Registered Name: DABUR INDIA LTD Industry: FMCG NSE: DABUR BSE: 500096 CMP: 552.

UR BSE: 500096 CMP: 552.55 Fair Value: 201.32

Revenue Market Cap Net Profit Debt-Equity Revenue Growth WACC Expected Growth
₹ 11,529.9 Cr ₹ 1,09,429.2 Cr ₹ 1,255.9 Cr 1.52 5.89% 10.98% 20.71%

Beta EPS Book Value Reinvestment Rate ROIC ROI High / Low
Financial Year 2023 0.70 ₹ 7.1 ₹ 50.6 38.93% 54.56% 24.38% 610.75 / 503.65

Revenue Net Profit EBITDA EPS

1434
2252 2162
11530 8.11
10889 1370 2002
9562 1792 7.75
8685

1243 1256 7.03 7.09

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Share Holding Pattern Multipliers Asset Allocation Status Market Cap Comps
Govt Public Dabur Godrej
0.07% 5.65% India Consumer
DIIs P/E 59.5x
8.31%
Marico
Total Non Total Non
EV/EBITDA 0.5x
Current Current
Assets Assets
FIIs ₹ 10,455.5 ₹ 3,198.9
Emami Jyothy
19.73% Promoters EV/Revenue 8.8x Labs
66.24%

Margins ROE ROA Revenue from Operations

35.77% 13.98% Other Unallocated
20.31% 13.58%
19.20% 12.41% Segments Other
17.88% Operating
1.58%
14.47% 9.68% Revenue
18.76% 0.31%
16.06% 15.38%
Food
Business
19.69%
Consumer
Care
Gross EBITDA EBIT Margin EBT Margin Business
Margin Margin 2020 2021 2022 2023 2020 2021 2022 2023 78.42%
 Historical Financial Statement - DABUR INDIA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

Income Statement
Sales ₹ 7,058.1 ₹ 7,795.5 ₹ 7,779.7 ₹ 7,613.6 ₹ 7,721.9 ₹ 8,515.0 ₹ 8,684.6 ₹ 9,561.7 ₹ 10,888.7 ₹ 11,529.9 ₹ 11,529.9
Sales Growth% - 10.45% -0.20% -2.13% 1.42% 10.27% 1.99% 10.10% 13.88% 5.89% 0.00%

COGS ₹ 4,177.9 ₹ 4,596.9 ₹ 4,727.7 ₹ 4,761.7 ₹ 4,815.7 ₹ 5,452.0 ₹ 5,517.7 ₹ 6,043.4 ₹ 6,994.7 ₹ 7,405.7 ₹ 9,367.4
COGS % Sales 59.19% 58.97% 60.77% 62.54% 62.36% 64.03% 63.53% 63.20% 64.24% 64.23% 81.24%

Gross Profit ₹ 2,880.3 ₹ 3,198.6 ₹ 3,052.0 ₹ 2,851.9 ₹ 2,906.2 ₹ 3,063.0 ₹ 3,166.9 ₹ 3,518.3 ₹ 3,894.0 ₹ 4,124.2 ₹ 2,162.5
COGS % Sales 40.81% 41.03% 39.23% 37.46% 37.64% 35.97% 36.47% 36.80% 35.76% 35.77% 18.76%

Selling & General Expenses ₹ 1,718.7 ₹ 1,878.4 ₹ 1,533.7 ₹ 1,340.3 ₹ 1,288.7 ₹ 1,323.4 ₹ 1,374.6 ₹ 1,516.6 ₹ 1,641.9 ₹ 1,961.7 -
S&G Exp % Sales 24.35% 24.10% 19.71% 17.60% 16.69% 15.54% 15.83% 15.86% 15.08% 17.01% 0.00%

EBITDA ₹ 1,161.5 ₹ 1,320.2 ₹ 1,518.3 ₹ 1,511.6 ₹ 1,617.4 ₹ 1,739.6 ₹ 1,792.3 ₹ 2,001.7 ₹ 2,252.0 ₹ 2,162.5 ₹ 2,473.5
EBITDA Margins 16.46% 16.94% 19.52% 19.85% 20.95% 20.43% 20.64% 20.93% 20.68% 18.76% 21.45%

Interest ₹ 54.2 ₹ 40.1 ₹ 48.5 ₹ 54.0 ₹ 53.1 ₹ 59.6 ₹ 49.5 ₹ 30.8 ₹ 38.6 ₹ 78.2 ₹ 78.2
Interest % Sales 0.77% 0.51% 0.62% 0.71% 0.69% 0.70% 0.57% 0.32% 0.35% 0.68% 0.68%

Depreciation ₹ 97.5 ₹ 115.0 ₹ 133.2 ₹ 142.9 ₹ 162.2 ₹ 176.9 ₹ 220.5 ₹ 240.1 ₹ 252.9 ₹ 311.0 ₹ 311.0
Depreciation % Sales 1.38% 1.47% 1.71% 1.88% 2.10% 2.08% 2.54% 2.51% 2.32% 2.70% 2.70%

Earning Before Tax ₹ 1,009.9 ₹ 1,165.1 ₹ 1,336.6 ₹ 1,314.7 ₹ 1,402.2 ₹ 1,503.1 ₹ 1,522.4 ₹ 1,730.7 ₹ 1,960.5 ₹ 1,773.3 ₹ 2,218.7
EBT % Sales 14.31% 14.95% 17.18% 17.27% 18.16% 17.65% 17.53% 18.10% 18.01% 15.38% 19.24%

Tax ₹ 219.1 ₹ 250.9 ₹ 299.9 ₹ 330.3 ₹ 335.4 ₹ 278.6 ₹ 279.7 ₹ 361.1 ₹ 526.4 ₹ 517.4 ₹ 517.4
Effective Tax Rate 21.69% 21.53% 22.44% 25.13% 23.92% 18.54% 18.37% 20.86% 26.85% 29.17% 23.32%

