1 Entering historical P&L

(Sales, Cost of sales, Gross profits, depreciation & Amortization, EBIT, PBT & taxes)

2 Entering historical Balance Sheet data

(Working capital, Fixed asset & other intangible assets)

3 Projecting revenue

4 Gross profit margin calculation

5 EBIT margin calculation

6 Seperating Depreciation and amortization

7 Preparation of FA schedule OIA

8 Preparation of WC schedule

9 Preparation of Debt schedule

10 Calculation of discount rates

11 Calculation DCF value

Figures in $ Mn Historical Project
2017 2018 2019 2020 2021
Sales 15454 15544 15693 16471 17190
Growth rate % 0.6% 1.0% 5.0% 4.4%

Cost of sales 6,174 6,313 6,368 6,454 6,890

Gross profit 9,280 9,231 9,325 10,017 10,300
GP margins % 60% 59% 59% 61% 60%

Other operating expenses 5098 5026 5252 5539 5,708

Depreciation & Amortization 475 511 519 593 553

Amrotization 35 59 62 88 80
Deprecriation 440 452 457 505 474

Operating profits (EBIT) 3707 3694 3554 3885 4039

Operating profit margins (%) 24.0% 23.8% 22.6% 23.6% 23.5%

Interest expenses 102 143 145 164 159

Tax rates 37.7% 37.9% 27.4% 21.6% 22.7%

PBT 3487 3464 3301 3647 3880
Tax expesnes 1313 1313 906 787 879
Fixed asset schedule
Opening balance 3840 4072 3881 3750
Add: Net Purchases 672 261 326 471
Total Fixed assets 4512 4333 4207 4221
Less:Depreciation 440 452 457 505
Closing balance 3840 4072 3881 3750 3716

Rate of depreciation 10% 10% 11% 12%

Fixed asset turnover ratio 3.43 3.59 3.73 3.90

Other intangible assets schedule

Opening balance 1313 1341 1637 2997
Add: Net Purchases 63 355 1422 -15
Total Fixed assets 1376 1696 3059 2982
Less:Amortization 35 59 62 88
Closing balance 1313 1341 1637 2997 2894

Rate of amortization 3% 3% 2% 3%

Working capital schedule

Debtors 0 0 0 0
Inventory 0 0 0 0
Other current assets 0 0 0 0
Creditors 0 0 0 0
Accured income tax payable 0 0 0 0
Other accruals 0 0 0 0
Net Working capital 0 0 0 0
Changes in working capital 0 0 0
 Projected
2022 2023 2024 2025
17839 18407 18884 19262
3.8% 3.2% 2.6% 2.0% 0.6%

7,150 7,378 7,569 7,720

10,689 11,029 11,315 11,541
60% 60% 60% 60%

5,928 6,122 6,284 6,413

569 582 594 602

77 75 73 71
492 507 520 531

4192 4325 4437 4526

23.5% 23.5% 23.5% 23.5%

146 137 118 108

23.7% 24.8% 25.9% 27% 1.1%

4046 4188 4319 4418
961 1040 1119 1193
2.30% 0.04%
Figures in $ Mn Historical Projected
2017 2018 2019 2020 2021 2022 2023
Current assets
Debtors 1480 1400 1440 1264 1,319 1,369 1,413
Inventory 1221 1250 1400 1673 1,786 1,853 1,912
Other current assets 403 417 456 513 486 504 520
Total current assets 3104 3067 3296 3450 3,591 3,727 3,846

Current Liabilities
Creditors 1212 1222 1237 1393 1,416 1,430 1,435
Accured income tax payable 354 411 370 403 405 442 479
Other accruals 1831 1696 1917 2341 2,020 2,098 2,166
Total current liabilities 3397 3329 3524 4137 3,840 3,970 4,080

Net Working capital -293 -262 -228 -687 -249 -243 -234
Changes in working capital -31 -34 459 -438 -6 -9

