Nestle India is a leading subsidiary of the Swiss multinational company,

Nestle, and one of India's largest food and beverage producers. With a rich
history spanning over a century,

TICKER Market Capitalization

NESTLEIND 215208.03

Number of shares Face Value Beta

9.640 10 0.484

52W LOW 52W HIGH Current Price Debt/Eqt

23395.35 17880 22325.3 0.134%
 Historical Financial Sheet - NESTLE INDIA LTD
Years Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

# Income Statement
Sales ₹ 9,101.05 ₹ 9,854.84 ₹ 8,175.31 ₹ 9,141.34 ₹ 10,009.60 ₹ 11,292.27 ₹ 12,368.90 ₹ 13,350.03 ₹ 14,740.59 ₹ 16,896.96
Sales Growth 8.28% -17.04% 11.82% 9.50% 12.81% 9.53% 7.93% 10.42% 14.63%

COGS ₹ 5,441.56 ₹ 5,942.45 ₹ 4,774.26 ₹ 5,204.81 ₹ 5,821.16 ₹ 6,241.40 ₹ 7,003.97 ₹ 7,687.40 ₹ 8,521.15 ₹ 10,221.70
COGS % sales 59.79% 60.30% 58.40% 56.94% 58.16% 55.27% 56.63% 57.58% 57.81% 60.49%

Gross Profit ₹ 3,659.49 ₹ 3,912.39 ₹ 3,401.05 ₹ 3,936.53 ₹ 4,188.44 ₹ 5,050.87 ₹ 5,364.93 ₹ 5,662.63 ₹ 6,219.44 ₹ 6,675.26
Gross margin 40.21% 39.70% 41.60% 43.06% 41.84% 44.73% 43.37% 42.42% 42.19% 39.51%

Selling & General expenses ₹ 1,711.91 ₹ 1,873.14 ₹ 1,846.12 ₹ 2,086.69 ₹ 2,091.91 ₹ 2,433.22 ₹ 2,439.05 ₹ 2,461.13 ₹ 2,657.04 ₹ 2,968.97
S&G exp % Sales 18.81% 19.01% 22.58% 22.83% 20.90% 21.55% 19.72% 18.44% 18.03% 17.57%

EBITDA ₹ 1,947.58 ₹ 2,039.25 ₹ 1,554.93 ₹ 1,849.84 ₹ 2,096.53 ₹ 2,617.65 ₹ 2,925.88 ₹ 3,201.50 ₹ 3,562.40 ₹ 3,706.29
EBITDA margins 21.40% 20.69% 19.02% 20.24% 20.95% 23.18% 23.66% 23.98% 24.17% 21.93%

Interest ₹ 36.51 ₹ 14.23 ₹ 3.29 ₹ 90.91 ₹ 91.90 ₹ 111.95 ₹ 129.12 ₹ 164.18 ₹ 201.68 ₹ 154.57
Interest % sales 0.40% 0.14% 0.04% 0.99% 0.92% 0.99% 1.04% 1.23% 1.37% 0.91%

Depreciation ₹ 329.95 ₹ 337.54 ₹ 347.26 ₹ 353.67 ₹ 342.25 ₹ 335.67 ₹ 370.15 ₹ 370.38 ₹ 391.02 ₹ 403.01
Depreciation % Sales 3.63% 3.43% 4.25% 3.87% 3.42% 2.97% 2.99% 2.77% 2.65% 2.39%

Earning Before Tax ₹ 1,581.12 ₹ 1,687.48 ₹ 1,204.38 ₹ 1,405.26 ₹ 1,662.38 ₹ 2,170.03 ₹ 2,426.61 ₹ 2,666.94 ₹ 2,969.70 ₹ 3,148.71
EBT % Sales 17.37% 17.12% 14.73% 15.37% 16.61% 19.22% 19.62% 19.98% 20.15% 18.63%

TAX ₹ 560.89 ₹ 589.66 ₹ 250.36 ₹ 544.02 ₹ 614.11 ₹ 822.02 ₹ 705.05 ₹ 730.36 ₹ 738.91 ₹ 865.45
Effective tax rate 35.47% 34.94% 20.79% 38.71% 36.94% 37.88% 29.05% 27.39% 24.88% 27.49%

Net Profit ₹ 1,020.23 ₹ 1,097.82 ₹ 954.02 ₹ 861.24 ₹ 1,048.27 ₹ 1,348.01 ₹ 1,721.56 ₹ 1,936.58 ₹ 2,230.79 ₹ 2,283.26
Net Margins 11.21% 11.14% 11.67% 9.42% 10.47% 11.94% 13.92% 14.51% 15.13% 13.51%

No. of Equity shares (In CR) ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64 ₹ 9.64

Earning per Share ₹ 105.83 ₹ 113.88 ₹ 98.96 ₹ 89.34 ₹ 108.74 ₹ 139.84 ₹ 178.59 ₹ 200.89 ₹ 231.41 ₹ 236.85
EPS Growth 7.61% -13.10% -9.73% 21.72% 28.59% 27.71% 12.49% 15.19% 2.35%

Dividends per Share ₹ 48.51 ₹ 63.01 ₹ 48.51 ₹ 63.01 ₹ 86.02 ₹ 115.02 ₹ 342.07 ₹ 200.04 ₹ 200.04 ₹ 220.05
Dividend payout ratio 45.84% 55.33% 49.02% 70.53% 79.10% 82.26% 191.54% 99.58% 86.44% 92.90%

Retained Earnings 54.16% 44.67% 50.98% 29.47% 20.90% 17.74% 0.00% 0.42% 13.56% 7.10%
# Balance Sheet
Equity Share Capital ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42 ₹ 96.42
Reserves ₹ 2,272.33 ₹ 2,740.79 ₹ 2,721.42 ₹ 3,185.91 ₹ 3,324.17 ₹ 3,577.32 ₹ 1,822.45 ₹ 1,922.92 ₹ 1,849.96 ₹ 2,362.75
Borrowings ₹ 1,189.49 ₹ 19.57 ₹ 17.73 ₹ 33.15 ₹ 35.14 ₹ 35.14 ₹ 188.94 ₹ 147.49 ₹ 266.46 ₹ 270.52
Other Liabilities ₹ 2,756.03 ₹ 2,962.72 ₹ 3,250.76 ₹ 3,494.98 ₹ 3,906.86 ₹ 4,379.20 ₹ 5,065.13 ₹ 5,732.90 ₹ 6,021.29 ₹ 6,249.05
Total Liablities ₹ 6,314.27 ₹ 5,819.50 ₹ 6,086.33 ₹ 6,810.46 ₹ 7,362.59 ₹ 8,088.08 ₹ 7,172.94 ₹ 7,899.73 ₹ 8,234.13 ₹ 8,978.74

Fixed Assets Net Block ₹ 3,369.31 ₹ 3,176.64 ₹ 2,897.85 ₹ 2,730.14 ₹ 2,616.18 ₹ 2,400.62 ₹ 2,341.45 ₹ 2,179.41 ₹ 2,994.67 ₹ 3,043.70
Capital Work in Progress ₹ 294.71 ₹ 244.78 ₹ 230.79 ₹ 188.17 ₹ 94.16 ₹ 105.20 ₹ 143.30 ₹ 638.58 ₹ 246.23 ₹ 358.36
Investments ₹ 851.08 ₹ 811.82 ₹ 1,324.92 ₹ 1,755.66 ₹ 1,978.87 ₹ 2,658.49 ₹ 1,751.05 ₹ 1,463.77 ₹ 773.98 ₹ 777.54
Other Assets ₹ 229.61 ₹ 197.24 ₹ 233.99 ₹ 218.50 ₹ 224.52 ₹ 223.57 ₹ 221.69 ₹ 266.69 ₹ 1,725.22 ₹ 1,732.93
Total Non Current Assets ₹ 4,744.71 ₹ 4,430.48 ₹ 4,687.55 ₹ 4,892.47 ₹ 4,913.73 ₹ 5,387.88 ₹ 4,457.49 ₹ 4,548.45 ₹ 5,740.10 ₹ 5,912.53

