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Valuación Del Capital Accionario De Colgate-Palmolive Company
Universidad de San Andrés Escuela de Negocios Maestría en Finanzas Valuación del Capital Accionario de Colgate-Palmolive Company Autor: Lucas Emiliano Reyna DNI: 32925170 Director de Tesis: Javier Epstein Buenos Aires, Julio de 2018 Universidad De San Andres Departamento De Finanzas Maestría En Finanzas Valuación del Capital Accionario de Colgate-Palmolive Company Autor: Lucas Emiliano Reyna Dni: 32.925.170 Director De Tesis: Javier Epstein Buenos Aires, Argentina - Julio De 2018 Resumen ejecutivo El presente trabajo tiene como objetivo realizar el ejercicio de valuación del capital accionario de la empresa Colgate-Palmolive Co. (NYSE:CL). A lo largo del informe, se realiza un análisis de la compañía desde el punto de vista operativo, económico y financiero, así como de las industrias en las cuales opera la empresa. En primer lugar, se describe el negocio de la compañía, los distintos segmentos de operaciones y la organización operativa. A continuación, se realiza un análisis de la industria y el posicionamiento de Colgate-Palmolive Co. dentro de la misma. En tercer lugar, se presenta un análisis financiero de compañía, dónde se estudian las ventas, las rentabilidad, y otros indicadores relevantes. Se incluye además una comparación con los principales competidores de industria. Seguidamente, se realiza el ejercicio de valuación del capital accionario de Colgate Palmolive Co. En este punto, se utiliza el método de Flujos de Fondos Descontados (DCF) para obtener el valor de la empresa (EV) y a partir del cual, sustrayendo la deuda y sumando la caja, se llega al valor del capital accionario (E). El valor obtenido en este ejercicio es 66.285 millones de dólares o 74,66 dólares por acción. -
Colgate Announces 2Nd Quarter Results (NYSE:CL)
11/14/12 Colgate Announces 2nd Quarter Results (NYSE:CL) July 26, 2012 Colgate Announces 2nd Quarter Results Strong Unit Volume Growth Worldwide NEW YORK--(BUSINESS WIRE)-- Colgate-Palmolive Company (NYSE:CL) today reported worldwide Net sales of $4,267 million in second quarter 2012, an increase of 2.0% versus second quarter 2011. Global unit volume grew 5.0%, pricing increased 3.5% and foreign exchange was negative 6.5%. Excluding divested businesses, global unit volume grew 5.5%. The Sanex acquisition contributed 1.0% to sales and volume growth. Organic sales (Net sales excluding foreign exchange, acquisitions and divestments) grew 8.0%. Net income and Diluted earnings per share in second quarter 2012 were $627 million and $1.30, respectively. Net income in the quarter included $14 million of aftertax charges ($0.03 per diluted share) resulting from the implementation of the previously disclosed business realignment and other cost-saving initiatives ("business realignment initiatives") and costs associated with the sale of land in Mexico. Net income and Diluted earnings per share in second quarter 2011 were $622 million and $1.26, respectively. Excluding the above noted items, Net income in second quarter 2012 was $641 million, an increase of 3% versus second quarter 2011, and Diluted earnings per share in second quarter 2012 was $1.33, an increase of 6% versus second quarter 2011. Gross profit margin was 57.7% in second quarter 2012, an increase of 30 basis points versus the year ago quarter. Excluding the above noted items, gross profit margin was 57.9% in second quarter 2012, an increase of 50 basis points versus the year ago quarter, as higher pricing and cost savings from the Company's funding-the-growth initiatives more than offset the impact of increases in raw and packaging material costs and negative foreign exchange transaction costs. -
Annual Reports 2017