Net Profit ₹ 790.8 ₹ 914.2 ₹ 1,036.7 ₹ 984.4 ₹ 1,066.9 ₹ 1,224.5 ₹ 1,242.6 ₹ 1,369.7 ₹ 1,434.1 ₹ 1,255.9 ₹ 1,701.3
Net Margins 11.20% 11.73% 13.33% 12.93% 13.82% 14.38% 14.31% 14.32% 13.17% 10.89% 14.76%

No of Equity Shares 174.38 175.65 175.91 176.15 176.15 176.63 176.71 176.74 176.79 177.18

Earnings per Share ₹ 4.5 ₹ 5.2 ₹ 5.9 ₹ 5.6 ₹ 6.1 ₹ 6.9 ₹ 7.0 ₹ 7.7 ₹ 8.1 ₹ 7.1
EPS Growth % - 14.77% 13.23% -5.18% 8.38% 14.46% 1.44% 10.20% 4.68% -12.62%

Dividend per Share ₹ 1.7 ₹ 2.0 ₹ 2.3 ₹ 2.3 ₹ 6.3 ₹ 2.7 ₹ 3.0 ₹ 4.8 ₹ 5.2 ₹ 2.7
Dividend payout ratio 38.59% 38.43% 38.18% 40.26% 103.19% 39.67% 42.66% 61.29% 64.10% 38.09%
Retained Earnings 61.41% 61.57% 61.82% 59.74% -3.19% 60.33% 57.34% 38.71% 35.90% 61.91%
 Historical Financial Statement - DABUR INDIA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

Balance Sheet
Equity Share Capital ₹ 174.4 ₹ 175.7 ₹ 175.9 ₹ 176.2 ₹ 176.2 ₹ 176.6 ₹ 176.7 ₹ 176.7 ₹ 176.8 ₹ 177.2
Reserves ₹ 2,481.6 ₹ 3,178.5 ₹ 3,994.7 ₹ 4,671.2 ₹ 5,530.4 ₹ 5,455.1 ₹ 6,429.0 ₹ 7,486.8 ₹ 8,204.5 ₹ 8,796.1
Borrowings ₹ 708.1 ₹ 733.6 ₹ 805.2 ₹ 975.0 ₹ 937.6 ₹ 699.4 ₹ 522.0 ₹ 509.1 ₹ 1,030.1 ₹ 1,173.8
Other Liabilities ₹ 1,947.9 ₹ 2,018.6 ₹ 1,956.5 ₹ 1,909.9 ₹ 2,057.5 ₹ 2,105.6 ₹ 2,208.8 ₹ 2,660.6 ₹ 2,872.5 ₹ 3,507.3
Total Liabilities ₹ 5,312.0 ₹ 6,106.3 ₹ 6,932.3 ₹ 7,732.2 ₹ 8,701.6 ₹ 8,436.6 ₹ 9,336.6 ₹ 10,833.2 ₹ 12,283.9 ₹ 13,654.4

Fixed Assets Net Block ₹ 1,766.9 ₹ 1,877.1 ₹ 1,667.4 ₹ 1,958.4 ₹ 2,028.1 ₹ 1,969.1 ₹ 2,252.7 ₹ 2,242.9 ₹ 2,307.9 ₹ 3,578.7
Capital Work in Progress ₹ 21.7 ₹ 50.3 ₹ 44.8 ₹ 42.1 ₹ 41.5 ₹ 63.8 ₹ 146.6 ₹ 147.3 ₹ 167.5 ₹ 175.1
Investments ₹ 1,076.5 ₹ 1,813.4 ₹ 2,690.7 ₹ 3,240.2 ₹ 3,805.2 ₹ 3,358.8 ₹ 2,800.3 ₹ 4,159.6 ₹ 6,219.6 ₹ 6,265.3
Other Assets ₹ 279.7 ₹ 405.3 ₹ 403.8 ₹ 429.6 ₹ 558.5 ₹ 582.8 ₹ 1,132.2 ₹ 658.5 ₹ 461.2 ₹ 436.5
Total Non Current Assets ₹ 3,144.8 ₹ 4,146.1 ₹ 4,806.8 ₹ 5,670.3 ₹ 6,433.3 ₹ 5,974.4 ₹ 6,331.8 ₹ 7,208.3 ₹ 9,156.2 ₹ 10,455.5

Receivables ₹ 675.3 ₹ 710.8 ₹ 809.2 ₹ 650.4 ₹ 706.1 ₹ 833.6 ₹ 813.9 ₹ 561.6 ₹ 646.2 ₹ 848.8
Inventory ₹ 972.5 ₹ 973.3 ₹ 1,096.5 ₹ 1,106.7 ₹ 1,256.2 ₹ 1,300.5 ₹ 1,379.6 ₹ 1,734.3 ₹ 1,911.4 ₹ 2,024.2
Cash & Bank ₹ 519.4 ₹ 276.0 ₹ 219.8 ₹ 304.8 ₹ 306.1 ₹ 328.2 ₹ 811.4 ₹ 1,329.0 ₹ 570.1 ₹ 325.9
Total Current Assets ₹ 2,167.2 ₹ 1,960.2 ₹ 2,125.5 ₹ 2,061.9 ₹ 2,268.3 ₹ 2,462.3 ₹ 3,004.8 ₹ 3,624.9 ₹ 3,127.7 ₹ 3,198.9

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 Historical Financial Statement - DABUR INDIA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