Receivables ₹ 84.27 ₹ 99.10 ₹ 78.42 ₹ 97.93 ₹ 88.97 ₹ 124.59 ₹ 124.33 ₹ 164.93 ₹ 165.97 ₹ 191.89
Inventory ₹ 735.93 ₹ 844.10 ₹ 820.81 ₹ 940.06 ₹ 902.47 ₹ 965.55 ₹ 1,283.07 ₹ 1,416.48 ₹ 1,592.65 ₹ 1,928.77
Cash & Bank ₹ 749.36 ₹ 445.82 ₹ 499.55 ₹ 880.00 ₹ 1,457.42 ₹ 1,610.06 ₹ 1,308.05 ₹ 1,769.87 ₹ 735.41 ₹ 945.55
Total Current Assets ₹ 1,569.56 ₹ 1,389.02 ₹ 1,398.78 ₹ 1,917.99 ₹ 2,448.86 ₹ 2,700.20 ₹ 2,715.45 ₹ 3,351.28 ₹ 2,494.03 ₹ 3,066.21

Total Assets ₹ 6,314.27 ₹ 5,819.50 ₹ 6,086.33 ₹ 6,810.46 ₹ 7,362.59 ₹ 8,088.08 ₹ 7,172.94 ₹ 7,899.73 ₹ 8,234.13 ₹ 8,978.74

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
# Cash Flow Statement
Operating Activity
Profit from operations ₹ 1,956.00 ₹ 2,051.00 ₹ 1,109.00 ₹ 1,765.00 ₹ 2,047.00 ₹ 2,521.00 ₹ 2,805.00 ₹ 3,061.00 ₹ 3,136.00 ₹ 3,609.00
Receivables ₹ 3.00 (₹ 14.00) ₹ 21.00 (₹ 19.00) ₹ 8.00 (₹ 36.00) - (₹ 42.00) (₹ 2.00) (₹ 28.00)
Inventory ₹ 10.00 (₹ 108.00) ₹ 23.00 (₹ 119.00) ₹ 38.00 (₹ 63.00) (₹ 318.00) (₹ 133.00) (₹ 169.00) (₹ 336.00)
Payables ₹ 128.00 ₹ 118.00 ₹ 79.00 ₹ 50.00 ₹ 185.00 ₹ 257.00 ₹ 253.00 ₹ 23.00 ₹ 217.00 ₹ 178.00
Loans Advances (₹ 48.00) ₹ 34.00 (₹ 3.00) - - - - - (₹ 40.00) (₹ 30.00)
Operating borrowings - - ₹ 2.00 - - - - - - -
Other WC items ₹ 234.00 ₹ 153.00 ₹ 210.00 ₹ 293.00 ₹ 144.00 ₹ 255.00 ₹ 227.00 ₹ 249.00 (₹ 179.00) ₹ 185.00
Direct taxes (₹ 486.00) (₹ 589.00) (₹ 342.00) (₹ 503.00) (₹ 604.00) (₹ 881.00) (₹ 673.00) (₹ 703.00) (₹ 729.00) (₹ 841.00)
Cash from Operating Activity ₹ 1,797.00 ₹ 1,645.00 ₹ 1,099.00 ₹ 1,467.00 ₹ 1,818.00 ₹ 2,053.00 ₹ 2,294.00 ₹ 2,455.00 ₹ 2,234.00 ₹ 2,737.00

Investing activities
Fixed assets purchased (₹ 345.00) (₹ 415.00) (₹ 151.00) (₹ 207.00) (₹ 199.00) (₹ 166.00) (₹ 155.00) (₹ 478.00) (₹ 735.00) (₹ 550.00)
Fixed assets sold ₹ 17.00 ₹ 10.00 ₹ 1.00 ₹ 94.00 ₹ 3.00 ₹ 3.00 ₹ 2.00 ₹ 4.00 ₹ 4.00 ₹ 9.00
Investments purchased (₹ 145.00) (₹ 80.00) (₹ 37.00) (₹ 153.00) (₹ 112.00) (₹ 160.00) (₹ 16.00) - - -
Investments sold - - - - - - - - - ₹ 25.00
Interest received ₹ 69.00 ₹ 66.00 ₹ 99.00 ₹ 126.00 ₹ 154.00 ₹ 237.00 ₹ 238.00 ₹ 148.00 ₹ 125.00 ₹ 103.00
Dividends received ₹ 11.00 ₹ 10.00 ₹ 12.00 ₹ 13.00 ₹ 16.00 ₹ 19.00 ₹ 13.00 ₹ 2.00 - -
Other investing items (₹ 47.00) (₹ 23.00) ₹ 6.00 ₹ 1.00 ₹ 7.00 ₹ 15.00 - ₹ 3.00 (₹ 1,314.00) ₹ 20.00
Cash from Investing Activity (₹ 440.00) (₹ 432.00) (₹ 70.00) (₹ 126.00) (₹ 131.00) (₹ 52.00) ₹ 82.00 (₹ 321.00) (₹ 1,920.00) (₹ 393.00)

Financing Activities
Proceeds from borrowings - ₹ 4.00 - - - - - - ₹ 24.00 -
Repayment of borrowings - - (₹ 3.00) - - - - - (₹ 24.00) -
Investment subsidy - - - - - - - - - -
Interest paid fin (₹ 36.00) (₹ 15.00) (₹ 3.00) (₹ 4.00) (₹ 1.00) (₹ 4.00) (₹ 63.00) (₹ 69.00) (₹ 9.00) (₹ 18.00)
Dividends paid (₹ 468.00) (₹ 607.00) (₹ 410.00) (₹ 564.00) (₹ 829.00) (₹ 1,090.00) (₹ 2,950.00) (₹ 1,890.00) (₹ 1,928.00) (₹ 2,025.00)
Financial liabilities - - - - - - - - (₹ 79.00) (₹ 73.00)
Other financing items (₹ 76.00) (₹ 1,017.00) (₹ 82.00) (₹ 98.00) (₹ 167.00) (₹ 224.00) (₹ 588.00) ₹ 3.00 (₹ 3.00) (₹ 7.00)
Cash from Financing Activity (₹ 580.00) (₹ 1,635.00) (₹ 498.00) (₹ 666.00) (₹ 997.00) (₹ 1,318.00) (₹ 3,601.00) (₹ 1,956.00) (₹ 2,019.00) (₹ 2,123.00)

Net Cash Flow ₹ 777.00 (₹ 422.00) ₹ 531.00 ₹ 675.00 ₹ 690.00 ₹ 683.00 (₹ 1,225.00) ₹ 178.00 (₹ 1,705.00) ₹ 221.00
 Ratio Analysis - NESTLE INDIA LTD
Years Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Trend Mean Median

Sales Growth 8.28% -17.04% 11.82% 9.50% 12.81% 9.53% 7.93% 10.42% 14.63% 7.54% 9.53%
EBITDA Growth 4.71% -23.75% 18.97% 13.34% 24.86% 11.78% 9.42% 11.27% 4.04% 8.29% 11.27%
EBIT Growth 6.73% -28.63% 16.68% 18.30% 30.54% 11.82% 9.90% 11.35% 6.03% 9.19% 11.35%
Net Profit growth 7.61% -13.10% -9.73% 21.72% 28.59% 27.71% 12.49% 15.19% 2.35% 10.32% 12.49%
Dividend Growth 29.90% -23.02% 29.90% 36.51% 33.72% 197.39% -41.52% 0.00% 10.00% 30.32% 29.90%

