Pepsi inc

SRI KRISHNA CONSULTING

COMPANY FINALYTICS

PepsiCo Inc

Exclusive Fundamental Analysis of US Stocks

Prepared and Edited By‐
SRI KRISHNA CONSULTING

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Monday, June 04, 2012

Description Page

Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3

Income Statement 4

Balance Sheet 5

Cash flow Statement 6

Quarterly Result 6

Growth Analysis 7

Comparative Analysis 8
Income Statement 8
Balance Sheet 8

Index Analysis 9
Income Statement 9
Balance Sheet 9

Ratio Analysis 10
Annual 10
Quarterly 11

TTM Analysis 11

Valuation and Projection 12
CONTENT Technical Analysis 13

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Page 2

Summary
Latest Results At a glance
Annual Quarterly TTM Business Summary
% Change % Change % Change
12/31/2011 2012 Q1 2012 Q1
Sales 66504.00 14.98 12428.00 (38.35) 66995.00 0.74 PepsiCo, Inc. consists of: Frito‐Lay Company, Pepsi‐Cola
EBITDA 12166.00 8.06 2275.00 (0.27) 12328.00 0.28 Company, and Tropicana Products. PepsiCo brands are
Adjusted PAT 6462.00 1.96 1133.00 (0.19) 6451.00 (0.17) among the best known and most respected in the world
Reported PAT 6443.00 1.95 1127.00 (0.20) 6427.00 (0.25) and are available in countries and territories throughout
EPS 4.46 10.82 0.71 (0.20) 4.07 (0.17) the world.

Industry Beverages ‐ Soft Drinks
Valuation Data Latest 10 K filing 12/31/2011
Latest 10 Q Filing 3/24/2012
Company Industry Next Report Date 7/25/2012
P/E(TTM) 15.48 23.29 No. of Employee 297,000
No. Equity Share
P/E(Forward) 16.47 NA 1621
(Million)
PEG Ratio 3.08 NA Price 67.51
Price/Sales 1.58 1.24 Market Cap (Million) 109433.71
Dividend Yield(%) 3.18 2.78 Total Debt 34260.00
Price/Book 4.65 2.88 Enterprise Value 140031.71
Price/Free Cash Flow 72.92 21.64
Price/Enterprise Value 0.78 NA Market Data
Exchange Traded NYSE
Ticker PEP
ROE Analysis 52 Week High 70.75
52 Week Low 58.5
Particulars 2007 2008 2009 2010 2011 Short Interest Ratio 1.33
Reported PAT / PBT 0.74 0.73 0.74 0.77 0.73 Beta 0.48
Normalized PAT / PBT 0.74 0.79 0.76 0.78 0.80 Average Target Price 71.62
PBT / PBIT 0.97 0.96 0.95 0.90 0.91 One Year Return ‐2.12
PBIT / Sales 0.20 0.17 0.20 0.16 0.15 Three Months Return 6.9
Sales / Total Assets 1.47 1.59 1.39 1.11 1.22 One Month Return 2.44
Total Assets / Net
Worth(Without Treasury Analyst Rating
Stock) 96.98 103.35 102.64 137.46 141.86
Reported ROE (Excluding
Treasury Stock) 20.50 19.53 19.63 16.62 16.70
Normalized ROE(Excluding Strong
Treasury Stock) 20.46 21.14 20.14 16.89 18.28 Buy
Reported ROE (Including 9
Treasury Stock) 32.80 42.14 35.17 29.71 31.12
Normalized ROE(Including
Hold
Treasury Stock) 32.73 45.60 36.08 30.18 34.07
4

ROE
45.60

66.93
36.08
32.73 34.07
30.18 Ownership (%)

20.46 21.14 20.14
16.89 18.28
23.2

1.27 0.65

2007 2008 2009 2010 2011 Institutional Top 10 Mutual Fund 5%/Insider
Ownership Institutions Ownership Ownership
(%) (%) (%) (%)
Normalized ROE(Excluding Treasury Stock) Normalized ROE(Including Treasury Stock)

