Colgate DCF Model
Colgate DCF Model
Colgate DCF Model
Ticker: NYSE CL
(USD In Millions, Except per share data)
1
# Particulars FY2024
EBIT 4,515.9
Tax Rate 27.5%
Less: Income taxes 1,241.8
NOPAT 3,274.1
Add: D&A 629.9
Changes in WC 289.0
Less: Capex (842.0)
FCFF 3,351.0
Terminal value
Total Cash Flow 3,351.04
PV of cashflows 3,172.82
WACC 5.62%
Long term GR 1.90%
20 Feb'24 84.61
# Recommendation
As of Feb 20th,2024 the Current market price of Colgate-Palmolive is $84.61
Right now, the Fair Value of Colgate-Palmolive as per our Valuation is $101.2. T
2 3 4 5
Forcasting
FY2025 FY2026 FY2027 FY2028
WACC
101.21 5.5% 5.5% 5.6% 5.6%
1.10%
1.30%
1.50%
1.70%
Growth
1.90%
2.10%
2.30%
2.50%
2.70%
lmolive is $84.61
aluation is $101.2. Therefore, we recommend buying.
CC
5.7% 5.7% 5.8% 5.8%
Colgate-Palmolive Ltd
Ticker: NYSE CL
(USD In Millions, Except per share data)
# Beta calcuation
Bottom Up Beta
# Regression Beta
Date NYSE
Price
2/18/2024 17616
2/11/2024 17409.3
2/4/2024 17275.9
1/28/2024 17102
1/21/2024 16949.1
1/14/2024 16729.5
1/7/2024 16799.6
12/31/2023 16758.2
12/24/2023 16852.9
12/17/2023 16770.5
12/10/2023 16609.8
12/3/2023 16207.8
11/26/2023 16263.8
11/19/2023 15983.8
11/12/2023 15813.5
11/5/2023 15388.4
10/29/2023 15475.2
10/22/2023 14675.8
10/15/2023 15033.3
10/8/2023 15323.7
10/1/2023 15214
9/24/2023 15398.2
9/17/2023 15569.5
9/10/2023 15973.7
9/3/2023 15879
8/27/2023 16091.8
8/20/2023 15766.9
8/13/2023 15750.2
8/6/2023 16143.4
7/30/2023 16071.1
7/23/2023 16363.3
7/16/2023 16289.1
7/9/2023 16040.2
7/2/2023 15671.6
6/25/2023 15875.9
6/18/2023 15469.4
6/11/2023 15795.1
6/4/2023 15499.9
5/28/2023 15345.2
5/21/2023 15078.7
5/14/2023 15324.3
5/7/2023 15246.4
4/30/2023 15380.9
4/23/2023 15545.9
4/16/2023 15578.9
4/9/2023 15601.8
4/2/2023 15379.1
3/26/2023 15374.9
3/19/2023 14758.6
3/12/2023 14599
3/5/2023 14894.2
2/26/2023 15721.1
2/19/2023 15464.5
2/12/2023 15840.2
2/5/2023 15910.7
1/29/2023 15999.4
1/22/2023 15962.6
1/15/2023 15777.5
1/8/2023 15918.4
1/1/2023 15539.7
12/25/2022 15184.3
12/18/2022 15188.5
12/11/2022 15018.2
12/4/2022 15291
11/27/2022 15767
11/20/2022 15605.7
11/13/2022 15309.8
11/6/2022 15352.7
10/30/2022 14702.8
10/23/2022 14795.6
10/16/2022 14144
10/9/2022 13607.3
10/2/2022 13798.3
9/25/2022 13472.2
9/18/2022 13797
9/11/2022 14573.9
9/4/2022 15190.8
8/28/2022 14689.5
8/21/2022 15178.2
8/14/2022 15588.3
8/7/2022 15804.4
7/31/2022 15273.2
7/24/2022 15327.7
7/17/2022 14790.8
7/10/2022 14449.7
7/3/2022 14642.3
6/26/2022 14636.8
6/19/2022 14811.5
6/12/2022 14097
6/5/2022 15096.7
5/29/2022 15797.2
5/22/2022 15942.6
5/15/2022 15081
5/8/2022 15257.4
5/1/2022 15566.6
4/24/2022 15615.2
4/17/2022 16056.9
4/10/2022 16511.5
4/3/2022 16690
3/27/2022 16787.8
3/20/2022 16792.8