Growth Margin 40.21% 39.70% 41.60% 43.06% 41.84% 44.73% 43.37% 42.42% 42.19% 39.51% 41.86% 42.02%
EBITDA Margin 21.40% 20.69% 19.02% 20.24% 20.95% 23.18% 23.66% 23.98% 24.17% 21.93% 21.92% 21.67%
EBIT Margin 17.77% 17.27% 14.77% 16.37% 17.53% 20.21% 20.66% 21.21% 21.51% 19.55% 18.68% 18.66%
EBT Margin 17.37% 17.12% 14.73% 15.37% 16.61% 19.22% 19.62% 19.98% 20.15% 18.63% 17.88% 18.00%
Net Profit margin 11.21% 11.14% 11.67% 9.42% 10.47% 11.94% 13.92% 14.51% 15.13% 13.51% 12.29% 11.80%

Sales Expenses % sales 18.81% 19.01% 22.58% 22.83% 20.90% 21.55% 19.72% 18.44% 18.03% 17.57% 19.94% 19.36%
Depreciation % sales 3.63% 3.43% 4.25% 3.87% 3.42% 2.97% 2.99% 2.77% 2.65% 2.39% 3.24% 3.21%
Operating Income % sales 17.77% 17.27% 14.77% 16.37% 17.53% 20.21% 20.66% 21.21% 21.51% 19.55% 18.68% 18.66%

Return on Capital Employed 45.46% 59.57% 42.59% 45.13% 50.76% 61.53% 121.25% 130.66% 143.32% 121.01% 82.13% 60.55%
Retained Earnings% 54.16% 44.67% 50.98% 29.47% 20.90% 17.74% 0.00% 0.42% 13.56% 7.10% 23.90% 19.32%
Return on Equity% 43.07% 38.69% 33.86% 26.24% 30.65% 36.69% 89.72% 95.90% 114.61% 92.85% 60.23% 40.88%
Self Sustained Growth Rate 23.33% 17.28% 17.26% 7.73% 6.40% 6.51% 0.00% 0.41% 15.54% 6.59% 10.10% 7.16%
Interest Coverage Ratio 44.31x 119.59x 367.07x 16.46x 19.09x 20.38x 19.79x 17.24x 15.72x 21.37x 66.10x 20.09x

Debtor Turnover Ratio 108.00x 99.44x 104.25x 93.35x 112.51x 90.64x 99.48x 80.94x 88.81x 88.06x 96.55x 96.39x
Creditor Turnover Ratio 3.30x 3.33x 2.51x 2.62x 2.56x 2.58x 2.44x 2.33x 2.45x 2.70x 2.68x 2.57x
Inventory Turnover 12.37x 11.67x 9.96x 9.72x 11.09x 11.70x 9.64x 9.42x 9.26x 8.76x 10.36x 9.84x
Fixed Assets Turnover 2.70x 3.10x 2.82x 3.35x 3.83x 4.70x 5.28x 6.13x 4.92x 5.55x 4.24x 4.26x
Capital Turnover Ratio 3.84x 3.47x 2.90x 2.79x 2.93x 3.07x 6.45x 6.61x 7.57x 6.87x 4.65x 3.66x

(in days)
Debtor Days 3 4 4 4 3 4 4 5 4 4 4 4
Payable Days 111 110 145 140 142 142 149 157 149 135 138 142
Inventory days 30 31 37 38 33 31 38 39 39 42 36 37
Cash Conversion Ratio -78 -75 -105 -98 -106 -106 -108 -114 -106 -89 -98 -105

CFO/Sales 19.74% 16.69% 13.44% 16.05% 18.16% 18.18% 18.55% 18.39% 15.16% 16.20% 17.06% 17.43%
CFO/Total Assets 28.46% 28.27% 18.06% 21.54% 24.69% 25.38% 31.98% 31.08% 27.13% 30.48% 26.71% 27.70%
CFO/Total Debts 151.07% 8405.72% 6198.53% 4425.34% 5173.59% 5842.34% 1214.14% 1664.52% 838.40% 1011.76% 3492.54% 3044.93%
# Common Size Income Statement - NESTLE INDIA LTD

Particular Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 36.41% 38.90% 35.58% 35.30% 36.93% 33.91% 36.55% 36.72% 35.96% 39.42%
Change in Inventory -1.16% 0.68% -0.15% 0.08% 0.79% 0.05% 1.17% 0.52% 0.46% 1.48%
Power and Fuel 4.23% 3.90% 2.72% 2.55% 2.88% 3.05% 2.75% 2.35% 2.77% 3.39%
Other Mfr. Exp 9.84% 9.69% 8.79% 9.31% 8.97% 8.41% 8.32% 7.79% 9.15% 9.49%
Employee Cost 8.15% 8.49% 11.16% 9.86% 10.16% 9.96% 10.17% 11.24% 10.38% 9.68%
Selling and admin 16.80% 17.05% 19.76% 19.16% 18.22% 19.00% 18.00% 16.83% 19.69% 18.89%
Other Expenses 2.01% 1.95% 2.82% 3.66% 2.68% 2.55% 1.72% 1.60% -1.66% -1.32%
Other Income 1.06% 0.88% -4.78% 1.53% 1.77% 2.29% 2.00% 1.09% -0.76% 0.63%
Depreciation 3.63% 3.43% 4.25% 3.87% 3.42% 2.97% 2.99% 2.77% 2.65% 2.39%
Interest 0.40% 0.14% 0.04% 0.99% 0.92% 0.99% 1.04% 1.23% 1.37% 0.91%
Profit before tax 18.44% 18.00% 9.95% 16.91% 18.38% 21.51% 21.61% 21.07% 19.38% 19.27%
Tax 6.16% 5.98% 3.06% 5.95% 6.14% 7.28% 5.70% 5.47% 5.01% 5.12%
Net profit 12.27% 12.02% 6.89% 10.95% 12.24% 14.23% 15.91% 15.60% 14.37% 14.15%
Dividend Amount 5.14% 6.16% 5.72% 6.65% 8.28% 9.82% 26.66% 14.44% 13.08% 12.55%
EBITDA 22.46% 21.57% 14.24% 21.77% 22.71% 25.47% 25.65% 25.07% 23.40% 22.57%

# Common Size Balance Sheet - NESTLE INDIA LTD

Particular Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

Total Liablities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 1.53% 1.66% 1.58% 1.42% 1.31% 1.19% 1.34% 1.22% 1.17% 1.07%
Reserves 35.99% 47.10% 44.71% 46.78% 45.15% 44.23% 25.41% 24.34% 22.47% 26.31%
Borrowings 18.84% 0.34% 0.29% 0.49% 0.48% 0.43% 2.63% 1.87% 3.24% 3.01%
Other Liabilities 43.65% 50.91% 53.41% 51.32% 53.06% 54.14% 70.61% 72.57% 73.13% 69.60%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 53.36% 54.59% 47.61% 40.09% 35.53% 29.68% 32.64% 27.59% 36.37% 33.90%
Capital Work in Progress 4.67% 4.21% 3.79% 2.76% 1.28% 1.30% 2.00% 8.08% 2.99% 3.99%
Investments 13.48% 13.95% 21.77% 25.78% 26.88% 32.87% 24.41% 18.53% 9.40% 8.66%
Other Assets 3.64% 3.39% 3.84% 3.21% 3.05% 2.76% 3.09% 3.38% 20.95% 19.30%
Receivables 1.33% 1.70% 1.29% 1.44% 1.21% 1.54% 1.73% 2.09% 2.02% 2.14%
Inventory 11.66% 14.50% 13.49% 13.80% 12.26% 11.94% 17.89% 17.93% 19.34% 21.48%
Cash & Bank 11.87% 7.66% 8.21% 12.92% 19.79% 19.91% 18.24% 22.40% 8.93% 10.53%
 NESTLE INDIA LTD - Sales Forecasting NESTLE INDIA LTD - EBITDA Forecasting NESTLE INDIA LTD - Earning Per Share Forecasting
Years Weight Year Sales Sales Growth Years Weight Year EBITDA EBITDA Growth Years Weight Year EPS EPS Growth
1 2013 A 9,101.05 1 2013 A 1,947.58 1 2013 A 105.83
2 2014 A 9,854.84 8.28% 2 2014 A 2,039.25 4.71% 2 2014 A 113.88 7.61%
3 2015 A 8,175.31 -17.04% 3 2015 A 1,554.93 -23.75% 3 2015 A 98.96 -13.10%
4 2016 A 9,141.34 11.82% 4 2016 A 1,849.84 18.97% 4 2016 A 89.34 -9.73%
5 2017 A 10,009.60 9.50% 5 2017 A 2,096.53 13.34% 5 2017 A 108.74 21.72%
6 2018 A 11,292.27 12.81% 6 2018 A 2,617.65 24.86% 6 2018 A 139.84 28.59%
7 2019 A 12,368.90 9.53% 7 2019 A 2,925.88 11.78% 7 2019 A 178.59 27.71%
8 2020 A 13,350.03 7.93% 8 2020 A 3,201.50 9.42% 8 2020 A 200.89 12.49%
9 2021 A 14,740.59 10.42% 9 2021 A 3,562.40 11.27% 9 2021 A 231.41 15.19%
10 2022 A 16,896.96 14.63% 10 2022 A 3,706.29 4.04% 10 2022 A 236.85 2.35%
11 2023 F 16,199.84 -4.13% 11 2023 F 3,832.60 3.41% 11 2023 F 244.11 3.06%
12 2024 F 17,055.61 5.28% 12 2024 F 4,065.77 6.08% 12 2024 F 261.14 6.98%
13 2025 F 17,911.38 5.02% 13 2025 F 4,298.94 5.73% 13 2025 F 278.18 6.52%
14 2026 F 18,767.15 4.78% 14 2026 F 4,532.10 5.42% 14 2026 F 295.21 6.12%
15 2027 F 19,622.92 4.56% 15 2027 F 4,765.27 5.14% 15 2027 F 312.24 5.77%