Debtor days 35 33 33 28 28 28 28
Inventory days 72 72 80 95 95 95 95
Other current assets as % of rev 3% 3% 3% 3% 3% 3% 3%
Creditor days 72 71 71 79 75 73 71
Accured income tax payable (as 27% 31% 41% 51% 46% 46% 46%
Other accruals (% of operating e 36% 34% 37% 42% 35% 35% 35%
Projected
2024 2025

1,449 1,478
1,962 2,001
534 545
3,945 4,024

1,472 1,502
515 549
2,224 2,270
4,211 4,320

-266 -296
32 30

28 28
95 95
3% 3%
71 71
46% 46%
35% 35%
Figures in $ Mn Historical Projected
Debt Schedule 2017 2018 2019 2020 2021 2022 2023

Opening balance 6533 6577 6366 7847 7601 6970 6557

Add/Less: Debt taken (Repaid) 44 -211 1481 -246 -631 -413 -896
Closing balance 6533 6577 6366 7847 7601 6970 6557 5661

Interest expenses 102 143 145 164 159 146 137

Interest rate (pre tax) 1.6% 2.2% 2.3% 2.1% 2.1% 2.1% 2.1%
Projected
2024 2025

5661 5163
-498 -130
5163 5033

118 108
2.1% 2.1%
Figures in $ Mn Historical Projected
2017 2018 2019 2020 2021 2022 2023

Fixed asset schedule

Opening balance 3840 4072 3881 3750 3716 3932 4080
Add: Net Purchases 672 261 326 471 689 640 637
Total Fixed assets 4512 4333 4207 4221 4,405 4,572 4,717
Less:Depreciation 440 452 457 505 474 492 507
Closing balance 3840 4072 3881 3750 3716 3,932 4,080 4,210

Rate of depreciation 10% 10% 11% 12% 11% 11% 11%

Fixed asset turnover ratio 3.43 3.59 3.73 3.90 3.90 3.90 3.90

Other intangible assets schedule

Opening balance 1313 1341 1637 2997 2,894 2,814 2,737
Add: Net Purchases 63 355 1422 -15 - - -
Total OIA 1376 1696 3059 2982 2,894 2,814 2,737
Less:Amortization 35 59 62 88 80 77 75
Closing balance 1313 1341 1637 2997 2894 2,814 2,737 2,662

Rate of amortization 3% 3% 2% 3% 3% 3% 3%
Projected
2024 2025

4210 4319
629 617
4,839 4,936
520 531
4,319 4,405

11% 11%

3.90 3.90

2,662 2,589
- -
2,662 2,589
73 71
2,589 2,517

3% 3%
Risk free rate 20-Feb-21 1.36%

Cost of debt
Risk free rate 20-Feb-21 1.36%
Add: Company risk premium Ashwath Damodran dataset 0.96%
Add: Country risk premium Ashwath Damodran dataset 0%
Cost of debt 2.32%
Tax rates Marginal rate 27.00%
Post tax cost of debt 1.70%

Cost of equity
Risk free rate 20-Feb-21 1.36%
Beta 0.52
Return of markets 7.80%
Risk free rate 20-Feb-21 1.36%

Cost of equity 4.7%

Calculation of return of market

Start date 1-Jan-85 1097.02
Valuation date 20-Feb-21 15362.69
Years 36.14
CAGR 7.80%