Investing For Global Growth Winning With Focus Colgate-Palmolive Company n 2017 Annual Report 30693 CPAR17_FINAL_021518 cc18.indd 1 3/15/18 1:19 PM Financial Highlights (Dollars in Millions Except Per Share Amounts) 2017 2016 Change Worldwide Net Sales $15,454 $ 15,195 +1.5% Organic Sales Growth +1.0% Gross Profit Margin 60.0% 60.0% – Operating Profit $ 3,589 $ 3,837 -6% Operating Profit Margin 23.2% 25.3% -210 basis points Net Income Attributable to Colgate-Palmolive Company (1) $ 2,024 $ 2,441 -17% Diluted Earnings Per Share (1) $ 2.28 $ 2.72 -16% Dividends Paid Per Share $ 1.59 $ 1.55 +3% Operating Cash Flow $ 3,054 $ 3,141 -3% Year-end Stock Price $ 75.45 $ 65.44 +15% 20% North America 25% Latin America (1) Net income attributable to Colgate-Palmolive Company and diluted earnings per share in 2017 include charges related to the16% Global Europe Growth and Efficiency Program and a provisional charge related to U.S. tax reform. Net income attributable to Colgate-Palmolive Company and diluted earnings per share in 2016 18% Asia Pacific include a gain from the sale of land in Mexico, charges related to the Global Growth and Efficiency Program and certain other items. 6% Africa/Eurasia 15% Hill’s Pet Nutrition 2017 NET SALES BY GEOGRAPHIC REGION 2017 NET SALES BY MARKET MATURITY 20% North America 25% Latin America 16% Europe 50% Developed Markets 18% Asia Pacific 50% Emerging Markets 6% Africa/Eurasia 15% Hill’s Pet Nutrition (1) (2) NET SALES GROSS PROFIT MARGIN DILUTED EARNINGS DIVIDENDS PAID ($ billions) (% of sales) ($ per share) ($ per share) (1) (1) 60.5 17.4 17.3 60.3 1.59 50% Developed Markets (2) 1.55 (2) 2.93 (2) 2.84 (2) (2) 2.87 1.50 60.0 60.0 2.81 2.81 50% Emerging Markets 1.42 16.0 (1) 58.8 58.7(1) 58.7(1) 2.72 1.33 15.5 15.2 58.6 58.5 58.6 2.38 2.36 2.28 1.52 ’17’16’15’14’13 ’15 ’17’16’15’14’13 ’15’14’13 ’17’16 ’13 ’17’16’15’14 (1) 2013-2017 exclude charges related to the Global Growth and Efficiency Program. -
Focused Strategies Driving Global Growth
Colgate-Palmolive Company 2009 Annual Report 300 Park Avenue New York, NY 10022-7499 300 Park Avenue New York, NY 10022-7499 300 Park Avenue New York, NY 10022-7499 Focused Strategies Driving Global Growth Colgate-Palmolive Company 2009 Annual Report AcmeCovers.indd 2 3/9/10 8:52 AM Shareholder Information Focused Strategies Driving Global Growth Corporate Offices our transfer agent. The Plan includes divi- Colgate also offers earnings information, u Colgate-Palmolive Company dend reinvestment options, offers optional dividend news and other corporate an- Succeeding With Consumers, The Profession And Our Customers 300 Park Avenue cash investments by check or automatic nouncements toll-free at 1-800-850-2654. u Innovating Everywhere New York, NY 10022-7499 monthly payments, as well as many other The information can be read to the caller (212) 310-2000 features. If you would like to learn more and can also be received by mail or fax. u Effectiveness And Efficiency In Everything about the Plan or to enroll, please visit Stock Exchanges the web site indicated above or contact Investor Relations/Reports u Strengthening Leadership Worldwide The common stock of Colgate-Palmolive our transfer agent, at 1-800-756-8700 to Copies of annual reports, press releases, Company is listed and traded on The New request a Plan brochure and the forms company brochures, Forms 10-K and York Stock Exchange under needed to start the process. other filings and publications are available the symbol CL and on without charge from the Investor Relations other world exchanges in- Annual Meeting Department: cluding Frankfurt, London, Colgate shareholders are invited to attend n by mail, directed to the corporate address Zurich and Euronext. -
Creating Smiles for 200 Years Strengthening Growth Worldwide