Sales Forecasting EBITDA Forecasting Earning Per Share Forecasting

25,000.00 0.2
6,000.00 0.4 400.00 0.4
20,000.00 0.1
0.2 300.00 0.2
15,000.00 4,000.00
0 0 200.00
10,000.00 2,000.00 0
-0.1 -0.2 100.00
5,000.00
0.00 -0.2 0.00 -0.4 0.00 -0.2

2013 A
2014 A
2015 A
2016 A
2017 A
2018 A
2019 A
2020 A
2021 A
2022 A
2023 A
2024 A
2025 A
2026 A
2027 A
2013 A
2014 A
2015 A
2016 A
2017 A
2018 A
2019 A
2020 A
2021 A
2022 A
2023 A
2024 A
2025 A
2026 A
2027 A
2013 A
2014 A
2015 A
2016 A
2017 A
2018 A
2019 A
2020 A
2021 A
2022 A
2023 A
2024 A
2025 A
2026 A
2027 A

Sales Sales Growth EBITDA EBITDA Growth EPS EPS Growth

 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
# Calculation Of ROIC
Current Assets
Inventories 966.0 1,283.0 1,416.0 1,593.0 1,929.0
Trade receivables 125.0 124.0 165.0 166.0 192.0 Cash
Equivalents is
Short term loans 23.0 26.0 27.0 21.0 27.0
not an
Other asset items 201.0 196.0 240.0 1,704.0 1,706.0 operating
Total Current Assets 1,315.0 1,629.0 1,848.0 3,484.0 3,854.0 asset, hence
not considered
Current Liablities
Trade Payables 1,240.0 1,492.0 1,517.0 1,748.0 1,934.0
Advance from Customers 41.0 37.0 53.0 69.0 114.0
Other liability items 3,098.0 3,537.0 4,164.0 4,204.0 4,201.0
Total Current Liablities 4,379.0 5,066.0 5,734.0 6,021.0 6,249.0

# Net Working Capital (3,064.0) (3,437.0) (3,886.0) (2,537.0) (2,395.0)

Non Current Assets

Land 140.5 141.5 141.5 141.6 141.6
Building 912.4 1,159.6 1,140.3 1,485.3 1,532.2
Plant Machinery 2,279.6 2,377.7 2,519.4 3,286.9 3,545.7
Equipments 14.9 18.1 20.3 23.1 43.2
Computers 64.8 78.3 89.3 97.6 129.2
Furniture n fittings 70.9 69.6 69.4 65.1 64.4
Railway sidings - - - - -
Vehicles 2.4 20.5 18.2 19.1 17.7
Intangible Assets - - - - -
Other fixed assets - - - - -
Gross Block 3,485.4 3,865.2 3,998.3 5,118.7 5,474.0
Accumulated Depreciation (1,084.8) (1,523.7) (1,818.9) (2,124.1) (2,430.3)
# Non Current Assets 2,400.6 2,341.5 2,179.4 2,994.7 3,043.7

# Invested Capital (663.4) (1,095.6) (1,706.6) 457.7 648.7

EBIT 2,282.0 2,555.7 2,831.1 3,171.4 3,303.3
 ROIC -343.99% -233.28% -165.89% 692.94% 509.22%

# Calculation of Reinvestment Rate Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

Net CAPEX 163.0 153.0 474.0 731.0 541.0

Change in Working capital (373.0) (449.0) 1,349.0 142.0

EBIT 2,282.0 2,555.7 2,831.1 3,171.4 3,303.3

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-Tax) 1,711.5 1,916.8 2,123.3 2,378.5 2,477.5

Reinvestment (220.0) 25.0 2,080.0 683.0

Reinvestment Rate -11.48% 1.18% 87.45% 27.57%

4 Year average 26.18%

4 Year Median 14.37%

# Calculation of Growth Rate Dec-18 Dec-19 Dec-20 Dec-21 Dec-22

Reinvestment Rate -11.48% 1.18% 87.45% 27.57%

ROIC -233.28% -165.89% 692.94% 509.22%

Intrinsic Growth 26.77% -1.95% 605.97% 140.38%

4 Year average 192.79%

4 Year Median 83.58%
# Calculation of PV of FCFF Dec-22 Jan-24 Dec-24 Dec-25 Dec-26 Dec-27
Actual Forecast

EBIT 3,303.28 6,064.13 11,132.49 20,436.92 37,517.93 68,875.10

Tax rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%

EBIT(1-t) 2,477.46 4,548.10 8,349.36 15,327.69 28,138.45 51,656.33

Less- Reinvestment Rate 14.37% 21.20% 28.03% 34.86% 41.69% 41.69% Industry Growth Rate

Free cash flow to Firm (FCFF) 2,121.38 3,583.80 6,008.91 9,984.34 16,407.53 30,120.80

Mid Year Convention 0.5 1.5 2.5 3.5 4.5

Discounting factor 0.942 0.836 0.742 0.659 0.585

PV of FCFF 3,376.29 5,024.37 7,409.62 10,807.13 17,608.58

Expected Growth 83.58% Median of 4 year Growth Rate

Terminal Growth 5.90% From Google
WACC 12.67%

# Calculation of Terminal Value Sensitivity Analysis Of Enterprise Value

5,21,690.71 11.50% 12.67% 13.80% 15.00%
FCFF (n+1) 55,295.52 4.00% 4,75,235.2 4,17,071.3 3,74,080.0 3,38,095.9
WACC 12.67% 4.80% 5,26,699.0 4,54,971.7 4,03,400.3 3,61,144.5
Terminal Growth rate 5.90% 5.90% 6,21,470.4 5,21,710.3 4,53,411.9 3,99,453.3
7.00% 7,62,574.6 6,14,344.0 5,19,603.8 4,48,297.1
Terminal value 8,16,739.25 8.00% 9,67,817.1 7,36,424.9 6,01,565.4 5,06,021.5

Calculation of Equity Value Per Share

PV of FCFF 44,226.00
PV of Terminal Value 4,77,464.71
Value of Enterprise Value or
Value of Operating Assets 5,21,690.71
Sensitivity Analysis Of Equity Value Per Share
Add: Cash 945.55 54,214.25 11.50% 12.67% 13.80% 14.00%
Less : Debt 30.00 4.00% 49395.03 43361.22 38901.37 38217.00
Value of Equity 5,22,606.26 4.80% 54733.79 47292.94 41943.01 41133.01
No of Shares 9.64 5.90% 64565.22 54216.28 47131.13 46083.02
7.00% 79203.12 63825.93 53997.75 52588.76
Equity value Per Share 54,214.25 8.00% 100494.61 76490.39 62500.31 60573.06
Equity value can be differ.
In any model
Due to diff. reinvestment
rate