Cash Flow Statement

Operating Activities
Profit from operations ₹ 1,202.0 ₹ 1,394.0 ₹ 1,543.0 ₹ 1,462.0 ₹ 1,678.0 ₹ 1,868.0 ₹ 1,981.0 ₹ 2,048.0 ₹ 2,287.0 ₹ 2,143.0
Receivables (₹ 187.0) (₹ 142.0) (₹ 14.0) ₹ 115.0 (₹ 60.0) (₹ 130.0) ₹ 14.0 ₹ 248.0 (₹ 78.0) (₹ 191.0)
Inventory (₹ 128.0) (₹ 1.0) (₹ 123.0) (₹ 10.0) (₹ 149.0) (₹ 44.0) (₹ 79.0) (₹ 355.0) (₹ 177.0) (₹ 96.0)
Payables ₹ 397.0 ₹ 26.0 ₹ 62.0 (₹ 16.0) ₹ 86.0 ₹ 45.0 ₹ 26.0 ₹ 434.0 ₹ 108.0 ₹ 141.0
Other WC items - - - (₹ 1.0) (₹ 138.0) ₹ 111.0 (₹ 19.0) ₹ 62.0 ₹ 51.0 (₹ 15.0)
Working capital changes ₹ 82.0 (₹ 117.0) (₹ 75.0) ₹ 87.0 (₹ 262.0) (₹ 18.0) (₹ 58.0) ₹ 388.0 (₹ 97.0) (₹ 160.0)
Direct taxes (₹ 186.0) (₹ 230.0) (₹ 281.0) (₹ 322.0) (₹ 325.0) (₹ 351.0) (₹ 309.0) (₹ 321.0) (₹ 388.0) (₹ 494.0)
Cash from Operating Activities ₹ 1,180.0 ₹ 930.0 ₹ 1,112.0 ₹ 1,315.0 ₹ 830.0 ₹ 1,481.0 ₹ 1,556.0 ₹ 2,504.0 ₹ 1,706.0 ₹ 1,328.0

Investing Activity
Fixed assets purchased (₹ 215.0) (₹ 267.0) (₹ 200.0) (₹ 490.0) (₹ 207.0) (₹ 234.0) (₹ 417.0) (₹ 311.0) (₹ 374.0) (₹ 509.0)
Fixed assets sold ₹ 2.0 ₹ 16.0 ₹ 11.0 ₹ 4.0 ₹ 7.0 ₹ 9.0 ₹ 17.0 ₹ 5.0 ₹ 5.0 ₹ 23.0
Investments purchased (₹ 6,446.0) (₹ 6,317.0) (₹ 7,341.0) (₹ 9,111.0) (₹ 9,001.0) (₹ 5,393.0) (₹ 8,479.0) (₹ 7,635.0) (₹ 7,507.0) (₹ 4,177.0)
Investments sold ₹ 6,456.0 ₹ 5,596.0 ₹ 6,653.0 ₹ 8,600.0 ₹ 8,418.0 ₹ 5,710.0 ₹ 8,114.0 ₹ 6,274.0 ₹ 6,234.0 ₹ 4,164.0
Investment income - - - - - - - - - ₹ 394.0
Interest received ₹ 95.0 ₹ 96.0 ₹ 148.0 ₹ 190.0 ₹ 244.0 ₹ 244.0 ₹ 248.0 ₹ 262.0 ₹ 367.0 -
Invest in subsidiaries - - - - - - - - - (₹ 481.0)
Other investing items ₹ 3.0 - (₹ 1.0) - (₹ 1.0) ₹ 1.0 - ₹ 2.0 ₹ 2.0 -
Cash from Investing Activity (₹ 105.0) (₹ 876.0) (₹ 730.0) (₹ 807.0) (₹ 540.0) ₹ 337.0 (₹ 517.0) (₹ 1,403.0) (₹ 1,273.0) (₹ 586.0)

Cash from Financing Activity

Proceeds from shares - ₹ 46.0 ₹ 17.0 ₹ 15.0 - - - - - -
Proceeds from borrowings - ₹ 75.0 ₹ 131.0 ₹ 168.0 ₹ 4.0 ₹ 32.0 - ₹ 65.0 ₹ 541.0 ₹ 50.0
Repayment of borrowings (₹ 443.0) (₹ 50.0) (₹ 60.0) - (₹ 62.0) (₹ 272.0) (₹ 358.0) (₹ 28.0) - (₹ 1.0)
Interest paid fin (₹ 34.0) (₹ 26.0) (₹ 40.0) (₹ 45.0) (₹ 43.0) (₹ 52.0) (₹ 42.0) (₹ 31.0) (₹ 33.0) (₹ 89.0)
Dividends paid (₹ 279.0) (₹ 395.0) (₹ 352.0) (₹ 396.0) (₹ 396.0) (₹ 1,325.0) (₹ 512.0) (₹ 592.0) (₹ 972.0) (₹ 921.0)
Financial liabilities - - - - - - (₹ 25.0) (₹ 28.0) (₹ 26.0) (₹ 51.0)
Other financing items (₹ 47.0) (₹ 67.0) (₹ 72.0) (₹ 81.0) (₹ 81.0) (₹ 272.0) (₹ 105.0) - - (₹ 24.0)
Cash from Financing Activity (₹ 803.0) (₹ 417.0) (₹ 376.0) (₹ 339.0) (₹ 578.0) (₹ 1,889.0) (₹ 1,042.0) (₹ 614.0) (₹ 490.0) (₹ 1,036.0)

Net Cash Flow ₹ 272.0 (₹ 363.0) ₹ 6.0 ₹ 169.0 (₹ 288.0) (₹ 71.0) (₹ 3.0) ₹ 487.0 (₹ 57.0) (₹ 294.0)
 Ratio Analysis - DABUR INDIA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

Sales Growth - 10.45% -0.20% -2.13% 1.42% 10.27% 1.99% 10.10% 13.88% 5.89% 5.74% 5.89%
EBITDA Growth - 13.66% 15.00% -0.44% 7.00% 7.55% 3.03% 11.68% 12.51% -3.98% 7.34% 7.55%
EBIT Growth - 15.37% 14.72% -1.64% 6.65% 7.19% 1.28% 13.69% 13.28% -9.55% 6.78% 7.19%
Net Profit Growth - 15.61% 13.40% -5.05% 8.38% 14.77% 1.48% 10.22% 4.71% -12.43% 5.68% 8.38%
Dividend Growth - 14.29% 12.50% 0.00% 177.78% -56.00% 9.09% 58.33% 9.47% -48.08% 19.71% 9.47%