Calculation of market value weights

Shares outstanding 848.56
Price per share 50.89

Value of equity shares 43,179.81

Value of debt 7601

Calculation of beta
Last 3 years weekly data

Date Adj Close Return of market Adj Close Return of colgate

2/19/2018 12,884.11 65.348473
2/26/2018 12,557.99 -2.5% 64.391014 -1.5%
3/5/2018 12,918.82 2.9% 66.22226 2.8%
3/12/2018 12,784.39 -1.0% 64.71637 -2.3%
3/19/2018 12,177.70 -4.7% 63.563717 -1.8%
3/26/2018 12,452.06 2.3% 66.631287 4.8%
4/2/2018 12,349.11 -0.8% 66.594086 -0.1%
4/9/2018 12,546.05 1.6% 66.556908 -0.1%
4/16/2018 12,607.16 0.5% 62.764278 -5.7%
 4/23/2018 12,594.02 -0.1% 62.253227 -0.8%
4/30/2018 12,493.35 -0.8% 59.56974 -4.3%
5/7/2018 12,761.82 2.1% 58.634727 -1.6%
5/14/2018 12,717.42 -0.3% 58.176571 -0.8%
5/21/2018 12,634.94 -0.6% 59.60714 2.5%
5/28/2018 12,620.83 -0.1% 58.616028 -1.7%
6/4/2018 12,832.07 1.7% 59.223782 1.0%
6/11/2018 12,734.64 -0.8% 60.52346 2.2%
6/18/2018 12,639.57 -0.7% 60.429958 -0.2%
6/25/2018 12,504.25 -1.1% 60.598255 0.3%
7/2/2018 12,664.88 1.3% 61.50523 1.5%
7/9/2018 12,769.50 0.8% 61.477169 0.0%
7/16/2018 12,789.91 0.2% 61.664162 0.3%
7/23/2018 12,921.34 1.0% 62.72953 1.7%
7/30/2018 12,953.34 0.2% 63.520008 1.3%
8/6/2018 12,843.49 -0.8% 61.572063 -3.1%
8/13/2018 12,908.26 0.5% 63.520008 3.2%
8/20/2018 12,999.44 0.7% 62.936562 -0.9%
8/27/2018 13,016.89 0.1% 62.494274 -0.7%
9/3/2018 12,911.12 -0.8% 63.05891 0.9%
9/10/2018 13,050.52 1.1% 63.981106 1.5%
9/17/2018 13,236.44 1.4% 65.016251 1.6%
9/24/2018 13,082.52 -1.2% 63.002426 -3.1%
10/1/2018 12,991.95 -0.7% 60.894501 -3.3%
10/8/2018 12,439.42 -4.3% 58.852459 -3.4%
10/15/2018 12,457.27 0.1% 60.715702 3.2%
10/22/2018 11,976.95 -3.9% 56.440002 -7.0%
10/29/2018 12,321.80 2.9% 57.112579 1.2%
11/5/2018 12,537.53 1.8% 60.437595 5.8%
11/12/2018 12,400.28 -1.1% 59.907108 -0.9%
11/19/2018 12,036.24 -2.9% 58.524055 -2.3%
11/26/2018 12,457.55 3.5% 60.172352 2.8%
12/3/2018 11,941.93 -4.1% 59.405037 -1.3%
12/10/2018 11,755.38 -1.6% 61.735386 3.9%
12/17/2018 11,036.84 -6.1% 56.752609 -8.1%
12/24/2018 11,290.95 2.3% 56.47789 -0.5%
12/31/2018 11,533.34 2.1% 56.383163 -0.2%
1/7/2019 11,848.01 2.7% 58.827194 4.3%
1/14/2019 12,151.77 2.6% 59.329254 0.9%
1/21/2019 12,127.25 -0.2% 58.580887 -1.3%
1/28/2019 12,329.69 1.7% 62.03775 5.9%
2/4/2019 12,292.14 -0.3% 62.648106 1.0%
2/11/2019 12,603.47 2.5% 63.401524 1.2%
2/18/2019 12,694.52 0.7% 63.802086 0.6%
2/25/2019 12,700.67 0.0% 62.943756 -1.3%
3/4/2019 12,415.13 -2.2% 62.323853 -1.0%
3/11/2019 12,715.77 2.4% 64.088188 2.8%