Share Price 22325 Real time market price

Discount/Premium -0.59x
 Regression Rate 2 years Weekly

NESTLE INDIA LTD Weekly Returns Nifty Weekly Returns Beta Drifting

Date Closing Price Return Date Closing Price Return Levered Raw Beta 0.48 Beta Calculation (1) 0.484 By Slope
26-07-2021 17259.82 26-07-2021 15763.05 Beta Weight 75.00% Beta Calculation (2) 0.488 By Regression
02-08-2021 17569.87 1.80% 02-08-2021 16238.20 3.01% Beta Calculation (3) 0.484 By Covariance
09-08-2021 17812.54 1.38% 09-08-2021 16529.10 1.79% Market Beta 1
16-08-2021 19081.68 7.12% 16-08-2021 16450.50 -0.48% Market Beta Weight 25.00%
23-08-2021 19458.13 1.97% 23-08-2021 16705.20 1.55%
30-08-2021 19759.69 1.55% 30-08-2021 17323.60 3.70% Adjusted Beta 0.61
06-09-2021 19945.47 0.94% 06-09-2021 17369.25 0.26%
13-09-2021 19671.01 -1.38% 13-09-2021 17585.15 1.24%
20-09-2021 19367.36 -1.54% 20-09-2021 17853.20 1.52% SUMMARY OUTPUT
27-09-2021 19060.92 -1.58% 27-09-2021 17532.05 -1.80%
04-10-2021 18511.51 -2.88% 04-10-2021 17895.20 2.07% Regression Statistics
11-10-2021 18841.98 1.79% 11-10-2021 18338.55 2.48% Multiple R 0.383994
18-10-2021 18531.26 -1.65% 18-10-2021 18114.90 -1.22% R Square 0.147451
25-10-2021 18524.87 -0.03% 25-10-2021 17671.65 -2.45% Adjusted R Square
0.139174
01-11-2021 18525.74 0.00% 01-11-2021 17916.80 1.39% Standard Error
0.023398
08-11-2021 18774.06 1.34% 08-11-2021 18102.75 1.04% Observations 105
15-11-2021 19032.05 1.37% 15-11-2021 17764.80 -1.87%
22-11-2021 18852.33 -0.94% 22-11-2021 17026.45 -4.16% ANOVA
29-11-2021 18949.53 0.52% 29-11-2021 17196.70 1.00% df SS MS F Significance F
06-12-2021 18899.40 -0.26% 06-12-2021 17511.30 1.83% Regression 1 0.009753 0.009753 17.81418 5.26E-05
13-12-2021 18712.48 -0.99% 13-12-2021 16985.20 -3.00% Residual 103 0.056391 0.000547
20-12-2021 18854.24 0.76% 20-12-2021 17003.75 0.11% Total 104 0.066144
27-12-2021 19326.48 2.50% 27-12-2021 17354.05 2.06%
03-01-2022 19519.83 1.00% 03-01-2022 17812.70 2.64% Coefficients
Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0%
Upper 95.0%
10-01-2022 19026.81 -2.53% 10-01-2022 18255.75 2.49% Intercept 0.001643 0.002299 0.714885 0.476297 -0.00292 0.006202811 -0.00292 0.006203
17-01-2022 18609.10 -2.20% 17-01-2022 17617.15 -3.50% X Variable 10.487921 0.115602 4.220685 5.26E-05 0.258651 0.717191076 0.258651 0.717191
24-01-2022 18030.61 -3.11% 24-01-2022 17101.95 -2.92%
31-01-2022 17978.87 -0.29% 31-01-2022 17516.30 2.42%
07-02-2022 17472.36 -2.82% 07-02-2022 17374.75 -0.81%
14-02-2022 17662.72 1.09% 14-02-2022 17276.30 -0.57%
21-02-2022 17374.19 -1.63% 21-02-2022 16658.40 -3.58%
28-02-2022 17057.16 -1.82% 28-02-2022 16245.35 -2.48%
07-03-2022 16994.00 -0.37% 07-03-2022 16630.45 2.37%
14-03-2022 17932.33 5.52% 14-03-2022 17287.05 3.95%
21-03-2022 16830.94 -6.14% 21-03-2022 17153.00 -0.78%
28-03-2022 17219.32 2.31% 28-03-2022 17670.45 3.02%
04-04-2022 18097.69 5.10% 04-04-2022 17784.35 0.64%
11-04-2022 18093.20 -0.02% 11-04-2022 17475.65 -1.74%
18-04-2022 17901.62 -1.06% 18-04-2022 17171.95 -1.74%
25-04-2022 18131.07 1.28% 25-04-2022 17102.55 -0.40%
02-05-2022 16810.72 -7.28% 02-05-2022 16411.25 -4.04%
09-05-2022 16224.66 -3.49% 09-05-2022 15782.15 -3.83%
16-05-2022 16678.73 2.80% 16-05-2022 16266.15 3.07%
23-05-2022 17449.31 4.62% 23-05-2022 16352.45 0.53%
30-05-2022 16984.37 -2.66% 30-05-2022 16584.30 1.42%
06-06-2022 16592.57 -2.31% 06-06-2022 16201.80 -2.31%
13-06-2022 16461.51 -0.79% 13-06-2022 15293.50 -5.61%
20-06-2022 17044.36 3.54% 20-06-2022 15699.25 2.65%
27-06-2022 17601.63 3.27% 27-06-2022 15752.05 0.34%
04-07-2022 18218.95 3.51% 04-07-2022 16220.60 2.97%
11-07-2022 18567.47 1.91% 11-07-2022 16049.20 -1.06%
18-07-2022 18782.56 1.16% 18-07-2022 16719.45 4.18%
25-07-2022 19148.68 1.95% 25-07-2022 17158.25 2.62%
01-08-2022 19704.97 2.91% 01-08-2022 17397.50 1.39%
08-08-2022 19330.83 -1.90% 08-08-2022 17698.15 1.73%
15-08-2022 19229.60 -0.52% 15-08-2022 17758.45 0.34%
22-08-2022 19315.85 0.45% 22-08-2022 17558.90 -1.12%
29-08-2022 19349.18 0.17% 29-08-2022 17539.45 -0.11%
05-09-2022 18844.18 -2.61% 05-09-2022 17833.35 1.68%
12-09-2022 18204.16 -3.40% 12-09-2022 17530.85 -1.70%
19-09-2022 18294.87 0.50% 19-09-2022 17327.35 -1.16%
26-09-2022 18936.71 3.51% 26-09-2022 17094.35 -1.34%
03-10-2022 19111.00 0.92% 03-10-2022 17314.65 1.29%
10-10-2022 18722.27 -2.03% 10-10-2022 17185.70 -0.74%
17-10-2022 20074.36 7.22% 17-10-2022 17576.30 2.27%
24-10-2022 20062.00 -0.06% 24-10-2022 17786.80 1.20%
31-10-2022 20203.30 0.70% 31-10-2022 18117.15 1.86%
07-11-2022 20221.25 0.09% 07-11-2022 18349.70 1.28%
14-11-2022 19825.83 -1.96% 14-11-2022 18307.65 -0.23%
21-11-2022 19432.05 -1.99% 21-11-2022 18512.75 1.12%
28-11-2022 19652.79 1.14% 28-11-2022 18696.10 0.99%
05-12-2022 20140.90 2.48% 05-12-2022 18496.60 -1.07%
12-12-2022 19640.36 -2.49% 12-12-2022 18269.00 -1.23%
19-12-2022 20032.45 2.00% 19-12-2022 17806.80 -2.53%
26-12-2022 19508.32 -2.62% 26-12-2022 18105.30 1.68%
02-01-2023 19786.18 1.42% 02-01-2023 17859.45 -1.36%
09-01-2023 19685.78 -0.51% 09-01-2023 17956.60 0.54%
16-01-2023 19104.39 -2.95% 16-01-2023 18027.65 0.40%
23-01-2023 19120.61 0.08% 23-01-2023 17604.35 -2.35%
30-01-2023 18909.62 -1.10% 30-01-2023 17854.05 1.42%
06-02-2023 18929.07 0.10% 06-02-2023 17856.50 0.01%
13-02-2023 18926.53 -0.01% 13-02-2023 17944.20 0.49%
20-02-2023 18587.83 -1.79% 20-02-2023 17465.80 -2.67%
27-02-2023 18357.98 -1.24% 27-02-2023 17594.35 0.74%
06-03-2023 18393.65 0.19% 06-03-2023 17412.90 -1.03%
13-03-2023 18764.20 2.01% 13-03-2023 17100.05 -1.80%
20-03-2023 18858.67 0.50% 20-03-2023 16945.05 -0.91%
27-03-2023 19606.33 3.96% 27-03-2023 17359.75 2.45%
03-04-2023 19610.06 0.02% 03-04-2023 17599.15 1.38%
10-04-2023 19368.37 -1.23% 10-04-2023 17828.00 1.30%
17-04-2023 20394.73 5.30% 17-04-2023 17624.05 -1.14%
24-04-2023 21761.40 6.70% 24-04-2023 18065.00 2.50%
01-05-2023 22019.85 1.19% 01-05-2023 18069.00 0.02%
08-05-2023 21794.15 -1.02% 08-05-2023 18314.80 1.36%
15-05-2023 21690.15 -0.48% 15-05-2023 18203.40 -0.61%
22-05-2023 21581.75 -0.50% 22-05-2023 18499.35 1.63%
29-05-2023 22046.45 2.15% 29-05-2023 18534.10 0.19%
05-06-2023 22073.45 0.12% 05-06-2023 18563.40 0.16%
12-06-2023 22968.55 4.06% 12-06-2023 18826.00 1.41%
19-06-2023 22536.85 -1.88% 19-06-2023 18665.50 -0.85%
26-06-2023 22894.30 1.59% 26-06-2023 19189.05 2.80%
03-07-2023 22906.20 0.05% 03-07-2023 19331.80 0.74%
10-07-2023 23138.05 1.01% 10-07-2023 19564.50 1.20%
17-07-2023 22982.55 -0.67% 17-07-2023 19745.00 0.92%
24-07-2023 22799.90 -0.79% 24-07-2023 19778.30 0.17%
Weighted Average Cost of Capital

