52 3512.93

Weight of Equity in Capital Structure N/A 1.00 1.00

Weight of Debt in Capital Structure N/A 0.00 0.00
WACC N/A 22.56% 22.34%

DPS 6.50 6.50 7.50

MPS N/A 273.78 348.27
Growth in Dividend N/A 0.00 0.15
Growth + 1 N/A 1.00 1.15
Growth (Geometric Mean)
Ke Through DDM N/A 22.56% 22.34%
 Amount-in crores
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
2674.02 3277.05 3724.78 6279.00 6490.00 7075.00 7659.00 8031.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2674.02 3277.05 3724.78 6279.00 6490.00 7075.00 7659.00 8031.00

1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
24.02% 22.42% 22.22% 22.08% 22.15% 22.36% 21.51% 21.49%

18.50 13.00 15.00 16.00 17.00 20.00 22.00 25

482.86 582.58 738.15 847.42 869.62 920.65 1662.54 1925.32
1.47 -0.30 0.15 0.07 0.06 0.18 0.10 0.14
2.47 0.70 1.15 1.07 1.06 1.18 1.10 1.14
20.19%
24.02% 22.42% 22.22% 22.08% 22.15% 22.36% 21.51% 21.49%
 Amount: in crores
Base Year 1 2 3 4
DCF Valuation of HUL 2019-20 2020-21 2021-22 2022-23 2023-24
FCFF 6283.97 6979.68 7226.02 7479.91 7741.95
PVF 0.82 0.67 0.55 0.45
Present value of Cash flows 5706.24 4829.79 4087.34 3458.67
NPV of the explicit period 18082.03

Average WACC 22.32%

Calculation of Growth Rate `

ROCE 140.32%
Reinvestment Ratio of 2023-24 12.31%
Growth 17.27%
Terminal Value 158823.73
NPV Of Terminal Year 70953.51
Value of HUL 89035.54
Amount: in crores
Terminal Year
2024-25
8012.85
 Amount in : crores
Base Year 1 2 3 4
DCF Valuation of HUL 2019-20 2020-21 2021-22 2022-23 2023-24
FCFE 6656.00 7344.35 7579.47 7817.39 8057.54
PVF 0.818 0.668 0.546 0.447
Present value of Cash flows 6004.37399526 5066.03517064 4271.74853357 3599.65703381
NPV of the explicit period 18941.81

Average ke 22.32%

Calculation of Growth Rate

ROE (2023-24) 53.39%
Retention Ratio of 2023-24 14.91%
Growth 8%
Terminal Value 57805.47
NPV Of Terminal Year 25824.23
Value of Equity 44766.05
Amount in : crores
Terminal Year
2024-25
8299.25
 amount in : crores
HUL Ltd. P/E Trend 2015-16 2016-17 2017-18 2018-19 2019-20
MPS 847.42 869.62 920.65 1662.54 1925.32
EPS 19.15 20.79 24.25 27.94 31.19
P/E(IN TIMES) 44.25 41.83 37.96 59.50 61.73

HUL Ltd. P/BV Trend 2015-16 2016-17 2017-18 2018-19 2019-20

Book value 2,821.00 3,258.00 4,419.00 4,528.00 4,715.00
No. of outstanding Shares 216.00 216.00 216.00 216.00 216.00
Book value per share 13.06 15.08 20.46 20.96 21.83
MPS 847.42 869.62 920.65 1,662.54 1,925.32
P/B ratio 64.89 57.65 45.00 79.31 88.20

Relative Valuation of HUL HUL Colgate P&G Gillete india

Price Earning Ratio 61.73 43.16 74.53 76.14
Industry Average 63.89

Relative Valuation of HUL HUL Colgate P&G Gillete india

Price to Book Value Ratio 57.87 22.89 27.88 19.23
Industry Average 31.97

Relative Valuation of HUL HUL Colgate P&G Gillete india

PEG Ratio 5.05 5.49 18.05 13.79
Industry Average 10.60
 Amount in: crores
Particulars 2015-16 2016-17 2017-18 2018-19 2019-20
EBIT 5318.00 5594.00 6742.00 8113.00 8590.00
Calculation of enterprise value
Market price per share 847.42 869.62 920.65 1662.54 1925.32
outstanding shares 216.00 216.00 216.00 216.00 216.00
market value of total o/s shares 183041.91 187838.67 198860.40 359108.43 415870.02
interest bearing borrowings 0 0 0 0 0
cash & cash equivalents 2,759.00 1,671.00 3,373.00 3,688.00 5,017.00
Enterprise value 180282.91 186167.67 195487.40 355420.43 410853.02
EV/EBIT 33.90051 33.279884201 28.9954613 43.8087550371 47.8292226

Relative Valuation HUL Colgate P&G Gillete india

EV/EBIT 47.8292226 34.13 52.3 54.14
industry average 47.10