300 Park Avenue New York, NY 10022-7499 Creating Smiles Creating Smiles For 200 Years The gatefold For 200 Years includes highlights from our 200-year history, Strengthening illustrated with objects and photographs from Growth Worldwide our corporate archives. Today, Colgate’s sales Colgate-Palmolive Company / 2006 Annual Report Colgate-Palmolive Company 2006 Annual Report surpass $12 billion and our products are sold in over 200 countries and territories. Colgate people, focused on Our Global Values— Caring, Continuous Improvement and Global Teamwork— and Managing With Respect principles, drive our success today as they have for 200 years. Contents 3 Dear Colgate Shareholder 14 Effi ciency in Everything 54 Colgate’s Corporate 6 Absolute Focus on Consumers 16 Caring for Our Communities Governance Commitment 8 Absolute Focus on The Profession 18 Global Financial Review 55 Your Board of Directors 10 Absolute Focus on Our Customers 52 Eleven-Year Financial Summary 56 Your Management Team 12 Innovating Everywhere 52 Glossary of Terms 57 Shareholder Information WorldReginfo - 818ec29e-5bfe-4ec6-8d48-d58146361ffa CCoversAcme.inddoversAcme.indd OOCVRSCVRS 33/16/07/16/07 55:53:34:53:34 PPMM 300 Park Avenue New York, NY 10022-7499 Creating Smiles Creating Smiles For 200 Years The gatefold For 200 Years includes highlights from our 200-year history, Strengthening illustrated with objects and photographs from Growth Worldwide our corporate archives. Today, Colgate’s sales Colgate-Palmolive Company / 2006 Annual Report Colgate-Palmolive Company 2006 Annual Report surpass $12 billion and our products are sold in over 200 countries and territories. Colgate people, focused on Our Global Values— Caring, Continuous Improvement and Global Teamwork— and Managing With Respect principles, drive our success today as they have for 200 years. -
Total and Free Available Fluoride in Toothpastes in Brunei, Cambodia, Laos, the Netherlands and Surinam
UvA-DARE (Digital Academic Repository) The neglect of global oral health: symptoms and solutions Benzian, H. Publication date 2014 Link to publication Citation for published version (APA): Benzian, H. (2014). The neglect of global oral health: symptoms and solutions. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. UvA-DARE is a service provided by the library of the University of Amsterdam (https://dare.uva.nl) Download date:27 Sep 2021 CHAPTER 6 Total and free available fluoride in toothpastes in Brunei, Cambodia, Laos, the Netherlands and Surinam Benzian H, Holmgren C, Buijs M, van Loveren C, van der Weijden F, van Palenstein Helderman W. Total and free available fluoride in toothpastes in Brunei, Cambodia, Laos, the Netherlands and Surinam. Int Dent J. 2012; 62; 213-221. 101 6 102 Abstract Aim: This study assessed the total and free fluoride concentration in samples of toothpaste from Brunei, Cambodia, Laos, the Netherlands and Surinam, and to investigate the labelling practices of the respective manufacturers. -
Annual Report 2008
Building On Global Strength Colgate-Palmolive Company 2008 Annual Report CPAR08_AcmeCoversForWWW_PDF-Final.indd 1 3/13/09 11:27:17 AM Building On Global Strength Succeeding With Consumers, The Profession And Our Customers Innovating Everywhere Effectiveness And Efficiency In Everything Strengthening Leadership Worldwide About Colgate-Palmolive Company Contents Colgate-Palmolive is a $15.3 billion global company serving 2 Financial Highlights 4 Dear Colgate Shareholder people in more than 200 countries and territories with consumer 8 Succeeding With Consumers products that make lives healthier and more enjoyable. The 10 Succeeding With The Profession Company focuses on strong global brands in its core businesses — 12 Succeeding With Our Customers Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate 14 Innovating Everywhere 16 Effectiveness And Efficiency In Everything is delivering strong global growth by following a tightly defined 18 Strengthening Leadership Worldwide strategy to increase market leadership positions for key products, 20 Colgate’s Corporate Governance Commitment such as toothpaste, toothbrushes, bar and liquid soaps, deodor- 21 Your Board Of Directors 22 Your Management Team ants/antiperspirants, dishwashing detergents, household cleaners, 23 Non-GAAP Reconciliation Of Financial Measures fabric conditioners and specialty pet food. 24 Global Financial Review/Form 10-K IBC Shareholder Information Cover: Photo taken in San Miguel de Allende, Mexico. CPAR08_AcmeCoversForWWW_PDF-Final.indd 3 3/13/09 11:27:32 AM Poland -