All figures are in INR unless stated otherwise

Peer Comps

Debt/ Debt/ Levered Unlevered

1
Name Country Total Debt Total equity Tax Rate Equity Capital Beta 2 Beta 3

Nestle India INDIA 288.49 215215.892 30.00% 0.13% 0.13% 0.48 0.48
Hind. Unilever INDIA 1219 603811.956 30.00% 0.20% 0.20% 0.5 0.50
Britannia Inds. INDIA 2997.37 117400.206 30.00% 2.55% 2.49% 0.56 0.55
Godrej Consumer INDIA 1129.58 105332.9865 30.00% 1.07% 1.06% 0.38 0.38
Varun Beverages INDIA 3883.81 103999.4505 30.00% 3.73% 3.60% 0.7 0.68
Dabur India INDIA 1173.79 101677.36 30.00% 1.15% 1.14% 0.68 0.67

Average 30.00% 1.48% 1.44% 0.55 0.54

Median 30.00% 1.11% 1.10% 0.53 0.52

Cost of Debt Cost of Equity

From Investing.com 10 Year Bond
Pre Tax cost of Debt 53.58% Risk Free Rate 7.25%
Tax Rate 30.00% Equity Share Premium 9.54%
Post Tax cost of Debt 0.38 Levered Beta 4 0.53
Cost of Equity 12.31%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.52

Total Debt 288.5 0.13% 1.44% Target Debt / Equity 1.46%
Mar. Capitalization 2,15,215.9 99.87% 98.56% Tax Rate 30.00%
Total Capital 2,15,504.4 100.00% 100.00% Levered Beta 0.53

0.13% 1.46% Weighted Average Cost of Capital

Total Cost Total weight

Debt 37.51% 1.44%
Equity 12.31% 98.56%
Weighted Average Cost of Capital 12.67%

Notes :-
1. TAX RATE CONSIDERED MARGINAL RATE OF COUNTRY
2. LEVERED DATD IS BASED ON 5 YEAR MONTHLY DATE
3. UNLEVERED BETA= LEVERED BETA / (1 + (1- TAX RATE) * DEBT / EQUITY)
4. LEVERED BETA= UNLEVERED BETA * (1 + (1- TAX RATE) * DEBT / EQUITY)
Comparable Company Valuation (In Crores)

Market Data Financials Valuation

Share Shares Enterprise
Company Ticker price Outstanding Equity Value Net Debt value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E

Nestle India NESTLEIND 22325.30 9.64 2,15,215.9 (657.1) 2,14,558.8 18,347.7 4,240.3 2,724.5 11.7x 50.6x 79.0x
Hind. Unilever HINDUNILVR 2569.85 234.96 6,03,812.0 (3,459.0) 6,00,353.0 61,452.0 14,971.4 10,308.0 9.8x 40.1x 58.6x
Britannia Inds. BRITANNIA 4873.40 24.09 1,17,400.2 2,799.4 1,20,199.6 16,300.6 3,052.3 2,316.3 7.4x 39.4x 50.7x
Godrej Consumer GODREJCP 1029.95 102.27 1,05,333.0 738.9 1,06,071.8 13,316.0 2,562.1 1,702.5 8.0x 41.4x 61.9x
Varun Beverages VBL 800.55 129.91 1,03,999.5 3,598.5 1,07,598.0 14,238.7 3,095.5 1,717.6 7.6x 34.8x 60.5x
Dabur India DABUR 573.80 177.20 1,01,677.4 847.9 1,02,525.2 11,529.9 2,591.6 1,701.3 8.9x 39.6x 59.8x

HIGH 11.7x 50.6x 79.0x

75TH Percentile 9.6x 41.1x 61.5x
AVERAGE 8.9x 41.0x 61.7x
MEDIAN 8.4x 39.8x 60.2x
25TH Percentile 7.7x 39.4x 58.9x
LOW 7.4x 34.8x 50.7x

NESTLE INDIA LTD Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise value 1,54,651.6 1,68,890.9 1,63,239.5

Net Debt (657.1) (657.1) (657.1)
Implied Market Value 1,55,308.7 1,69,547.9 1,63,896.5
Shares Outstanding 9.6 9.6 9.6
Implied Value Per Share 16,110.9 17,588.0 17,001.7
Source : Screener & The Valuation School
Overvalued Overvalued Overvalued
 Football Field Analysis
OpenLow Low OpenHigh High
COMPS 16111 16111 17588 17588
Football Field Analysis - Valuation summary DCF Bear 49395.30 49395.3 100494.60 100494.6
1,20,000.00 DCF Base 43361.22 43361.22 76490.39 76490.39
DCF Bull 38217.00 38217.00 60573.06 60573.06
₹ 1,00,494.60
52W H/L 23395.35 23395.35 17880 17880
1,00,000.00

