Colgate-Palmolive (WKN: 850667) eine der konstantesten Wachstumssaktien (Seite 20)

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Colgate-Palmolive: Rising Profits, Cheap Valuation


Colgate-Palmolive (CL) is our stock pick of the week, as well as the newest addition to the "Most Attrac­tive Stocks" list in our November newsletter.

Like all of our Most Attrac­tive Stocks, the com­pany has (1) high and ris­ing eco­nomic prof­its (as dis­tinct from account­ing prof­its) and (2) a cheap val­u­a­tion. As shown in our free report on CL, the company’s return on invested capital ((ROIC)) (21.2%) is in the top quin­tile of all the com­pa­nies we cover and its eco­nomic earn­ings are grow­ing. This increase in profits comes while revenues declined during the last fiscal year.

Most people may not have noticed the strong increase in net operating profit after tax (NOPAT) because it comes primarily from removing about $250 million in non-operating expenses (after-tax), which cause reported earnings to be understated. Note that the net non-operating expenses are not readily discernable on the company’s income statement. We had to dig through the Financial Footnotes and the Management’s Discussion and Analysis to get them.

At the same time, the stock’s val­u­a­tion implies that CL’s prof­its will decline by 7% and never grow again. In other words, the stock mar­ket is pre­dict­ing a per­ma­nent decline of more than 7% in CL’s prof­its. Given that most investors are not aware that the company’s operating profits are as strong as they are, the market is probably not giving CL appropriate credit for its profitability.

In summary, the mar­ket is set­ting the profit growth bar quite low for this stock.

HIDDEN GEMS:

1. About $250 million in non-operating expenses (after-tax) cause reported earnings to be understated
2. Our dis­counted cash flow analy­sis shows that CL’s cur­rent val­u­a­tion (stock price of $77.52) implies that the company’s prof­its will decline by 7% and never grow again.
3. The com­pany grew its eco­nomic earn­ings by $229mm (14% increase) dur­ing its last fis­cal year.

For details on what causes the dif­fer­ence between eco­nomic ver­sus account­ing prof­its, see Appen­dix 3 on page 10 of our report on CL. See Appen­dix 4 to learn how CL increased net operating profit after tax (NOPAT) by cut­ting costs and increased its NOPAT mar­gin from 15.1% to 16.7%. See Appen­dix 5 for details on how CL grew invested cap­i­tal while revenue dropped and lowered invested cap­i­tal turns from 1.32x to 1.27x. Appen­dix 7 (in the ROIC sec­tion) shows how the com­pany’s increase in NOPAT mar­gin outweighed the decrease in invested cap­i­tal turns to result in an increase in ROIC (from 20.1%% to 21.2%) and eco­nomic earnings, which rose by $229mm.

In summary, CL is a very attractive stock because its economic earnings are strong and growing while its valuation implies economic earnings will decline permanently by 7%.

CL fits our Risk/Reward pro­file of a great stock to buy.

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28.10.2010 13:05
Colgate Announces Strong 3rd Quarter Earnings


Gross, Operating and Net Profit Margins All Up

Colgate-Palmolive Company (NYSE:CL) today announced record operating profit, net income and diluted earnings per share for the third quarter 2010.

Worldwide sales were $3,943 million, down 1.5% versus third quarter 2009. Global volume grew 3.0%, pricing was flat with the year ago quarter and foreign exchange was negative 4.5%. Organic sales (excluding foreign exchange, acquisitions and divestments) grew 3.0%. Net income increased 5% in third quarter 2010 to $619 million and diluted earnings per share increased 8% to $1.21. Net income and diluted earnings per share in third quarter 2009 were $590 million and $1.12, respectively.

Gross profit margin was 59.4%, up 20 basis points versus the year ago quarter's record level, primarily reflecting benefits from cost-savings initiatives, partially offset by the impact of negative foreign exchange and increased promotional investments.

Selling, general and administrative expenses increased by 20 basis points to 35.3% of net sales in third quarter 2010 from 35.1% in third quarter 2009. Worldwide advertising spending increased to $432 million, up 1% versus the year ago quarter. Advertising as a percent to sales increased 30 basis points to 11.0% from 10.7% in third quarter 2009.

Operating profit increased 3% to $958 million in third quarter 2010 compared to $926 million in third quarter 2009, increasing to 24.3% from 23.2% as a percent to sales.

Net cash provided by operations year to date decreased by 6% to $2,243 million versus a very strong 34% increase in the comparable 2009 period. Working capital as a percentage of sales increased 100 basis points to 1.7%. Free cash flow before dividends remains very strong, once again exceeding 100% of net income.

Ian Cook, Chairman, President and Chief Executive Officer commented, "Overall, we are very pleased with our solid results this quarter, despite aggressive competitive activity and difficult economic conditions around the world.

"Colgate's global market shares in toothpaste and manual toothbrushes are both at record highs year to date. Colgate's share of the global toothpaste market strengthened to 44.2% year to date, led by share gains in Brazil, China, India, Venezuela, France, Greece and the United Kingdom. Colgate also strengthened its global leadership in manual toothbrushes, with its global market share in that category reaching 31.5% year to date, up 1.6 share points versus year ago.