3/13/2022 16612.6
3/6/2022 15753.7
2/27/2022 16129.7
2/20/2022 16428
2/13/2022 16392.3
2/6/2022 16665
1/30/2022 16701.6
1/23/2022 16397.9
1/16/2022 16397.3
1/9/2022 17219.1
1/2/2022 17166.3
12/26/2021 17164.1
12/19/2021 16963.4
12/12/2021 16668.6
12/5/2021 16856.6
11/28/2021 16347.9
11/21/2021 16624.9
11/14/2021 16974
11/7/2021 17297.7
10/31/2021 17242.4
10/24/2021 17016.4
10/17/2021 17122.2
10/10/2021 16871.7
10/3/2021 16517.2
9/26/2021 16323.7
9/19/2021 16539.2
9/12/2021 16460.3
9/5/2021 16563.5
8/29/2021 16909.7
8/22/2021 16844.8
8/15/2021 16516.7
8/8/2021 16868.1
8/1/2021 16748.1
7/25/2021 16602.3
7/18/2021 16552.4
7/11/2021 16364.7
7/4/2021 16633.3
6/27/2021 16674.8
6/20/2021 16658.8
6/13/2021 16144
6/6/2021 16694.9
5/30/2021 16708.7
5/23/2021 16555.7
5/16/2021 16375
5/9/2021 16415.4
5/2/2021 16590.4
4/25/2021 16219.3
4/18/2021 16206
4/11/2021 16186.3
4/4/2021 15956.4
3/28/2021 15752.2
3/21/2021 15682.5
3/14/2021 15562.3
3/7/2021 15715.2
2/28/2021 15251.8
2/21/2021 15010.5
2/14/2021 15362.7
2/7/2021 15369.6
1/31/2021 15069.6
1/24/2021 14397.2
1/17/2021 14951.8
1/10/2021 14894.2
1/3/2021 14966.8
12/27/2020 14524.8
12/20/2020 14382.5
12/13/2020 14467.8
12/6/2020 14355.3
11/29/2020 14417.3
11/22/2020 14198.5
11/15/2020 13827
11/8/2020 13761.3
11/1/2020 13218.7
10/25/2020 12429.3
10/18/2020 13199.9
10/11/2020 13169.3
10/4/2020 13252.6
9/27/2020 12749.8
9/20/2020 12485.4
9/13/2020 12833.6
9/6/2020 12773
8/30/2020 12917.1
8/23/2020 13171
8/16/2020 12809.1
8/9/2020 12902.5
8/2/2020 12765.8
7/26/2020 12465
7/19/2020 12461.8
7/12/2020 12402.7
7/5/2020 12075.6
6/28/2020 11991.5
6/21/2020 11604.4
6/14/2020 11980.1
6/7/2020 11867.2
5/31/2020 12641.4
5/24/2020 11803
5/17/2020 11332
5/10/2020 10947.3
5/3/2020 11354.3
4/26/2020 11058.6
4/19/2020 11017.9
4/12/2020 11208.3
4/5/2020 11136.6
3/29/2020 9880.6
3/22/2020 10187.2
3/15/2020 9133.2
3/8/2020 10852
3/1/2020 12352
2/23/2020 12381
2/16/2020 13975.8
2/9/2020 14097.3
2/2/2020 13931.9
1/26/2020 13614.1
1/19/2020 13978.5
1/12/2020 14183.2
1/5/2020 13958
12/29/2019 13917
12/22/2019 13944.1
12/15/2019 13889.2
12/8/2019 13697.3
12/1/2019 13588.3
11/24/2019 13545.2
11/17/2019 13441
11/10/2019 13493
11/3/2019 13407.8
10/27/2019 13300.3
10/20/2019 13146.2
10/13/2019 13006.6
10/6/2019 12926.9
9/29/2019 12831.5
9/22/2019 12972
9/15/2019 13093.8
9/8/2019 13124.3
9/1/2019 12933.4
8/25/2019 12736.9
8/18/2019 12416.5
8/11/2019 12580.4
8/4/2019 12748.4
7/28/2019 12839.5
7/21/2019 13235.5
7/14/2019 13112
7/7/2019 13234.8
6/30/2019 13210.9
6/23/2019 13049.7
6/16/2019 13047.2
6/9/2019 12787.2
6/2/2019 12765.9
5/26/2019 12264.5
5/19/2019 12581.4
5/12/2019 12657.6
5/5/2019 12788.1
4/28/2019 13037.9
4/21/2019 12991.2
4/14/2019 12922.7
4/7/2019 12969.5