₹ 76,490.39
80,000.00

₹ 60,573.06
60,000.00

40,000.00 ₹ 49,395.30
₹ 43,361.22
₹ 38,217.00
₹ 17,588.00 ₹ 17,880.00 22338
20,000.00
₹ 23,395.35 Current Price
₹ 16,111.00
0.00
COMPS DCF Bear DCF Base DCF Bull 52W H/L
# Date Adj Close Return Sorted Return Calculation of Value at Risk - NESTLE INDIA LTD
03-04-2020 14370.358 0.11 3.48
24-03-2020 12823.117 -0.55 0.92 Mean -0.08%
27-07-2023 22325.301 1.47 0.55 Standard Deviation 7.00%
12-05-2016 5111.8433 -0.17 0.47 Min -213.54%
02-06-2015 6073.3638 -0.80 0.09 Max 347.82%
20-03-2020 13457.834 0.92 0.09 CMP 22325 Current market price
05-06-2015 5366.646 -0.95 0.08
17-03-2020 13834.108 -0.18 0.07 Percentile Confidence VAR % Stock Price VAR (INR)
12-05-2020 16613.059 1.64 0.06 7% 93.00% -1.70% 22703.71 -378.71
25-11-2010 3213.2136 -0.64 0.05 3% 97.00% -2.60% 22905.21 -580.21
05-08-2015 6104.6992 0.08 0.05 1.00% 99.00% -3.75% 23161.39 -836.39
11-11-2016 5637.2178 0.64 0.05 0.50% 99.50% -4.94% 23427.98 -1102.98
28-01-2011 2983.7864 0.21 0.05
22-04-2010 2421.3 -0.29 0.05
14-12-2010 3229.2319 0.27 0.04
24-05-2010 2461.4019 -0.94 0.04
28-05-2015 6300.4697 0.38 0.04
28-02-2014 4291.5068 0.04 0.04
22-01-2013 4108.5557 -0.89 0.04
04-09-2018 10002.577 -0.52 0.04
09-11-2020 16807.018 0.52 0.04
14-03-2019 9955.3643 -0.44 0.04
18-09-2020 15476.755 1.29 0.04
25-04-2012 4280.5469 -0.84 0.04
02-08-2018 9908.9502 -0.09 0.04
07-02-2019 10860.489 3.21 0.04
06-12-2002 439.66022 -1.83 0.04
13-07-2023 2743.00 -0.80 0.04
28-04-2015 6080.5068 -0.85 0.04
13-03-2020 14262.995 -0.08 0.04
31-03-2020 15508.168 1.17 0.04
27-11-2013 4796.6167 -0.67 0.04
# Date Adj Close Return
Sorted Return Replication Simulated Return Calculation of Value at Risk - NESTLE INDIA LTD
27-07-2023 22325.3 6.27 6.27 1 -0.220549099
19-06-2003 42.45 0.13 0.29 2 0.041817583 Historical approach
26-02-2003 37.11 -0.01 0.15 3 -0.114028371 Mean -0.04%
27-02-2003 37.47 0.00 0.14 4 0.072756512 Standard Deviation 11.02%
05-12-2002 37.34 -5.09 0.13 5 -0.0221928 Min -455.43%
02-06-2015 6073.364 -0.80 0.09 6 0.059733165 Max 626.52%
20-03-2020 13457.83 5.92 0.09 7 0.074318534 CMP 22325 Current market price
19-03-2003 36.15 0.13 0.09 8 -0.03029564
18-09-2002 31.77 -5.13 0.08 9 0.025900559
05-06-2015 5366.646 -0.95 0.08 10 0.182119362 Monte Carlo Simulation
17-03-2020 13834.11 -0.18 0.07 11 0.005547943 Mean 0.07%
12-05-2020 16613.06 1.64 0.06 12 -0.013886315 Standard Deviation 11.16%
25-11-2010 3213.214 4.58 0.05 13 0.082951557 Min -41.63%
09-05-2003 33.11 -5.22 0.05 14 -0.09702669 Max 43.55%
05-08-2015 6104.699 0.08 0.05 15 -0.056394516 CMP 22325 Current market price
11-11-2016 5637.218 0.64 0.05 16 -0.062526243
28-01-2011 2983.786 0.21 0.05 17 -0.055547729
22-04-2010 2421.3 -0.29 0.05 18 -0.103346944 Percentile Confidence VAR % Stock Price VAR (INR)
14-12-2010 3229.232 0.27 0.04 19 0.168886366 7% 93.00% -16.25% 25953.06 -3628.06
24-05-2010 2461.402 -0.94 0.04 20 -0.173988593 3% 97.00% -21.04% 27022.19 -4697.19
28-05-2015 6300.47 0.38 0.04 21 -0.159477232 1.00% 99.00% -25.64% 28050.12 -5725.12
28-02-2014 4291.507 0.04 0.04 22 -0.124137231 0.50% 99.50% -28.44% 28674.83 -6349.83
22-01-2013 4108.556 -0.89 0.04 23 -0.10968316
04-09-2018 10002.58 -0.52 0.04 24 0.043718446
09-11-2020 16807.02 0.52 0.04 25 -0.060034286
14-03-2019 9955.364 -0.44 0.04 26 -0.124171215
18-09-2020 15476.75 1.29 0.04 27 -0.250615409
25-04-2012 4280.547 -0.84 0.04 28 -0.117636878
02-08-2018 9908.95 -0.09 0.04 29 -0.060598667
07-02-2019 10860.49 3.21 0.04 30 -0.105167439
06-12-2002 439.6602 -2.63 0.04 31 0.16976225
28-04-2015 6080.507 -0.85 0.04 32 -0.103098166
13-03-2020 14263 -0.08 0.04 33 0.085231527
31-03-2020 15508.17 1.17 0.04 34 0.074145003
27-11-2013 4796.617 -0.67 0.04 35 0.033238251
19-09-2018 9360.229 -0.11 0.04 36 -0.095883738
03-09-2018 10405.5 0.64 0.04 37 0.035701346
29-09-2014 5512.84 0.17 0.04 38 -0.133258031
05-08-2013 4674.259 0.64 0.04 39 0.07017185
04-08-2010 2464.708 -1.79 0.04 40 -0.109520816
12-03-2020 14808.85 1.80 0.04 41 0.019730861
20-05-2010 2453.475 -0.27 0.04 42 0.145834701
18-11-2010 3214.196 -0.32 0.04 43 -0.073830738
31-03-2014 4436.411 0.26 0.04 44 0.111916942
09-11-2010 3419.275 -0.43 0.04 45 0.024783718
17-12-2015 5266.758 0.21 0.04 46 0.173654365
26-08-2013 4287.819 -0.89 0.04 47 -0.007869794
08-02-2019 10422.02 1.19 0.04 48 0.022724795
16-03-2011 3156.444 -1.55 0.04 49 0.005091151
01-04-2020 14893.53 1.36 0.04 50 0.13688761
04-07-2011 3811.431 -1.60 0.04 51 0.065710716
10-10-2022 18911.24 0.08 0.04 52 -0.03467426
05-05-2022 17412.41 1.65 0.04 53 -0.006597362
16-11-2010 3328.931 -0.18 0.04 54 0.047480189
23-03-2012 3993.441 -0.35 0.03 55 0.122439626
30-05-2016 5674.686 -1.17 0.03 56 -0.104311651
18-04-2022 18269.49 1.24 0.03 57 0.128133216
15-10-2014 5281.541 -0.20 0.03 58 0.083916232
29-07-2016 6466.703 0.13 0.03 59 0.010478623
30-06-2015 5670.705 0.25 0.03 60 -0.016145413
30-05-2014 4399.675 -0.81 0.03 61 0.135249746
16-11-2018 9860.534 -0.55 0.03 62 0.050248873
16-04-2020 17025.3 -0.10 0.03 63 -0.078474585
15-09-2022 18802.39 0.59 0.03 64 0.115680526
03-01-2019 10389.06 1.07 0.03 65 0.074072991
20-12-2011 3558.068 -0.23 0.03 66 0.051183682
06-08-2013 4496.626 -0.32 0.03 67 0.051419143
12-05-2017 6163.007 -1.15 0.03 68 -0.213056125
16-02-2023 19531.05 1.31 0.03 69 0.029694081
28-04-2016 5288.87 0.12 0.03 70 -0.087420706
11-02-2016 4670.288 -1.01 0.03 71 -0.024107512
18-03-2020 12878.73 3.36 0.03 72 -0.037581519
31-10-2002 448.4167 -2.07 0.03 73 -0.012197772
05-05-2011 3552.671 0.01 0.03 74 0.114816402
15-06-2011 3501.289 -1.47 0.03 75 0.159469946
11-03-2020 15268.37 0.54 0.03 76 0.147943631
22-10-2018 8895.217 -0.55 0.03 77 0.052774964
27-02-2020 15473.11 1.03 0.03 78 -0.148791164
03-06-2015 5523.185 0.36 0.03 79 0.103072405
04-11-2011 3864.405 -0.44 0.03 80 -0.142244617
04-11-2016 5996.616 -1.01 0.03 81 -0.026835134
28-07-2020 16446.85 1.18 0.03 82 -0.236757248
08-01-2016 5042.243 -1.20 0.03 83 -0.113088683
06-05-2022 16810.72 1.21 0.03 84 0.039462365
15-01-2016 5011.044 -0.59 0.03 85 0.117928462
04-06-2018 9040.956 0.53 0.03 86 -0.100530081
15-06-2015 5316.164 0.43 0.03 87 -0.004341657
24-05-2011 3444.277 -1.79 0.03 88 0.067711086
 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Share Capital - Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00 Apr-00
Equity Capital 96.0 96.0 96.0 96.0 96.0 96.0 96.0 96.0 96.0 96.0 96.0 96.0
Reserves 1,178.0 1,702.0 2,272.0 2,741.0 2,721.0 3,186.0 3,324.0 3,577.0 1,822.0 1,923.0 1,850.0 2,363.0
Borrowings -
Long term Borrowings 725.0 1,050.0 1,189.0 15.0 17.0 33.0 35.0 35.0 53.0 32.0 27.0 27.0
Short term Borrowings 246.0 - - 4.0 1.0 - - - - 3.0 7.0 3.0
Lease Liabilities - - - - - - - - 136.0 113.0 232.0 240.0
Other Liabilities -
Trade Payables 757.0 539.0 633.0 729.0 749.0 799.0 985.0 1,240.0 1,492.0 1,517.0 1,748.0 1,934.0
Advance from Customers - - - - 103.0 25.0 17.0 41.0 37.0 53.0 69.0 114.0
Other liability items 1,400.0 1,776.0 2,123.0 2,234.0 2,398.0 2,671.0 2,905.0 3,098.0 3,537.0 4,164.0 4,204.0 4,201.0
Total Liabilities 4,402.0 5,164.0 6,314.0 5,820.0 6,086.0 6,810.0 7,363.0 8,088.0 7,173.0 7,900.0 8,234.0 8,979.0