Gross Margin 40.81% 41.03% 39.23% 37.46% 37.64% 35.97% 36.47% 36.80% 35.76% 35.77% 37.69% 37.13%
EBITDA Margin 16.46% 16.94% 19.52% 19.85% 20.95% 20.43% 20.64% 20.93% 20.68% 18.76% 19.51% 20.14%
EBIT Margin 15.08% 15.46% 17.80% 17.98% 18.85% 18.35% 18.10% 18.42% 18.36% 16.06% 17.45% 18.04%
EBT Margin 14.31% 14.95% 17.18% 17.27% 18.16% 17.65% 17.53% 18.10% 18.01% 15.38% 16.85% 17.40%
Net Profit Margin 11.20% 11.73% 13.33% 12.93% 13.82% 14.38% 14.31% 14.32% 13.17% 10.89% 13.01% 13.25%

Sales Expense % Sales 24.35% 24.10% 19.71% 17.60% 16.69% 15.54% 15.83% 15.86% 15.08% 17.01% 18.18% 16.85%
Depreciation % Sales 1.38% 1.47% 1.71% 1.88% 2.10% 2.08% 2.54% 2.51% 2.32% 2.70% 2.07% 2.09%
Operating Income % Sales 15.08% 15.46% 17.80% 17.98% 18.85% 18.35% 18.10% 18.42% 18.36% 16.06% 17.45% 18.04%

Return on Capital Employed 31.63% 29.48% 27.84% 23.51% 21.90% 24.68% 22.05% 21.55% 21.24% 18.25% 24.21% 22.78%
Retained Earnings % 61.41% 61.57% 61.82% 59.74% -3.19% 60.33% 57.34% 38.71% 35.90% 61.91% 49.55% 60.03%
Return on Equity % 29.77% 27.26% 24.86% 20.31% 18.70% 21.74% 18.81% 17.87% 17.11% 14.00% 21.04% 19.56%
Self Sustained Growth Rate 18.29% 16.78% 15.37% 12.13% -0.60% 13.12% 10.79% 6.92% 6.14% 8.67% 10.76% 11.46%
Interest Coverage Ratio 19.65 30.04 28.57 25.33 27.43 26.23 31.73 57.17 51.79 23.66 32.16 28.00

Inventory Turnover Ratio 4.30 4.72 4.31 4.30 3.83 4.19 4.00 3.48 3.66 3.66 4.05 4.10
Fixed Asset Turnover 3.99 4.15 4.67 3.89 3.81 4.32 3.86 4.26 4.72 3.22 4.09 4.07
Capital Turnover 2.66 2.32 1.87 1.57 1.35 1.51 1.31 1.25 1.30 1.28 1.64 1.43

Debtor Days 35 Days 33 Days 38 Days 31 Days 33 Days 36 Days 34 Days 21 Days 22 Days 27 Days 31 Days 33 Days
Payable Days 170 Days 160 Days 151 Days 146 Days 156 Days 141 Days 146 Days 161 Days 150 Days 173 Days 155 Days 153 Days
Inventory Days 85 Days 77 Days 85 Days 85 Days 95 Days 87 Days 91 Days 105 Days 100 Days 100 Days 91 Days 89 Days
Cash Conversion Cycle -50 Days -50 Days -28 Days -30 Days -27 Days -18 Days -21 Days -35 Days -28 Days -46 Days -33 Days -29 Days

CFO/Sales 16.72% 11.93% 14.29% 17.27% 10.75% 17.39% 17.92% 26.19% 15.67% 11.52% 15.96% 16.19%
CFO/Total Assets 22.21% 15.23% 16.04% 17.01% 9.54% 17.55% 16.67% 23.11% 13.89% 9.73% 16.10% 16.35%
CFO/Total Debt 166.63% 126.78% 138.10% 134.87% 88.52% 211.76% 298.09% 491.89% 165.61% 113.14% 193.54% 151.86%

Working Capital Ratio 1.11 0.97 1.09 1.08 1.10 1.17 1.36 1.36 1.09 0.91 1.12 1.10
Liquid Ratio 0.61 0.49 0.53 0.50 0.49 0.55 0.74 0.71 0.42 0.33 0.54 0.51
Debt Equity Ratio 2.00 1.82 1.66 1.60 1.52 1.50 1.41 1.41 1.47 1.52 1.59 1.52
 Ratio Analysis - DABUR INDIA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median
Total Assets to debt Ratio 7.50 8.32 8.61 7.93 9.28 12.06 17.89 21.28 11.92 11.63 11.64 10.46
Proprietary Ratio 0.50 0.55 0.60 0.63 0.66 0.67 0.71 0.71 0.68 0.66 0.64 0.66
Working Capital Turnover Ratio 32.19 -133.42 46.02 50.06 36.63 23.87 10.91 9.92 42.67 -37.38 8.15 28.03
Gross Profit Ratio 0.41 0.41 0.39 0.37 0.38 0.36 0.36 0.37 0.36 0.36 0.38 0.37
Operating Ratio 0.84 0.83 0.80 0.80 0.79 0.80 0.79 0.79 0.79 0.81 0.80 0.80
Return on Investment 0.37 0.35 0.33 0.28 0.27 0.30 0.28 0.27 0.27 0.24 0.30 0.28
 Common Size Statement - DABUR INDIA LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

# Income Statement

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
COGS 59.19% 58.97% 60.77% 62.54% 62.36% 64.03% 63.53% 63.20% 64.24% 64.23%
Gross Profit 40.81% 41.03% 39.23% 37.46% 37.64% 35.97% 36.47% 36.80% 35.76% 35.77%
Selling & General Expenses 24.35% 24.10% 19.71% 17.60% 16.69% 15.54% 15.83% 15.86% 15.08% 17.01%
EBITDA 16.46% 16.94% 19.52% 19.85% 20.95% 20.43% 20.64% 20.93% 20.68% 18.76%
Interest 0.77% 0.51% 0.62% 0.71% 0.69% 0.70% 0.57% 0.32% 0.35% 0.68%
Depreciation 1.38% 1.47% 1.71% 1.88% 2.10% 2.08% 2.54% 2.51% 2.32% 2.70%
Earning Before Tax 14.31% 14.95% 17.18% 17.27% 18.16% 17.65% 17.53% 18.10% 18.01% 15.38%
Net Profit 11.20% 11.73% 13.33% 12.93% 13.82% 14.38% 14.31% 14.32% 13.17% 10.89%