Page 3

Income Statement
Particulars (in Millions) 2007 2008 2009 2010 2011

Sales 39474.00 43251.00 43232.00 57838.00 66504.00
Operating Income
66,504
cost of goods sold 16734.00 18929.00 18599.00 24451.00 29117.00 14000.00
57,838
12000.00
Gross profit 22740.00 24322.00 24633.00 33387.00 37387.00
General selling and 43,251 43,232 10000.00
administrative expenses 13972.00 15160.00 14215.00 20867.00 23577.00 39,474
Research and development 8000.00
expenses 0.00 388.00 414.00 0.00 0.00
other operating 6000.00
income/(Expenses) 403.00 22.00 (28.00) (1261.00) (1644.00)
4000.00
Operating profit 9171.00 8796.00 9976.00 11259.00 12166.00 2000.00
Other non‐operating
income/(expenses) 0.00 0.00 0.00 0.00 0.00 0.00
2007 2008 2009 2010 2011
EBITDA 9171.00 8796.00 9976.00 11259.00 12166.00

Depreciation 1304.00 1422.00 1500.00 2124.00 2476.00

EBIT 7867.00 7374.00 8476.00 9135.00 9690.00 Operating profit EBITDA Sales

Interest expenses 224.00 329.00 397.00 903.00 856.00

EBT 7643.00 7045.00 8079.00 8232.00 8834.00

Tax 1973.00 1879.00 2100.00 1894.00 2372.00
Financial Data Mining
EAT 5670.00 5166.00 5979.00 6338.00 6462.00

Non recurring income 0.00 0.00 0.00 0.00 0.00 Get a Free Quote
Reported profit 5682.00 5142.00 5946.00 6320.00 6443.00
Minority Interest 12 ‐24 ‐33 ‐18 ‐19

Profit Levels

2007 2008 2009 2010 2011

Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit

Profit Margins

2011 56.22 18.29 18.29 14.57 13.28 9.72
2010 57.73 19.47 19.47 15.79 14.23 10.96
2009 56.98 23.08 23.08 19.61 18.69 13.83
2008 56.23 20.34 20.34 17.05 16.29 11.94
2007 57.61 23.23 23.23 19.93 19.36 14.36

Gross profit Operating profit EBITDA EBIT EBT EAT

Page 4

Balance Sheet
Sources of Fund
Owners Fund
Sources of Fund

Redeemable Preferred Stock 0.00 0.00 0.00 0.00 0.00
Preferred Stock ‐ Non
Redeemable, Net (91.00) (97.00) (104.00) (109.00) (116.00)
Common Stock 30.00 30.00 30.00 31.00 31.00
Additional Paid‐In Capital 450.00 351.00 250.00 4527.00 4461.00
Retained Earnings
(Accumulated Deficit) 28184.00 30638.00 33805.00 37090.00 40316.00
Treasury Stock ‐ Common (10387.00) (14122.00) (13383.00) (16745.00) (17875.00)
ESOP Debt Guarantee 0.00 0.00 0.00 0.00 0.00
Unrealized Gain (Loss) 0.00 0.00 0.00 0.00 0.00

Other Equity, Total (952.00) (4694.00) (3794.00) (3630.00) (6229.00)
Total Equity 17234.00 12106.00 16804.00 21164.00 20588.00

Loan Fund
Long Term Debt 4203.00 7858.00 7400.00 19999.00 20568.00

Capital Lease Obligations 0.00 0.00 0.00 0.00 0.00 2007 2008 2009 2010 2011
Deferred Income Tax 646.00 226.00 659.00 4057.00 4995.00
Total Equity Total Loan Fund
Minority Interest 0.00 476.00 638.00 312.00 311.00

Other Liabilities, Total 4792.00 6541.00 5591.00 6729.00 8266.00
Total Loan Fund 9641.00 15101.00 14288.00 31097.00 34140.00
Total Fund 26875.00 27207.00 31092.00 52261.00 54728.00
Application of Funds
Uses of funds
Fixed Assets
Property/Plant/Equipment,
Total ‐ Net 11228.00 11663.00 12671.00 19058.00 19698.00
Goodwill, Net 5169.00 5124.00 6534.00 14661.00 16800.00
Intangibles, Net 2044.00 1860.00 2623.00 13808.00 16445.00
Long Term Investments 4354.00 3883.00 4573.00 2021.00 1566.00

