By Arpit Kachalia (411) PG Finance

Dabur India Limited is the fourth largest FMCG Company in India with Revenues of US$910 Million (Rs 4110 Crore) & Market Capitalisation of US$4 Billion (Rs 20,000 Crore). Building on a legacy of quality and experience of over 125 years, Dabur operates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care & Foods.

 Dabur India Limited has marked its presence with significant achievements and today commands a market leadership status. story of success is based on dedication to nature, corporate and process hygiene, dynamic leadership and commitment to our partners and stakeholders. The results of policies and initiatives speak for themselves.

Dabur - Ayurvedic healthcare products Vatika - Premium hair care Hajmola - Tasty digestives Ral - Fruit juices & beverages Fem - Fairness bleaches & skin care products

 Dabur India Limited is a leading Indian consumer goods company with interests in Hair Care, Oral Care, Health Care, Skin Care, Home Care and Foods. Health Care: Health Supplements, Oral care, Digestives Personal Care: Hair Care, Fem, Skin Care Home Care: Odonil, Odomos, Dazzl, Odopic, Sani Fresh Foods: Real, Activ, Capsico

 Leading consumer goods company in India with a turnover of Rs. 4100. Crore (FY11) 3 major strategic business units (SBU) - Consumer Care Division (CD), Consumer Health Division (CHD) and International Business Division (IBD) 3 Subsidiary Group companies - Dabur International, Fem Care Pharma and newu and 8 step down subsidiaries: Dabur Nepal Pvt Ltd (Nepal), Dabur Egypt Ltd (Egypt), Asian Consumer Care (Bangladesh), Asian Consumer Care (Pakistan), African Consumer Care (Nigeria), Naturelle LLC (Ras Al Khaimah-UAE), Weikfield International (UAE) and Jaquline Inc. (USA). 17 ultra-modern manufacturing units spread around the globe Products marketed in over 60 countries Wide and deep market penetration with 50 C&F agents, more than 5000 distributors and over 2.8 million retail outlets all over India

Net sales and PBDIT

4500 4000 3500 3000 2500 2000 1500 1000 500 0

Net Sales
EBITDA

2007

2008

2009

2010

2011

CAGR

800 700 600 500 400 300 200 100 0

PBT and PAT

PBT PAT

2007

2008

2009

2010

2011

NET FIXED ASSETS

NET FIXED ASSETS

Total Asset Turnover

4 3.5 3 2.5 2 1.5 1 0.5 0
2007 2008 2009 2010 2011
Total Asset Turnover

2000 1500 1000 500 0 2007 2008 2009 2010 2011

Particulars Nopat/Sales Sales/Capit al empl

2007 13.36% 3.73

2008 13.50% 4.31

2009 13.19% 5.87

2010 14.07% 5.54

2011 13.27% 5.53

Average 13.48% 4.99

Core ROC

42.07%

46.91%

41.99%

43.81%

30.99%

41.16%

Reinvestme nt

0.00

-0.22

0.36

0.26

1.86

High Growth (2011-2016)

Terminal (2021 onwards)

8.00%

Growth Rate Rfr Risk Premium Beta KE KD WACC ROC RR

25.00% 8.25% 7.50% 0.52183356 12% 3.96% 10.13% 41.16% 60.74%

7.00% 6.00% 1 13.00% 3.96% 12.47% 15.0% 53.33%

CURRENT SALES GROWTH RATE CA/SALES CL/SALES NFA/SALES COGS/SALES DEPRECIATION INT RATE ON DEBT OTHER INCOME TAX RATE DIVIDEND PAYOUT 20.26% 38.75% 35.75% 37.81% 57.84% 16.12% 8.82% 10.54% 19.63% 22.11%

PROJECTED 15% 30% 31% 37% 57% 16% 9% 10% 20% 20%

Growth rate

Valuation share price 85.89

73.32% ROC 70.00% 65.00% 60.00% 55.00% 50.00% 45.00%

25.00% 85.89 85.89 85.89 85.89 85.89 85.89 85.89

28.00% 85.89 85.89 85.89 85.89 85.89 85.89 85.89

30.00% 85.89 85.89 85.89 85.89 85.89 85.89 85.89

35.00% 85.89 85.89 85.89 85.89 85.89 85.89 85.89

40.00% 85.89 85.89 85.89 85.89 85.89 85.89 85.89