 3/18/2019 12,539.41 -1.4% 62.943756 -1.8%
3/25/2019 12,696.88 1.3% 65.366127 3.8%
4/1/2019 12,927.72 1.8% 64.774841 -0.9%
4/8/2019 12,969.54 0.3% 65.585487 1.3%
4/15/2019 12,922.71 -0.4% 66.138626 0.8%
4/22/2019 12,991.20 0.5% 68.424492 3.5%
4/29/2019 13,037.88 0.4% 69.048271 0.9%
5/6/2019 12,788.14 -1.9% 68.616432 -0.6%
5/13/2019 12,657.63 -1.0% 69.067467 0.7%
5/20/2019 12,581.36 -0.6% 68.328529 -1.1%
5/27/2019 12,264.49 -2.5% 66.812248 -2.2%
6/3/2019 12,765.86 4.1% 71.006004 6.3%
6/10/2019 12,787.24 0.2% 70.391823 -0.9%
6/17/2019 13,047.24 2.0% 70.007942 -0.5%
6/24/2019 13,049.71 0.0% 68.779572 -1.8%
7/1/2019 13,210.91 1.2% 70.190292 2.1%
7/8/2019 13,234.76 0.2% 71.380272 1.7%
7/15/2019 13,111.99 -0.9% 69.768028 -2.3%
7/22/2019 13,235.50 0.9% 71.128647 2.0%
7/29/2019 12,839.51 -3.0% 68.725189 -3.4%
8/5/2019 12,748.42 -0.7% 69.034065 0.4%
8/12/2019 12,580.41 -1.3% 69.767654 1.1%
8/19/2019 12,416.45 -1.3% 69.719398 -0.1%
8/26/2019 12,736.88 2.6% 71.572662 2.7%
9/2/2019 12,933.38 1.5% 72.103539 0.7%
9/9/2019 13,124.34 1.5% 68.252213 -5.3%
9/16/2019 13,093.80 -0.2% 68.483879 0.3%
9/23/2019 12,971.98 -0.9% 70.7136 3.3%
9/30/2019 12,831.55 -1.1% 69.564957 -1.6%
10/7/2019 12,926.92 0.7% 68.059189 -2.2%
10/14/2019 13,006.64 0.6% 65.665382 -3.5%
10/21/2019 13,146.24 1.1% 66.032173 0.6%
10/28/2019 13,300.27 1.2% 64.896355 -1.7%
11/4/2019 13,407.80 0.8% 64.721512 -0.3%
11/11/2019 13,492.96 0.6% 64.468964 -0.4%
11/18/2019 13,440.95 -0.4% 64.799217 0.5%
11/25/2019 13,545.21 0.8% 65.877426 1.7%
12/2/2019 13,588.29 0.3% 66.285393 0.6%
12/9/2019 13,697.34 0.8% 66.722511 0.7%
12/16/2019 13,889.25 1.4% 66.877914 0.2%
12/23/2019 13,944.14 0.4% 67.198463 0.5%
12/30/2019 13,917.05 -0.2% 66.071701 -1.7%
1/6/2020 13,957.97 0.3% 68.140694 3.1%
1/13/2020 14,183.20 1.6% 69.141182 1.5%
1/20/2020 13,978.47 -1.4% 68.2864 -1.2%
1/27/2020 13,614.10 -2.6% 72.101608 5.6%
2/3/2020 13,931.93 2.3% 74.300423 3.0%
 2/10/2020 14,097.34 1.2% 74.945412 0.9%
2/17/2020 13,975.78 -0.9% 74.534966 -0.5%
2/24/2020 12,380.97 -11.4% 66.032883 -11.4%
3/2/2020 12,352.03 -0.2% 70.860497 7.3%
3/9/2020 10,851.74 -12.1% 67.528076 -4.7%
3/16/2020 9,133.16 -15.8% 60.667767 -10.2%
3/23/2020 10,187.21 11.5% 63.775429 5.1%
3/30/2020 9,880.63 -3.0% 66.081734 3.6%
4/6/2020 11,136.61 12.7% 68.319641 3.4%
4/13/2020 11,208.29 0.6% 71.749802 5.0%
4/20/2020 11,017.90 -1.7% 70.199799 -2.2%
4/27/2020 11,058.57 0.4% 67.378044 -4.0%
5/4/2020 11,354.34 2.7% 68.203926 1.2%
5/11/2020 10,947.32 -3.6% 67.790977 -0.6%