Note Receivable ‐ Long Term 121.00 115.00 118.00 165.00 159.00

Other Long Term Assets, Total 1561.00 2543.00 758.00 871.00 773.00
Other Assets, Total 0.00 0.00 0.00 0.00 0.00 2007 2008 2009 2010 2011
Total Fixed Assets 24477.00 25188.00 27277.00 50584.00 55441.00
Net Current Assets Total Fixed Assets
Total Current Assets 10151.00 10806.00 12571.00 17569.00 17441.00
Total Net Current Assets
Total Current Liabilities 7753.00 8787.00 8756.00 15892.00 18154.00
Total Net Current Assets 2398.00 2019.00 3815.00 1677.00 (713.00)
Total Assets 26875.00 27207.00 31092.00 52261.00 54728.00

% of Total Fund
64.13 62.38
59.50
55.50 54.05
44.50 45.95
35.87
40.50 37.62 Financial Data Mining

Get a Free Quote

2007 2008 2009 2010 2011

Total Loan Fund Total Equity

Page 5

Cash flow Statement

Cash Flow
Cash from Operating Activities 6934.00 6999.00 6796.00 8448.00 8944.00

Cash from Investing Activities (3744.00) (2667.00) (2401.00) (7668.00) (5618.00)

Cash from Financing Activities (4006.00) (3025.00) (2497.00) 1386.00 (5135.00)
Foreign Exchange Effects 75.00 (153.00) (19.00) (166.00) (67.00)
Net Change in Cash (741.00) 1154.00 1879.00 2000.00 (1876.00)
2007 2008 2009 2010 2011

Net Cash ‐ Beginning Balance 1651 910 2064 3943 5943
Net Cash ‐ Ending Balance 910 2064 3943 5943 4067
Cash from Operating Activities
Cash from Investing Activities
Quarterly Income Statement Cash from Financing Activities

Particulars (in Millions) 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
Sales 11937.00 16827.00 17582.00 20158.00 12428.00
cost of goods sold 4949.00 7339.00 7800.00 8901.00 5359.00
Gross profit 6988.00 9488.00 9782.00 11257.00 7069.00
General selling and
administrative expenses 4504.00 5813.00 5920.00 7340.00 4592.00
Research and development
expenses
other operating
0.00 0.00 0.00 0.00 0.00
Financial Data Mining
income/(Expenses) (243.00) (277.00) (308.00) (816.00) (202.00)
Operating profit 2241.00 3398.00 3554.00 3101.00 2275.00
Other non‐operating Get a Free Quote
income/(expenses) 0.00 0.00 0.00 0.00 0.00
EBITDA 2241.00 3398.00 3554.00 3101.00 2275.00
Depreciation 498.00 624.00 652.00 830.00 530.00
EBIT 1743.00 2774.00 2902.00 2271.00 1745.00
EBT 1563.00 2575.00 2697.00 1999.00 1547.00
Tax 419.00 670.00 686.00 597.00 414.00
EAT 1144.00 1905.00 2011.00 1402.00 1133.00
Non recurring income 0.00 0.00 0.00 0.00 0.00
Reported profit 1143.00 1885.00 2000.00 1415.00 1127.00
Minority Interest ‐1 ‐20 ‐11 13 ‐6

Sales and Profit Margin

2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1

Sales Operating Profit Margin PAT Margin

Page 6

Growth Analysis
Average Median
Particulars (%) 2008 2009 2010 2011 5 Year CAGR
Growth Growth
Sales 9.57 (0.04) 33.79 14.98 14.57 12.28 1.11
cost of goods sold 13.12 (1.74) 31.46 19.08 15.48 16.10 1.12
Gross profit 6.96 1.28 35.54 11.98 13.94 9.47 1.10