# Balance Sheet

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 3.28% 2.88% 2.54% 2.28% 2.02% 2.09% 1.89% 1.63% 1.44% 1.30%
Reserves 46.72% 52.05% 57.62% 60.41% 63.56% 64.66% 68.86% 69.11% 66.79% 64.42%
Borrowings 13.33% 12.01% 11.62% 12.61% 10.77% 8.29% 5.59% 4.70% 8.39% 8.60%
Other Liabilities 36.67% 33.06% 28.22% 24.70% 23.65% 24.96% 23.66% 24.56% 23.38% 25.69%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Fixed Assets Net Block 33.26% 30.74% 24.05% 25.33% 23.31% 23.34% 24.13% 20.70% 18.79% 26.21%
Capital Work in Progress 0.41% 0.82% 0.65% 0.54% 0.48% 0.76% 1.57% 1.36% 1.36% 1.28%
Investments 20.26% 29.70% 38.81% 41.90% 43.73% 39.81% 29.99% 38.40% 50.63% 45.88%
Other Assets 5.27% 6.64% 5.83% 5.56% 6.42% 6.91% 12.13% 6.08% 3.75% 3.20%
Receivables 12.71% 11.64% 11.67% 8.41% 8.11% 9.88% 8.72% 5.18% 5.26% 6.22%
Inventory 18.31% 15.94% 15.82% 14.31% 14.44% 15.42% 14.78% 16.01% 15.56% 14.82%
Cash & Bank 9.78% 4.52% 3.17% 3.94% 3.52% 3.89% 8.69% 12.27% 4.64% 2.39%
 DABUR INDIA LTD - Sales Forecasting
Weight Year Sales Sales Growth DABUR INDIA LTD - Sales Forecasting
1 2014A ₹ 7,058.1 - ₹ 14,000.0
2 2015A ₹ 7,795.5 10.45%
3 2016A ₹ 7,779.7 -0.20% ₹ 12,000.0
4 2017A ₹ 7,613.6 -2.13%
₹ 10,000.0
5 2018A ₹ 7,721.9 1.42%
6 2019A ₹ 8,515.0 10.27%
₹ 8,000.0
7 2020A ₹ 8,684.6 1.99%
8 2021A ₹ 9,561.7 10.10% ₹ 6,000.0
9 2022A ₹ 10,888.7 13.88%
10 2023A ₹ 11,529.9 5.89% ₹ 4,000.0
11 2024E ₹ 11,208.7 -2.79%
12 2025E ₹ 11,662.1 4.05% ₹ 2,000.0
13 2026E ₹ 12,115.5 3.89%
14 2027E ₹ 12,568.9 3.74% ₹ 0.0
15 2028E ₹ 13,022.4 3.61% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

DABUR INDIA LTD - EBITDA Forecasting

Weight Year EBITDA EBITDA Growth DABUR INDIA LTD - EBITDA Forecasting
1 2014A ₹ 1,161.5 - ₹ 3,000.0
2 2015A ₹ 1,320.2 13.66%
3 2016A ₹ 1,518.3 15.00% ₹ 2,500.0
4 2017A ₹ 1,511.6 -0.44%
5 2018A ₹ 1,617.4 7.00%
₹ 2,000.0
6 2019A ₹ 1,739.6 7.55%
7 2020A ₹ 1,792.3 3.03%
₹ 1,500.0
8 2021A ₹ 2,001.7 11.68%
9 2022A ₹ 2,252.0 12.51%
10 2023A ₹ 2,162.5 -3.98% ₹ 1,000.0
11 2024E ₹ 2,338.1 8.12%
12 2025E ₹ 2,452.8 4.90% ₹ 500.0
13 2026E ₹ 2,567.4 4.67%
14 2027E ₹ 2,682.0 4.46% ₹ 0.0
15 2028E ₹ 2,796.6 4.27% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
 DABUR INDIA LTD - Net Profit Forecasting
Weight Year Net Profit Net Profit Growth
DABUR INDIA LTD - Net Profit Forecasting
1 2014A ₹ 790.8 - ₹ 2,000.0
2 2015A ₹ 914.2 15.61% ₹ 1,800.0
3 2016A ₹ 1,036.7 13.40%
₹ 1,600.0
4 2017A ₹ 984.4 -5.05%
5 2018A ₹ 1,066.9 8.38% ₹ 1,400.0
6 2019A ₹ 1,224.5 14.77% ₹ 1,200.0
7 2020A ₹ 1,242.6 1.48%
₹ 1,000.0
8 2021A ₹ 1,369.7 10.22%
9 2022A ₹ 1,434.1 4.71% ₹ 800.0

10 2023A ₹ 1,255.9 -12.43% ₹ 600.0

11 2024E ₹ 1,479.4 17.79% ₹ 400.0
12 2025E ₹ 1,542.6 4.27%
₹ 200.0
13 2026E ₹ 1,605.7 4.09%
14 2027E ₹ 1,668.9 3.93% ₹ 0.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
15 2028E ₹ 1,732.1 3.78%

DABUR INDIA LTD - EPS Forecasting

Weight Year EPS EPS Growth DABUR INDIA LTD - EPS Forecasting
1 2014A ₹ 4.5 - ₹ 12.0
2 2015A ₹ 5.2 14.77%
3 2016A ₹ 5.9 13.23% ₹ 10.0
4 2017A ₹ 5.6 -5.18%
5 2018A ₹ 6.1 8.38%
₹ 8.0
6 2019A ₹ 6.9 14.46%
7 2020A ₹ 7.0 1.44%
₹ 6.0
8 2021A ₹ 7.7 10.20%
9 2022A ₹ 8.1 4.68%
10 2023A ₹ 7.1 -12.62% ₹ 4.0

11 2024E ₹ 8.3 17.75%

12 2025E ₹ 8.7 4.20% ₹ 2.0
13 2026E ₹ 9.0 4.03%
14 2027E ₹ 9.4 3.87% ₹ 0.0
15 2028E ₹ 9.7 3.73% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
 Weighted Average Cost of Capital - DABUR INDIA LTD