Fixed Assets 1,576.0 3,204.0 3,369.0 3,177.0 2,898.0 2,730.0 2,616.0 2,401.0 2,341.0 2,179.0 2,995.0 3,044.0
Land 42.9 136.0 148.7 145.6 145.6 140.5 140.5 140.5 141.5 141.5 141.6 141.6
Building 376.7 829.2 917.1 964.1 985.0 865.0 903.2 912.4 1,159.6 1,140.3 1,485.3 1,532.2
Plant Machinery 1,887.8 3,148.8 3,511.2 3,561.8 3,636.0 1,972.4 2,180.4 2,279.6 2,377.7 2,519.4 3,286.9 3,545.7
Equipments 8.4 10.4 11.2 11.4 15.2 11.3 13.3 14.9 18.1 20.3 23.1 43.2
Computers 49.1 55.6 59.4 66.8 75.5 34.4 47.8 64.8 78.3 89.3 97.6 129.2
Furniture n fittings 124.5 184.4 192.5 195.8 196.6 68.8 70.8 70.9 69.6 69.4 65.1 64.4
Railway sidings 1.2 1.2 1.2 1.2 1.2 - - - - - - -
Vehicles 2.7 3.2 3.0 3.5 3.5 2.7 2.5 2.4 20.5 18.2 19.1 17.7
Intangible Assets 5.3 - 5.3 5.3 5.3 - - - - - - - 0
Other fixed assets 53.6 - 53.6 53.6 53.6 - - - - - - -
Gross Block 2,552.2 4,368.7 4,903.2 5,009.0 5,117.4 3,095.1 3,358.4 3,485.4 3,865.2 3,998.3 5,118.7 5,474.0
Accumulated Depreciation 966.1 1,164.4 1,533.9 1,832.3 2,219.5 365.0 742.3 1,084.8 1,523.7 1,818.9 2,124.1 2,430.3
Net Block 1,586.1 3,204.3 3,369.3 3,176.6 2,897.9 2,730.1 2,616.2 2,400.6 2,341.5 2,179.4 2,994.7 3,043.7

CWIP 1,372.0 344.0 295.0 245.0 231.0 188.0 94.0 105.0 143.0 639.0 246.0 358.0
Investments 134.0 365.0 851.0 812.0 1,325.0 1,756.0 1,979.0 2,658.0 1,751.0 1,464.0 774.0 778.0

Other Assets -
Inventories 734.0 746.0 736.0 844.0 821.0 940.0 902.0 966.0 1,283.0 1,416.0 1,593.0 1,929.0
Trade receivables 115.0 88.0 84.0 99.0 78.0 98.0 89.0 125.0 124.0 165.0 166.0 192.0
Cash Equivalents 227.0 237.0 749.0 446.0 500.0 880.0 1,457.0 1,610.0 1,308.0 1,770.0 735.0 946.0
Short term loans 14.0 14.0 15.0 15.0 15.0 17.0 31.0 23.0 26.0 27.0 21.0 27.0
Other asset items 229.0 167.0 215.0 182.0 219.0 201.0 193.0 201.0 196.0 240.0 1,704.0 1,706.0
Total Assets 4,402.0 5,164.0 6,314.0 5,820.0 6,086.0 6,810.0 7,363.0 8,088.0 7,173.0 7,900.0 8,234.0 8,979.0

Check - - - - - - - - - - - -
Nifty Annual Retiurn On Markets
100
Year Annual
2000 -14.65% Average Return 15.41%
2001 -16.18% Add Dividend Yield 1.38% From PrimeInvestor.com
2002 3.25% Total Market Return 16.79%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
S.No. Name CMP Rs. No. Eq. Shares Cr. Market Capitalization Debt Rs.Cr. Cash End Rs.Cr. Net Debt Rs.Cr. EV Rs. CR. Sales Rs.Cr. EV / EBITDA NP 12M Rs.Cr. EV (paste) Diff.
1 Nestle India 22325.30 9.64 2,15,215.89 288.49 945.55 -657.06 2,14,558.83 18,347.69 50.60 2,724.50 2,14,860.11 -301.278
2 Hind. Unilever 2569.85 234.96 6,03,811.96 1219.00 4678.00 -3459.00 6,00,352.96 61,452.00 40.10 10,308.00 6,00,350.71
3 Britannia Inds. 4873.40 24.09 1,17,400.21 2997.37 197.98 2799.39 1,20,199.60 16,300.55 39.38 2,316.32 1,20,184.15 15.446
4 Godrej Consumer 1029.95 102.27 1,05,332.99 1129.58 390.72 738.86 1,06,071.85 13,315.97 41.40 1,702.46 1,06,072.17 -0.3235
5 Varun Beverages 800.55 129.91 1,03,999.45 3883.81 285.27 3598.54 1,07,597.99 14,238.66 34.76 1,717.59 1,07,599.28 -1.2895
6 Dabur India 573.80 177.20 1,01,677.36 1173.79 325.92 847.87 1,02,525.23 11,529.89 39.56 1,701.33 1,02,527.22 -1.99
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Debt / Eq
1 Nestle India 22325.3 215215.892 288.49 0.02
2 Hind. Unilever 2569.85 603811.956 1219 0.1
3 Britannia Inds. 4873.4 117400.206 2997.37 0.85
4 Godrej Consumer 1029.95 105332.9865 1129.58 0.08
5 Varun Beverages 800.55 103999.4505 3883.81 0.76
6 Dabur India 573.8 101677.36 1173.79 0.13