General selling and
administrative expenses 8.50 (6.23) 46.80 12.99 15.51 10.74 1.11
expenses 0.00 6.70 (100.00) 0.00 (23.32) 0.00 0.00
other operating
income/(Expenses) (94.54) (227.27) 4403.57 30.37 1028.03 (32.08) (1.32)
Operating profit (4.09) 13.42 12.86 8.06 7.56 10.46 1.06

income/(expenses) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBITDA (4.09) 13.42 12.86 8.06 7.56 10.46 1.06
Depreciation 9.05 5.49 41.60 16.57 18.18 12.81 1.14
EBIT (6.27) 14.94 7.77 6.08 5.63 6.93 1.04
Interest expenses 46.88 20.67 127.46 (5.20) 47.45 33.77 1.31
EBT (7.82) 14.68 1.89 7.31 4.01 4.60 1.03
Tax (4.76) 11.76 (9.81) 25.24 5.61 3.50 1.04
EAT (8.89) 15.74 6.00 1.96 3.70 3.98 1.03
Non recurring income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Reported profit (9.50) 15.64 6.29 1.95 3.59 4.12 1.03
Minority Interest (300.00) 37.50 (45.45) 5.56 (75.60) (19.95) (1.10)

Growth Rates (Year on Year)

2008 2009 2010 2011

Sales Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit

Profit Index (Year on Year)

2007 2008 2009 2010 2011

Sales Gross profit Operating profit EBITDA EBIT EAT Reported profit

Page 7

Comparative Analysis
Income Statement
Particulars (%) 2007 2008 2009 2010 2011
Sales 100.00 100.00 100.00 100.00 100.00
Gross profit 57.61 56.23 56.98 57.73 56.22
General selling and
administrative expenses 35.40 35.05 32.88 36.08 35.45

expenses 0.00 0.90 0.96 0.00 0.00
other operating
income/(Expenses) 1.02 0.05 (0.06) (2.18) (2.47) Source of Fund (%) 2011
Operating profit 23.23 20.34 23.08 19.47 18.29
income/(expenses) 0.00 0.00 0.00 0.00 0.00
EBITDA 23.23 20.34 23.08 19.47 18.29
Depreciation 3.30 3.29 3.47 3.67 3.72 38%
EBIT 19.93 17.05 19.61 15.79 14.57
EBT 19.36 16.29 18.69 14.23 13.28 62%
Tax 5.00 4.34 4.86 3.27 3.57
EAT 14.36 11.94 13.83 10.96 9.72
Reported profit 14.39 11.89 13.75 10.93 9.69
Minority Interest 0.03 (0.06) (0.08) (0.03) (0.03)
Total Equity Total Loan Fund

Balance Sheet
Particulars 2007 2008 2009 2010 2011
Sources of Fund
Owners Fund

Redeemable Preferred Stock 0.00 0.00 0.00 0.00 0.00
Preferred Stock ‐ Non
Redeemable, Net (0.34) (0.36) (0.33) (0.21) (0.21)
Common Stock 0.11 0.11 0.10 0.06 0.06
Retained Earnings 104.87 112.61 108.73 70.97 73.67 ‐1% Application of Fund (%)
Treasury Stock ‐ Common (38.65) (51.91) (43.04) (32.04) (32.66) 2011
Other Equity, Total (3.54) (17.25) (12.20) (6.95) (11.38)
Total Equity
0 64.13 44.50 54.05 40.50 37.62
Loan Fund
Long Term Debt 15.64 28.88 23.80 38.27 37.58
Capital Lease Obligations 0.00 0.00 0.00 0.00 0.00
Minority Interest 0.00 1.75 2.05 0.60 0.57
Other Liabilities, Total 17.83 24.04 17.98 12.88 15.10 99%
Total Loan Fund 35.87 55.50 45.95 59.50 62.38
Total Fund 100.00 100.00 100.00 100.00 100.00
Total Fixed Assets
Uses of funds
Fixed Assets Total Net Current Assets
Total ‐ Net 41.78 42.87 40.75 36.47 35.99
Goodwill, Net 19.23 18.83 21.02 28.05 30.70
Intangibles, Net 7.61 6.84 8.44 26.42 30.05

Note Receivable ‐ Long Term 0.45 0.42 0.38 0.32 0.29 Equity Research Report
Other Assets, Total 0.00 0.00 0.00 0.00 0.00
Total Fixed Assets 91.08 92.58 87.73 96.79 101.30 Get a Free Quote
Net Current Assets
Total Assets 100.00 100.00 100.00 100.00 100.00