All figures are in INR unless stated otherwise

Peer Comps
Debt / Debt / Levered Unlevered
1
Name of the Comp Country Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3
Dabur India India 1,129.6 1,09,429.2 30% 1.03% 1.02% 0.70 0.69
Godrej Consumer India 1,173.8 1,01,165.5 30% 1.16% 1.15% 0.27 0.27
Marico India 608.0 70,885.5 30% 0.86% 0.85% 0.46 0.46
Emami India 90.5 17,778.4 30% 0.51% 0.51% 0.75 0.75
Jyothy Labs India 46.5 7,700.4 30% 0.60% 0.60% 0.48 0.48

Mean 30% 0.83% 0.83% 0.53 0.53

Median 30% 0.86% 0.85% 0.48 0.48

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 6.64% Risk Free Rate 6.98%

Tax Rate 30.00% Equity Risk Premium 8.43%
Post Tax Cost of Debt 4.65% Levered Beta 4 0.48
Cost of Equity 11.03%

Capital Structure Levered Beta

Current Target Comps Median Levered Beta 0.48

Total Debt 1,129.6 1.02% 0.83% Target Debt / Equity 0.83%
Market Capitalization 1,09,429.2 98.98% 99.17% Tax Rate 30%
Total Capital 1,10,558.8 100.00% 100.00% Levered Beta 0.48

Debt / Equity 1.03% 0.83% Weighted Average Cost of Capital

Cost of Equity 11.03%

Notes Equity Weight 99.17%
1. Tax Rate considered as Marginal Tax Rate for the Country
2. Levered Beta is based on 5 year monthly data Cost of Debt 4.65%
3. Unlevered Beta = Levered Beta/((1+(1-Tax Rate)*Debt/equity) Debt Weight 0.83%
4. Levered Beta = Unlevered Beta/((1+(1-Tax Rate)*Debt/equity) Weighted Average Cost of Capital 10.98%
# Calculation of ROIC

Particulars Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Current Assets
Inventories ₹ 1,256.0 ₹ 1,301.0 ₹ 1,380.0 ₹ 1,734.0 ₹ 1,911.0 ₹ 2,024.0
Trade receivables ₹ 706.0 ₹ 834.0 ₹ 814.0 ₹ 562.0 ₹ 646.0 ₹ 849.0
Loans n Advances ₹ 476.0 ₹ 501.0 ₹ 636.0 ₹ 554.0 ₹ 412.0 ₹ 30.0
Other asset items ₹ 83.0 ₹ 82.0 ₹ 497.0 ₹ 105.0 ₹ 50.0 ₹ 406.0
Total Current Assets ₹ 2,521.0 ₹ 2,718.0 ₹ 3,327.0 ₹ 2,955.0 ₹ 3,019.0 ₹ 3,309.0

Current Liabilities
Trade Payables ₹ 1,410.0 ₹ 1,455.0 ₹ 1,482.0 ₹ 1,915.0 ₹ 2,018.0 ₹ 2,187.0
Advance from Customers ₹ 25.0 ₹ 28.0 ₹ 30.0 ₹ 43.0 ₹ 37.0 -
Other liability items ₹ 596.0 ₹ 591.0 ₹ 660.0 ₹ 666.0 ₹ 777.0 ₹ 853.0
Total Current Liabilities ₹ 2,031.0 ₹ 2,074.0 ₹ 2,172.0 ₹ 2,624.0 ₹ 2,832.0 ₹ 3,040.0

Net Working Capital ₹ 490.0 ₹ 644.0 ₹ 1,155.0 ₹ 331.0 ₹ 187.0 ₹ 269.0

Non Current Assets

Land ₹ 108.0 ₹ 108.0 ₹ 103.0 ₹ 93.0 ₹ 123.0 ₹ 141.0
Building ₹ 763.0 ₹ 788.0 ₹ 1,054.0 ₹ 1,057.0 ₹ 1,144.0 ₹ 1,279.0
Plant Machinery ₹ 1,431.0 ₹ 1,527.0 ₹ 1,719.0 ₹ 1,862.0 ₹ 2,074.0 ₹ 2,408.0
Equipments ₹ 59.0 ₹ 68.0 ₹ 69.0 ₹ 73.0 ₹ 78.0 ₹ 88.0
Furniture n fittings ₹ 104.0 ₹ 113.0 ₹ 126.0 ₹ 129.0 ₹ 134.0 ₹ 148.0
Railway sidings - - - - - -
Vehicles ₹ 42.0 ₹ 44.0 ₹ 45.0 ₹ 45.0 ₹ 47.0 ₹ 43.0
Intangible Assets ₹ 426.0 ₹ 367.0 ₹ 374.0 ₹ 375.0 ₹ 291.0 ₹ 1,294.0
Other fixed assets ₹ 113.0 ₹ 125.0 ₹ 139.0 ₹ 146.0 ₹ 149.0 ₹ 154.0
Gross Block ₹ 3,046.0 ₹ 3,140.0 ₹ 3,629.0 ₹ 3,780.0 ₹ 4,040.0 ₹ 5,555.0
Accumulated Depreciation (₹ 1,018.0) (₹ 1,170.0) (₹ 1,377.0) (₹ 1,536.0) (₹ 1,733.0) (₹ 2,004.0)
Net Non Current Assets ₹ 2,028.0 ₹ 1,970.0 ₹ 2,252.0 ₹ 2,244.0 ₹ 2,307.0 ₹ 3,551.0

Invested Capital ₹ 2,518.0 ₹ 2,614.0 ₹ 3,407.0 ₹ 2,575.0 ₹ 2,494.0 ₹ 3,820.0

EBIT ₹ 1,564.4 ₹ 1,680.0 ₹ 1,742.8 ₹ 1,970.9 ₹ 2,213.4 ₹ 2,084.3

ROIC 62.13% 64.27% 51.15% 76.54% 88.75% 54.56%

# Calculation of Reinvestment Rate

Particulars Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Capex ₹ 200.0 ₹ 225.0 ₹ 400.0 ₹ 306.0 ₹ 369.0 ₹ 486.0