3/31/2019 12927.7
3/24/2019 12696.9
3/17/2019 12539.4
3/10/2019 12715.8
3/3/2019 12415.1
2/24/2019 12700.7
2/17/2019 12694.5
2/10/2019 12603.5
2/3/2019 12292.1
1/27/2019 12329.7
1/20/2019 12127.2
1/13/2019 12151.8
1/6/2019 11848
#
Market Cap
Debt Total Cap Unlevered Beta FY2021
2402.1 25,062 0.24 25,025
28774 373,101 0.49 330,340
4580.46 15,398 0.66 11,707
0.46
0.46 0.27
Years 5.12
CAGR 6.6% 8.2%
Market Cap
FY2022 FY2023
19,658 23,298
344,995 357,647
10,634 10,113
65,807 65,631
0.53 0.94
11.6% 11.3%
Colgate-Palmolive Ltd
Ticker: NYSE CL
(USD In Millions, Except per share data)
# Working
Assets
Current Assets
Cash and cash equivalents 888.0
Receivables 1,264.0
Inventories 1,673.0
Other current assets 513.0
Total Current assets 4,338.0
Property, plant and equipment, net 3,716.0
Goodwill 3,824.0
Other intangible assets, net 2,894.0
Deferred income taxes 291.0
Other assets 857.0
Total assets 15,920.0
Shareholders’ Equity
Operating Activities
Net income including noncontrolling interests
Investing Activities
Purchase of Property plant and equipment
Purchase of Intangible assets
Other Income
Net cash used in investing activities
Financing Activities
Debt Taken
Debt repaid
Interest paid
Dividend
Net cash used in financing activities
3,186.9
700.9
293.3
(117.5)
(2.3)
(19.0)
(20.1)
17.7
31.0
6.8
4,077.6
(691.4)
(39.0)
117.5
(612.9)
775.9
(601.0)
(293.3)
(2,186.0)
(2,304.3)
1,160.4
6,838.9
7,999.3
Colgate-Palmolive Ltd
Ticker: NYSE CL
(USD In Millions, Except per share data)
Historical
# Fixed/Intangible Assets Schedule FY2020 FY2021
5,455.0
691.38
6,146.3
636.8
5,509.5
10.4%
3.83
1,777.1
39.0
1,816.1
64.1
1,752.0
3.5%
Colgate-Palmolive Ltd
Ticker: NYSE CL
(USD In Millions, Except per share data)
10729 11082
856 773
503 601
11,082 11,254
284 293
2.6% 2.6%
1.97 1.97
213 220
7 3
0 0
220 223
2.0% 2.0%
Colgate-Palmolive Ltd
Ticker: NYSE CL
(USD In Millions, Except per share data)
Current Assets
Receivables / Debtors 1264
Inventories 1673
Other current assets 513
Total Current Assets 3450
Current Liabilities
Accounts payable / Creditors 1393
Accrued income taxes Payable 403
Other accruals 2341
Total Current Liabilities 4137
Debtors Days 28
Inventory Days 95
Other Current Assets as % of revenue 3.1%
Creditors Days 79
Accrued income taxes Payable ( as % of income tax) 51.2%
Other accruals as % of S,G & A 38.9%
Historical Data Forcasting
FY2021 FY2022 FY2023 FY2024 FY2025
27 31 30 30 30
88 98 87 87 87
3.3% 4.2% 4.1% 3.7% 3.8%
77 73 76 76 76
58.2% 45.7% 35.9% 47.8% 47.8%
32.5% 32.2% 33.2% 34.2% 33.0%
Forcasting
FY2026 FY2027 FY2028
30 30 30
87 87 87
4.0% 3.9% 3.8%
76 76 76
47.8% 47.8% 47.8%
33.2% 33.4% 33.5%
Colgate-Palmolive Ltd
Ticker: NYSE CL
(USD In Millions, Except per share data)
Colgate