Page 8

Index Analysis
Income Statement
Particulars 2007 2008 2009 2010 2011
(Base Year)
Sales 100.00 109.57 109.52 146.52 168.48
Gross profit 100.00 106.96 108.32 146.82 164.41 Credit/Bond Analysis
General selling and 100.00 108.50 101.74 149.35 168.74
Research and development 0.00 0.00 0.00 0.00 0.00
other operating
Operating profit
100.00
100.00
5.46
95.91
(6.95)
108.78
(312.90)
122.77
(407.94)
132.66
Get a Free Quote
Other non‐operating 0.00 0.00 0.00 0.00 0.00
EBITDA 100.00 95.91 108.78 122.77 132.66
Depreciation 100.00 109.05 115.03 162.88 189.88
EBIT 100.00 93.73 107.74 116.12 123.17
EBT 100.00 92.18 105.70 107.71 115.58
Tax 100.00 95.24 106.44 96.00 120.22
EAT 100.00 91.11 105.45 111.78 113.97
Reported profit 100.00 90.50 104.65 111.23 113.39
Minority Interest 100.00 (200.00) (275.00) (150.00) (158.33)

Balance Sheet
Particulars 2007 2008 2009 2010 2011
Sources of Fund
Owners Fund
Index of Loan Fund and Fixed
Redeemable Preferred Stock 0.00 0.00 0.00 0.00 0.00 Assets
Preferred Stock ‐ Non 100.00 106.59 114.29 119.78 127.47
Common Stock 100.00 100.00 100.00 103.33 103.33
Retained Earnings 100.00 108.71 119.94 131.60 143.05
Treasury Stock ‐ Common 100.00 135.96 128.84 161.21 172.09
Other Equity, Total 100.00 493.07 398.53 381.30 654.31
Total Equity 100.00 70.24 97.50 122.80 119.46

Loan Fund
Long Term Debt 100.00 186.96 176.06 475.83 489.36 2007 2008 2009 2010 2011
Capital Lease Obligations 0.00 0.00 0.00 0.00 0.00
Minority Interest 0.00 0.00 0.00 0.00 0.00 Total Loan Fund Total Fixed Assets
Other Liabilities, Total 100.00 136.50 116.67 140.42 172.50
Total Loan Fund 100.00 156.63 148.20 322.55 354.11
Total Fund 100.00 101.24 115.69 194.46 203.64

Uses of funds
Fixed Assets

Total ‐ Net 100.00 103.87 112.85 169.74 175.44
Goodwill, Net 100.00 99.13 126.41 283.63 325.01
Intangibles, Net 100.00 91.00 128.33 675.54 804.55

Note Receivable ‐ Long Term 100.00 95.04 97.52 136.36 131.40

Other Assets, Total 0.00 0.00 0.00 0.00 0.00
Total Fixed Assets 100.00 102.90 111.44 206.66 226.50
Net Current Assets
Total Assets 100.00 101.24 115.69 194.46 203.64

Page 9

Ratio Analysis‐Annual
Particulars 2007 2008 2009 2010 2011
Per Share Ratio
Normalized EPS 3.50 3.52 3.89 4.02 4.46
Basic EPS 3.50 3.26 3.81 3.97 4.08
Diluted EPS 3.43 3.21 3.77 3.92 4.03
Adjusted Cash EPS 4.30 4.19 4.80 5.32 5.67 EPS Trend
Dividend Per Share 1.43 1.65 1.78 1.89 2.03
Operating Profit per Share 5.66 5.59 6.40 7.08 7.72
Book Value Per Share
(Excluding Treasury Stocks) 17.04 16.67 19.38 23.84 24.41

Book Value Per Share
(Including Treasury Stocks) 10.63 7.70 10.79 13.31 13.06
Net Operating Income Per
Share 24.35 27.50 27.75 36.38 42.20
Free Reserve Per Share 17.39 19.48 21.70 23.33 25.58