Working Capital Change ₹ 154.0 ₹ 511.0 -₹ 824.0 -₹ 144.0 ₹ 82.0

EBIT ₹ 1,564.4 ₹ 1,680.0 ₹ 1,742.8 ₹ 1,970.9 ₹ 2,213.4 ₹ 2,084.3

Marginal Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT(1-T) ₹ 1,095.1 ₹ 1,176.0 ₹ 1,220.0 ₹ 1,379.6 ₹ 1,549.4 ₹ 1,459.0

Reinvestment ₹ 379.0 ₹ 911.0 -₹ 518.0 ₹ 225.0 ₹ 568.0

Reinvestment Rate 32.23% 74.67% -37.55% 14.52% 38.93%

5 Year Average 25%

5 Year Median 32%

# Calculation of Growth Rate

Particulars Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Reinvestment Rate 32% 75% -38% 15% 39%

ROIC 64.27% 51.15% 76.54% 88.75% 54.56%

Intrensic Growth 20.71% 38.20% -28.74% 12.89% 21.24%

5 Year Average 13%

5 Year Median 21%
Calculation of PV of FCFF Mar-23 A Mar-24 F Mar-25 F Mar-26 F Mar-27 F Mar-28 F

EBIT ₹ 1,851.5 ₹ 2,235.03 ₹ 2,697.96 ₹ 3,256.78 ₹ 3,931.35 ₹ 4,745.64

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

EBIT (1-T) ₹ 1,296.1 ₹ 1,564.52 ₹ 1,888.58 ₹ 2,279.75 ₹ 2,751.95 ₹ 3,321.95

Less: Reinvestment rate 32% 32% 32% 32% 32% 32%

Free Cash Flow to Firm (FCFF) ₹ 878.37 ₹ 1,060.30 ₹ 1,279.92 ₹ 1,545.03 ₹ 1,865.04 ₹ 2,251.34

Mid Year Convention 0.5 1.5 2.5 3.5 4.5

Discounting Factor 0.949 0.855 0.771 0.694 0.626

PV of FCFF ₹ 1,006.48 ₹ 1,094.72 ₹ 1,190.70 ₹ 1,295.09 ₹ 1,408.64

Expected Growth 21%

Terminal Growth 5.38%
WACC 10.98%

Calculation of Equity Value Calculation of Terminal Value

PV of FCFF ₹ 5,995.63 FCFF (n+1) ₹ 2,717.65

PV of Terminal Value ₹ 30,352.44 WACC 10.98%
Value of Operating Assets ₹ 36,348.07 Terminal Growth Rate 5.38%
Add: Cash ₹ 325.92 Terminal Value ₹ 48,510.29
Less: Debt ₹ 999.00
Value of Equity ₹ 35,674.99 Sensitivity Analysis
No of Shares ₹ 177.20 ₹ 201.32 8.00% 9.00% 10.98% 14.00%
3.00% 221.95 189.97 150.28 117.27
Equity Value per share ₹ 201.32 4.00% 269.93 221.95 167.51 125.99
5.38% 396.29 295.11 201.39 141.36
Share Price ₹ 552.55 600.00% 28.42 28.41 28.41 28.40
Discount/Premium 1.74x 6.00% 509.83 349.90 222.72 149.98
 Football Field Analysis- Data
Football Field Analysis - Valuation Summary (₹)
OpenLow Low OpenHigh High
700.00 Comps 466.62 466.62 514.82 514.82
DCF Beer 117.27 117.27 149.98 149.98
DCF Base 150.28 150.28 222.72 222.72 ₹ 610.75
DCF Bull 221.95 221.95 509.83 509.83
600.00
52W H/L 482.25 482.25 610.75 610.75
₹ 514.82 ₹ 509.83
500.00

₹ 482.25
₹ 466.62
400.00

300.00

₹ 222.72

200.00 ₹ 221.95
₹ 149.98

₹ 150.28
100.00
₹ 117.27

0.00
Comps DCF Beer DCF Base DCF Bull 52W H/L
 Comparable Company Valuation - DABUR INDIA LTD
Market Data Financials Valuation
Share Shares Equity Enterprise
Company Price Outstanding Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Dabur India 570.9 177.2 1,01,163.5 847.9 1,02,011.4 11,529.9 2,16,300.7 1,701.3 8.8x 0.5x 59.5x
Godrej Consumer 1,070.0 102.3 1,09,428.9 738.9 1,10,167.8 13,316.0 2,43,016.5 1,702.5 8.3x 0.5x 64.3x
Marico 548.2 129.3 70,886.8 -148.0 70,738.8 9,764.0 1,81,024.6 1,322.0 7.2x 0.4x 53.6x
Emami 403.0 44.1 17,780.4 -94.2 17,686.1 3,405.7 85,517.9 627.4 5.2x 0.2x 28.3x
Jyothy Labs 209.7 36.7 7,700.2 -236.9 7,463.2 2,486.0 31,597.3 239.7 3.0x 0.2x 32.1x

High 8.8x 0.5x 64.3x

75th Percentile 8.3x 0.5x 59.5x
Average 6.5x 0.4x 47.6x
Median 7.2x 0.4x 53.6x
25th Percentile 5.2x 0.2x 32.1x
Low 3.0x 0.2x 28.3x