Printmgr File
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 or ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 1-644 (Exact name of registrant as specified in its charter) DELAWARE 13-1815595 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 300 Park Avenue, New York, New York 10022 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code 212-310-2000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $1.00 par value New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes X No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No X Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -
2019 Annual Report Annual Report
Colgate-Palmolive ACCELERATING GROWTH Colgate-Palmolive Company n 2019 Annual Report Company 2019 Annual Report 300 Park Park Avenue Avenue New New York, York, NY NY10022-7499 10022-7499 Colgate-Palmolive is a leading global consumer products company, focused on Oral Care, Personal Care, Home Care and Pet Nutrition. With more than 34,000 people and its products sold in over 200 countries and territories, Colgate is known for household names such as Colgate, Palmolive, elmex, meridol, Tom’s of Maine, Hello, Sorriso, Speed Stick, Lady Speed Stick, Softsoap, Irish Spring, Protex, Sanex, Filorga, EltaMD, PCA Skin, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. The Company is also recognized for its leadership and innovation in promoting environmental sustainability and community wellbeing, including its achievements in saving water, reducing waste, promoting recyclability and improving the oral health of children through its Bright Smiles, Bright Futures program, which has reached more than one billion children since 1991. For more information about Colgate’s global business and how the Company is building a future to smile about, visit http://www.colgatepalmolive.com. 38084.COVER.CC2020.indd 1 2/20/203/16/20 3:518:55 PMAM 2019 AT A GLANCE SHAREHOLDER INFORMATION Corporate Office Independent Registered Reports and Policies Net Sales By Colgate-Palmolive Company Public Accounting Firm Annual reports, press releases, NetGeographic Sales By Region 300 Park Avenue PricewaterhouseCoopers LLP company brochures, SEC filings and Geographic Region New York, NY 10022-7499 other publications are available on our 22% North America #1 $15.7B (212) 310-2000 Communications to the website at www.colgatepalmolive.com. -
Another Year of Strong Performance
Another Year Of Strong Performance (Dollars in Millions Except Per Share Amounts) 2008* 2007† Change Unit Volume, Excluding Divested Businesses +4.0% Worldwide Sales $ 15,329.9 $ 13,789.7 +11.0% Gross Profi t Margin 56.3% 56.2% +10 basis points Operating Profi t $ 3,020.7 $ 2,653.1 +14% Operating Profi t Margin 19.7% 19.2% +50 basis points Net Income $ 1,957.2 $ 1,737.4 +13% Net Income Percent to Sales 12.8% 12.6% +20 basis points Diluted Earnings Per Share $ 3.66 $ 3.20 +14% Dividends Paid Per Share $ 1.56 $ 1.40 +11% Operating Cash Flow $ 2,238.3 $ 2,203.7 +2% Number of Registered Common Shareholders 31,400 32,200 -2% Number of Common Shares Outstanding (in millions) 501 509 -2% Year-end Stock Price $ 68.54 $ 77.96 -12% Highlights X Worldwide sales rose 11.0% to an all-time record level. X Every operating division contributed to the strong 4.0% unit volume growth. X Operating profi t, net income and diluted earnings per share all increased at a double-digit rate for the year. X Global advertising grew 7% to an all-time record level of $1,649.5 million, on top of double-digit growth in the prior year. X Operating cash fl ow reached an all-time record level of $2,238.3 million. X The quarterly dividend rate increased by 11% in 2008. * Net income and diluted earnings per share in 2008 include an aftertax charge of $112.4 million ($0.21 per share) related to the 2004 Restructuring Program. -