Profitability Ratio (%) 2007 2008 2009 2010 2011
Operating Margin 23.23 20.34 23.08 19.47 18.29
Gross Profit margin 57.61 56.23 56.98 57.73 56.22
Normalized EPS Basic EPS
Net profit Margin 14.39 11.89 13.75 10.93 9.69
Normalized Net Profit Margin 14.36 12.86 14.11 11.10 10.61 Diluted EPS
Adjusted Cash Margin 17.67 15.23 17.30 14.63 13.44
Effective Tax Rate 25.81 26.67 25.99 23.01 26.85
Normalized Return on Net
Worth (Excluding Treasury
Stock) 20.46 21.14 20.14 16.89 18.28

Reported Return on Net Worth
(Excluding Treasury Stock) 20.50 19.53 19.63 16.62 16.70 Debt‐Equity Ratio
Return on Long Term Fund 21.14 18.90 19.12 12.09 11.77

Leverage Ratio
Long term Debt/Equity 0.15 0.30 0.25 0.53 0.53
Total Debt/Equity 0.35 0.58 0.47 0.82 0.89
Owned Fund as % of Total
Fund 102.78 96.40 97.09 72.54 70.28

Fixed Assets Turnover Ratio 1.61 1.72 1.58 1.14 1.20

Liquidity Ratio 2007 2008 2009 2010 2011
Current Ratio 1.31 1.23 1.44 1.11 0.96
Current Ratio (Including St.
Loans) 1.31 1.23 1.44 1.11 0.96
Long term Debt/Equity
Quick Ratio 1.01 0.94 1.14 0.89 0.75 Total Debt/Equity
Inventory Turnover Ratio 17.24 17.98 16.82 19.31 18.48

Payout Ratio(%)
Dividend Payout Ratio 45.66 50.12 46.30 47.78 49.40
Dividend Pay out Ratio (Cash Liquidity Ratio
Profit) 37.12 39.30 37.01 35.78 35.71
Earning Retention Ratio 54.34 49.88 53.70 52.22 50.60

Cash Earning Retention Ratio 62.88 60.70 62.99 64.22 64.29

Coverage Ratio
Adjusted Cash flow Time Total
Debt 0.72 0.46 0.48 0.27 0.26
Financial Charges Coverage 2007 2008 2009 2010 2011
Ratio (Pre Tax) 35.12 22.41 21.35 10.12 11.32
Financial Charges Coverage
Current Ratio
Ratio (Post Tax) 26.31 16.70 16.06 8.02 8.55
Current Ratio (Including St. Loans)
Quick Ratio

Page 10

Ratio Analysis‐Quarter
Per Share Ratio Per Share Ratio (QoQ)
Particulars 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
Operating Income Per
Share(Rs.) 7.44 10.48 11.00 12.73 7.85

Operating Profit Per Share(Rs.)
1.40 2.12 2.22 1.96 1.44
Adjusted EPS(Rs.) 0.71 1.17 1.25 0.89 0.71

Profitability Ratio
Operating Profit Margin 18.77 20.19 20.21 15.38 18.31
EBITDA Margin 18.77 20.19 20.21 15.38 18.31 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1
EBIT Margin 14.60 16.49 16.51 11.27 14.04
PAT Margin 9.58 11.32 11.44 6.96 9.12
Operating Income Per Share(Rs.)
Operating Profit Per Share(Rs.)
Adjusted EPS(Rs.)
TTM Analysis
Particulars (in Millions) 2011 Q4 % of Sales 2012 Q1 % of Sales Changes
Sales 66504.00 100.00 66995.00 100.00 0.74
Gross profit 37515.00 56.41 37596.00 56.12 0.22
General selling and 23577.00 35.45 23665.00 35.32 0.37
other operating
0.00
(1644.00)
0.00
(2.47)
0.00
(1603.00)
0.00
(2.39)
NA
(2.49)
Fundamental Analysis and
Operating profit
12294.00
0.00
18.49
0.00
12328.00
0.00
18.40
0.00
0.28
NA
Modeling
EBITDA 12294.00 18.49 12328.00 18.40 0.28
Depreciation 2604.00 3.92 2636.00 3.93 1.23
EBIT 9690.00 14.57 9692.00 14.47 0.02 Get a Free Quote
EBT 8834.00 13.28 8818.00 13.16 (0.18)
Tax 2372.00 3.57 2367.00 3.53 (0.21)
EAT 6462.00 9.72 6451.00 9.63 (0.17)
Non recurring income 0.00 0.00 0.00 0.00 NA
Reported profit 6443.00 9.69 6427.00 9.59 (0.25)
Minority Interest (19.00) (0.03) (24.00) (0.04) 26.32