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

Implied Enterprice Value 83,532.4 84,523.6 92,074.6
Net Debt 847.9 847.9 847.9
Implied Marktet Value 82,684.5 83,675.7 91,226.8
Shares Outstanding 177.2 177.2 177.2
Implied Value per share 466.6 472.2 514.8
Source: Screener.in Overvalued Overvalued Overvalued
Date Adj Close Return Sorted Return Replication Simulated Returns Calculation of Value at Risk- DABUR INDIA LTD (Monte Carlo Simulation)
01-12-03 11.37 -0.73667 0.309454631 1 0.083663157
01-04-06 43.16 0.508298 0.2826094 2 -0.11845929 Historical Approach
01-12-05 28.61 4.093192 0.214162351 3 0.076122971 Mean 2.08%
01-05-03 5.62 -0.21496 0.208434391 4 0.079395546 Std Deviation 7.17%
01-07-03 7.16 -0.98758 0.192211244 5 0.054373126 Min -19.18%
01-07-22 575.99 0.256083 0.177739563 6 0.089793635 Max 30.95%
01-08-18 458.56 3.464339 0.165995069 7 0.019686289 CMP 552.55
01-05-11 102.72 11.39886 0.162629817 8 -0.052087334
01-08-03 8.28 -0.7831 0.15757132 9 0.010403882 Monte Carlo Simulation
01-07-08 38.19 1.48404 0.152269955 10 0.023833843 Mean 2.64%
01-02-05 15.38 -0.7487 0.14179963 11 0.105488883 Std Deviation 7.34%
01-09-09 61.19 0.142257 0.140568485 12 0.062591848 Min -16.53%
01-06-09 53.57 -0.41093 0.138071229 13 -0.003272621 Max 21.72%
01-06-10 90.93 0.168054 0.135922846 14 0.013346018 CMP 565.2
01-04-10 77.85 -0.7741 0.135390239 15 -0.010301442
01-04-18 344.63 9.241538 0.1248476 16 0.088738453 Percentile Confidence VAR% Stock Price VAR (INR)
01-03-06 33.65 -0.84061 0.123234236 17 -0.071703674 5.00% 95.00% -9.42% 604.59 -52.04
01-08-14 211.12 5.579626 0.122315886 18 0.065032361 1.00% 99.00% -12.78% 623.14 -70.59
01-01-06 32.09 0.641152 0.121337099 19 0.039695307 0.50% 99.50% -14.52% 632.78 -80.23
01-07-05 19.55 -0.53228 0.120237515 20 -0.120369783
01-10-06 41.80 3.66001 0.117324716 21 0.020339688
01-07-04 8.97 -0.95231 0.112174141 22 0.062421739
01-07-14 188.11 3.048826 0.111348874 23 -0.022913808
01-03-08 46.46 1.717922 0.11022065 24 0.109795664
01-05-05 17.09 0.614972 0.106580786 25 0.061725566
01-10-04 10.58 -0.88483 0.10480832 26 -0.057430158
01-02-12 91.91 0.553962 0.104564198 27 0.10202185
01-07-09 59.14 -0.76678 0.104155274 28 -0.068127234
01-04-16 253.60 -0.49124 0.103641336 29 0.038282639
01-07-20 498.47 3.926403 0.102156842 30 0.03804157
01-06-12 101.18 1.393576 0.098274134 31 -0.034344065
01-03-09 42.27 -0.81927 0.097676572 32 0.076932783
01-01-15 233.90 19.23777 0.096256543 33 -0.118834544
 Date Adj Close Return Sorted Return Calculation of Value at Risk- DABUR INDIA LTD (Historical)
01-12-03 11.37 -0.73667 0.309454631
01-04-06 43.16 0.508298 0.2826094 Mean 2.08%
01-12-05 28.61 4.093192 0.214162351 Std Deviation 7.17%
01-05-03 5.62 -0.21496 0.208434391 Min -19.18%
01-07-03 7.16 -0.98758 0.192211244 Max 30.95%
01-07-22 575.99 0.256083 0.177739563 CMP 552.55
01-08-18 458.56 3.464339 0.165995069
01-05-11 102.72 11.39886 0.162629817 Percentile Confidence VAR% Stock Price VAR (INR)
01-08-03 8.28 -0.7831 0.15757132 5.00% 95.00% -8.82% 601.30 -48.75
01-07-08 38.19 1.48404 0.152269955 1.00% 99.00% -16.80% 645.38 -92.83
01-02-05 15.38 -0.7487 0.14179963 0.50% 99.50% -18.69% 655.83 -103.28
01-09-09 61.19 0.142257 0.140568485
01-06-09 53.57 -0.41093 0.138071229
01-06-10 90.93 0.168054 0.135922846
01-04-10 77.85 -0.7741 0.135390239
01-04-18 344.63 9.241538 0.1248476
01-03-06 33.65 -0.84061 0.123234236
01-08-14 211.12 5.579626 0.122315886
01-01-06 32.09 0.641152 0.121337099
01-07-05 19.55 -0.53228 0.120237515
01-10-06 41.80 3.66001 0.117324716
01-07-04 8.97 -0.95231 0.112174141
01-07-14 188.11 3.048826 0.111348874
01-03-08 46.46 1.717922 0.11022065
01-05-05 17.09 0.614972 0.106580786
01-10-04 10.58 -0.88483 0.10480832
01-02-12This model
Disclaimer: 91.91is made
0.553962
as part of 0.104564198
educational assignment and is meant for educational purpose only.
This information/document
01-07-09 does not constitute
59.14 -0.76678 an offer to sell or solicitation for the purchase or sale of any financial instrument or as an official
0.104155274
conformation
01-04-16 of any transaction.
253.60 -0.49124 The Information contained herein is obtained from publicly available data or rather sources believed to be reliable and
0.103641336
the Author has not independently verified the accuracy and completeness of the said data nad hence it should not be relied upon as such.
01-07-20 498.47 3.926403 0.102156842
Author is not SEBI registered investment analyst. This document is prepared as part of educational assignment.
01-06-12in securities
Investment 101.18market
1.393576
are subject0.098274134
to market risks, read all the related documents carefully before investing. The securities quoted are for
01-03-09 42.27 -0.81927
illustration only and are not recommendatory. 0.097676572
Registeration by SEBI, and certification from NISM in no way guarantee performance of the intermediary
or01-01-15
provide any assurance
233.90 of returns to investors.
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The author of the report
01-11-04 11.56 is -0.96265
not liable for any losses due to actions taken on the basis of this report. It is adviceable to consult SEBI registered research
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analyst before making any investments.
01-10-17 309.39 -0.34855 0.09131154
01-04-20 474.93 2.879714 0.087212581