VND 684,000,000
SGD to USD exch (berg 1.418)
Transaction fees - S$100
Friday, March 10, 2017
Monday, March 6, 2017
PG
Procter and Gamble
Restructuring more or less done, sold from 100 brands to core 70-80. Sold beauty to COTY, sold pet care and battery as well. But still too big to grow, organic sales growth 3%. Continuing cost cut can still do 1+bn per year (but a 230bn mkt cap, 64bn sales and 10bn FCF co.). SGA at 23% of sales, middle of the pack.
Sales Splits
60% Household 40bn
30% Beauty 18bn
10% Health 7bn
OP
55% Household 8bn OPM 20%
30% Beauty 4.6bn OPM 26%
12% Health 1.8bn OPM 26%
-1.4bn corporate eliminations
PG brands: Braun, Gillette, Head and Shoulders, Olay, Oral B, SKII, Pantene, Tide, Vicks, Crest, Always, Pampers etc.
USD 20bn shareholder return per year
GPM 50%, OPM 20%
FCF 12 / 230 = 5.2%
Vague IV $100, entry $80
Restructuring more or less done, sold from 100 brands to core 70-80. Sold beauty to COTY, sold pet care and battery as well. But still too big to grow, organic sales growth 3%. Continuing cost cut can still do 1+bn per year (but a 230bn mkt cap, 64bn sales and 10bn FCF co.). SGA at 23% of sales, middle of the pack.
Sales Splits
60% Household 40bn
30% Beauty 18bn
10% Health 7bn
OP
55% Household 8bn OPM 20%
30% Beauty 4.6bn OPM 26%
12% Health 1.8bn OPM 26%
-1.4bn corporate eliminations
PG brands: Braun, Gillette, Head and Shoulders, Olay, Oral B, SKII, Pantene, Tide, Vicks, Crest, Always, Pampers etc.
USD 20bn shareholder return per year
GPM 50%, OPM 20%
FCF 12 / 230 = 5.2%
Vague IV $100, entry $80
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