EPS 4.08 4.07 (0.17)
SPS 41.98 42.29 0.74

Profit Margins (TTM)

2012 Q1 56.12 18.40 18.40 14.47 13.16 9.63 9.59

2011 Q4 56.41 18.49 18.49 14.57 13.28 9.72 9.69

Gross profit Operating profit EBITDA EBIT EBT EAT Reported profit

Page 11

Valuation and Projection
Price Estimates Analyst Recommendation
Average Target 71.62
Median Target 72.00
Strong Buy Buy Hold Underperform Sell
High Target 77.00
Low Target 66.00 0% 0%
No. of Analyst 13.00 17%

Projection 33%

Quarter Quarter Year Ending Year Ending
Ending Jun‐12 Ending Sep‐12 Dec‐12 Dec‐13
50%
Sales 16785.00 17654.70 67325.80 70285.80
EPS 1.10 1.21 4.10 4.44
Growth (0.25) 0.41 1.24 4.40

Performance Over Industry
Particulars Company Industry
Earning Surprise
Dividend Yield 3.18 2.78
Dividend Yield ‐ 5 Year Avg. 2.7 2.35
3%
Dividend 5 Year Growth Rate 11.79 2.52
Payout Ratio(TTM) 50.44 49.77
Quick Ratio (MRQ) 0.79 1.51 2%
Current Ratio (MRQ) 1.03 1.87
LT Debt to Equity (MRQ) 97.41 35.55
Total Debt to Equity (MRQ) 122.39 50.43 1%
Interest Coverage (TTM) 11.19 1.38
Gross Margin (TTM) 52.18 49.18
Gross Margin ‐ 5 Yr. Avg. 53.39 49.49 0%
EBITD Margin (TTM) 18.51 ‐‐
EBITD ‐ 5 Yr. Avg 19.74 12.54 Q1 Q2 Q3 Q4
Operating Margin (TTM) 14.37 8.9

Operating Margin ‐ 5 Yr. Avg. 16.04 8.77
Pre‐Tax Margin (TTM) 13.16 8.86
Pre‐Tax Margin ‐ 5 Yr. Avg. 15.91 8.99
Net Profit Margin (TTM) 9.63 6.02

Net Profit Margin ‐ 5 Yr. Avg. 11.83 6.29

Effective Tax Rate (TTM) 26.84 38.28

Effective Tax Rate ‐ 5 Yr. Avg. 25.65 38.15 Excel‐VBA Based Model
Revenue/Employee (TTM) 225572 15921187 Get a Free Quote
Net Income/Employee (TTM) 21721 297499

Receivable Turnover (TTM) 9.51 11.58

Inventory Turnover (TTM) 7.96 8.89

Asset Turnover (TTM) 0.91 1.29

Return on Assets (TTM) 8.75 5.66

Return on Assets ‐ 5 Yr. Avg. 12.87 6.39

Return on Investment (TTM) 11.56 7.79
Return on Investment ‐ 5 Yr.
Avg. 16.95 8.79

Return on Equity (TTM) 28.63 13.21

Return on Equity ‐ 5 Yr. Avg. 34.38 12.77

Page 12

Technical Analysis

Price Chart
70 30000000

68 25000000

66 20000000

64 15000000

62 10000000

60 5000000

58 0
22‐Nov 1‐Feb 16‐Apr

Volume Adj Close EMA(200) EMA(50)

1.50
1.00
0.50
0.00
‐0.50
‐1.00

MACD Signal line

100
80
60
40
20
0

RSI(14)

Technical Indicators

Price 67.51 AS On: 6/1/2012

EMA(13) 67.24 ADX 10

EMA(26) 66.29 DX 13
Technical Analysis
Get a Free Quote
EMA(50) 65.32 +DI 16

EMA(200) 63.55 ‐DI 21

RSI(14) 64.20 %K(Fast) 40.74

MACD 0.95 %K(Slow) 60.22

William(%R) ‐59.26 %d(Slow) 76.89

Page 13

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