Dear Colgate Shareholder
Dear Colgate Shareholder... Another Year Of Strong Performance In 2009 We are delighted that our strong performance continued in 2009 despite difficult economic conditions worldwide. In a year marked by volatile financial and currency markets and slow economic growth, Colgate’s operating profit, net income and diluted earnings per share all increased at a double-digit rate and were at record high levels. Global sales as reported were $15,327 million, level with the year ago period, while organic sales (excluding foreign exchange, acquisitions and divestments) grew a strong 6.5%. Gross profit margin increased 210 basis points to a record 58.8%, excluding restructuring charges, primarily reflecting the benefits of increased pricing and cost-savings programs.* Consistent with Colgate’s strategy to spend prudently during challenging economic times, advertising spend- Ian Cook ing behind the Company’s brands declined 7% year over Chairman, President and Chief Executive Officer year but increased as the year progressed and is expected to increase further in 2010. During 2009, the Company also benefited from lower media rates in most areas of the professionals in oral care and veterinary professionals in pet world, allowing for a higher number of consumer impres- care, and with our retail customers; driving innovation in sions versus the prior year at a lower cost. new products and throughout all our business processes; Our strong balance sheet and cash flow continued. increasing effectiveness and efficiency everywhere; and Working capital improved by 290 basis points, from 2.5% to strengthening our leadership worldwide. sales in 2008 to -0.4% to sales in 2009, and operating cash flow increased by 42% to a record $3,277 million for the Succeeding With Powerful Go-To-Market Strategies year. -
Investing Strategically for Profitable Growth
Colgate-Palmolive Company 2004 Annual Report Investing Strategically For Profitable Growth Strengthening Global Brands Accelerating Innovation Driving Greater Efficiency Developing Colgate People Strong Top-Line Growth Worldwide (Dollars in Millions Except Per Share Amounts) 2004* 2003 Change About Colgate Unit Volume, Excluding Divested Businesses +6.5% Colgate-Palmolive is a $10.6 billion global Worldwide Sales $10,584.2 $9,903.4 +7.0% company serving people in more than Gross Profit Margin 55.1% 55.0% +10 basis points 200 countries and territories with con- Operating Profit $ 2,122.1 $2,166.0 –2% sumer products that make lives healthier Operating Profit Margin 20.0% 21.9% –190 basis points and more enjoyable. The Company Net Income $ 1,327.1 $1,421.3 –7% focuses on strong global brands in its Percent to Sales 12.5% 14.4% –190 basis points core businesses — Oral Care, Personal Diluted Earnings Per Share $ 2.33 $ 2.46 –5% Care, Home Care and Pet Nutrition. Dividends Paid Per Share $ .96 $ .90 +7% Colgate is delivering strong global growth Operating Cash Flow $ 1,754.3 $1,767.7 –1% by following a tightly defined strategy to Percent to Sales 16.6% 17.8% –120 basis points increase market leadership positions for Number of Registered Common key products, such as toothpaste, tooth- Shareholders 36,500 37,700 –3% brushes, bar and liquid soaps, deodor- Number of Common Shares Outstanding ants/antiperspirants, dishwashing deter- (in millions) 527 534 –1% gents, household cleaners, fabric condi- Year-end Stock Price $ 51.16 $ 50.05 +2% tioners and specialty pet food.