5/18/2020 11,331.97 3.5% 69.56073 2.6%
5/25/2020 11,802.95 4.2% 71.114174 2.2%
6/1/2020 12,641.44 7.1% 71.182999 0.1%
6/8/2020 11,867.17 -6.1% 71.566437 0.5%
6/15/2020 11,980.12 1.0% 72.126854 0.8%
6/22/2020 11,604.43 -3.1% 70.31778 -2.5%
6/29/2020 11,991.52 3.3% 72.048195 2.5%
7/6/2020 12,075.58 0.7% 72.441483 0.5%
7/13/2020 12,402.74 2.7% 73.935921 2.1%
7/20/2020 12,461.78 0.5% 73.502045 -0.6%
7/27/2020 12,465.05 0.0% 76.350342 3.9%
8/3/2020 12,765.84 2.4% 75.400917 -1.2%
8/10/2020 12,902.50 1.1% 76.202003 1.1%
8/17/2020 12,809.07 -0.7% 77.823952 2.1%
8/24/2020 13,170.96 2.8% 78.496475 0.9%
8/31/2020 12,966.14 -1.6% 76.360237 -2.7%
9/7/2020 12,773.04 -1.5% 75.905304 -0.6%
9/14/2020 12,833.57 0.5% 74.99543 -1.2%
9/21/2020 12,485.38 -2.7% 75.114105 0.2%
9/28/2020 12,749.79 2.1% 76.548149 1.9%
10/5/2020 13,252.62 3.9% 78.892067 3.1%
10/12/2020 13,169.32 -0.6% 79.426117 0.7%
10/19/2020 13,199.86 0.2% 78.466789 -1.2%
10/26/2020 12,429.33 -5.8% 78.452164 0.0%
11/2/2020 13,218.67 6.4% 82.569183 5.2%
11/9/2020 13,761.32 4.1% 84.886253 2.8%
11/16/2020 13,827.00 0.5% 84.68737 -0.2%
11/23/2020 14,198.50 2.7% 84.42881 -0.3%
11/30/2020 14,417.33 1.5% 84.558083 0.2%
12/7/2020 14,355.29 -0.4% 84.21003 -0.4%
12/14/2020 14,467.82 0.8% 85.453094 1.5%
12/21/2020 14,382.50 -0.6% 84.568031 -1.0%
12/28/2020 14,524.80 1.0% 85.035423 0.6%
 1/4/2021 14,966.83 3.0% 81.89296 -3.7%
1/11/2021 14,894.17 -0.5% 81.425568 -0.6%
1/18/2021 14,951.84 0.4% 77.75605 -4.5%
1/25/2021 14,397.20 -3.7% 78 0.3%
2/1/2021 15,069.60 4.7% 79.870003 2.4%
2/8/2021 15,369.60 2.0% 78.43 -1.8%
2/15/2021 15,362.69 0.0% 77.199997 -1.6%
 WACC Calculation

Kd 1.7% Wd 15%
Ke 4.7% We 85%

WACC 4.25%
 0 1 2
2021 2022
EBIT 4,039 4,192
Less: taxes -915 -995
NOPAT 3,124 3,196
Add: Depreciation and amortization 553 569
Add/Less: Working capital changes -438 -6
Less: Investment in fixed assets -689 -640
FCFF 2,550 3,119
Discount factor 0.98 0.94

Present value of Explicit period

13,890.08
Exit multiple
EV/EBITDA 17.00
EBITDA
Enterprise value (Terminal value) 36,267.73
Present value of terminal value

Total Present value of operations 50,157.81

Add: Non Operating assets including cash 981
Value of firm 51,138.81
Less: Debt -7601
Less: Non-controlling interest -358
Value of equity 43,179.81
Shares outstanding 848.56
Value per share (20/02/2021) 50.89
 3 4 5
2023 2024 2025
4,325 4,437 4,526
-1,074 -1,150 -1,222
3,251 3,287 3,304
582 594 602
-9 32 30
-637 -629 -617
3,188 3,283 3,319
0.90 0.86 0.83

2,627
44,658