"Our sharp focus on cost-savings initiatives, on all lines of the P&L, continues to pay off. Even after higher levels of commercial investment worldwide, operating profit and net income both increased during the quarter, both absolutely and as a percent to sales. We expect this progress to continue, which bodes well for gross profit margin to be up nicely for the year."

Mr. Cook commented on the Company's outlook excluding the previously announced first quarter 2010 one-time charge related to the transition to hyperinflationary accounting in Venezuela, "Looking ahead, we remain optimistic that 2010 will be another year of double-digit earnings per share growth, consistent with our long-term goal. As we turn to 2011, while our global budget process is still in its initial stages, we are planning to strengthen our volume and market share, driven by many new and existing Colgate products supported by increased advertising, and consequently we anticipate mid-single digit earnings per share growth for the year."

At 11:00 a.m. ET today, Colgate will host a conference call to elaborate on third quarter results. To access this call as a webcast, please go to Colgate's web site at http://www.colgate.com.

The following are comments about divisional performance. See attached Geographic Sales Analysis and Segment Information schedules for additional information on divisional sales and operating profit.

North America (19% of Company Sales)

North America sales grew 2.0% in the third quarter. Volume increased 3.0% with 1.5% lower pricing and 0.5% positive foreign exchange. Organic sales grew 1.5% during the quarter. North America operating profit increased 3% during the quarter driven by higher sales and cost-savings initiatives, partially offset by increased promotional investments and higher material costs.

In the U.S., new product launches across all price points are contributing to growth in oral care including Colgate Triple Action, Colgate Sensitive MultiProtection and Colgate Max White with Mini Bright Strips toothpastes. Colgate's share of the manual toothbrush market reached a record 33.5% year to date, up 1.8 share points versus year ago, including Colgate Wisp mini-brush whose market share is at 5.0% year to date. Colgate 360° ActiFlex, Colgate Max White and Colgate Extra Clean manual toothbrushes contributed to the share gains.

A major relaunch of Colgate Total toothpaste is just getting under way in the U.S., with upgraded packaging that includes improved graphics and a newly designed stand-up cap. The relaunch will be heavily supported with a new integrated marketing campaign and new communications to dental professionals, both focused on highlighting the clinically proven, 12-hour antibacterial protection of Colgate Total toothpaste.

Successful new products contributing to growth in the U.S. in other categories include Softsoap Sea Minerals liquid hand soap, Speed Stick and Lady Speed Stick Stainguard antiperspirants and Ajax Lime with Bleach Alternative dish liquid.

Latin America (27% of Company Sales)

Latin America sales declined 6% during the quarter with volume increasing 1.0%. Volume gains achieved in nearly every country led by Mexico, Brazil, Argentina and Central America more than offset a volume decline in Venezuela. Higher pricing added 5.0% and foreign exchange was negative 12.0%. Organic sales for Latin America grew 6.0% during the quarter. Latin America operating profit decreased 4% during the quarter, due to increased advertising and promotional investments and the impact of foreign exchange, especially in Venezuela.

Colgate's strong leadership in oral care throughout Latin America continues, driven by market share gains in nearly every country. In Brazil, for example, Colgate's toothpaste market share reached 70.6% year to date, up 50 basis points versus year ago. Strong sales of Colgate Sensitive Pro-Alivio and Colgate Total toothpastes drove share gains throughout the region. Colgate's leadership of the manual toothbrush market in the region also continues, driven by strong sales of Colgate 360° ActiFlex, Colgate Twister and Colgate 360° Sensitive Pro-Alivio manual toothbrushes. In mouthwash, market share gains were driven by Colgate Plax Sensitive, Colgate Plax Whitening Tartar Control and Colgate Plax Magic mouthwashes.

Products in other categories contributing to market share gains included Palmolive Naturals Yogurt and Almond Oil and Palmolive Naturals Perfect Tone bar soaps, Lady Speed Stick and Speed Stick Waterproof deodorants, and Suavitel GoodBye Ironing fabric conditioner.

Europe/South Pacific (21% of Company Sales)

Europe/South Pacific sales decreased 8.5% during the quarter. Volume increased 0.5%, pricing decreased 3.5% and foreign exchange was negative 5.5%. Volume gains in the GABA business, the United Kingdom and Australia were partially offset by volume declines in France and Greece. Organic sales for Europe/South Pacific declined 3.0%. Operating profit for the region decreased 10% during the quarter primarily due to the negative impact of foreign exchange, increased promotional investments and higher material costs, partially offset by the benefits from cost-savings initiatives.

Colgate strengthened its oral care leadership in the Europe/South Pacific region with toothpaste share gains in France, Italy, Portugal, Greece, the United Kingdom, Spain, Ireland, Czech Republic, Norway, Sweden, Poland and Austria. Successful premium products driving share gains include Colgate Sensitive Pro-Relief, Colgate Sensitive Pro-Relief Whitening and Colgate Max White One toothpastes. In the manual toothbrush category, Colgate 360° ActiFlex and Colgate Total Professional toothbrushes contributed to share gains in key countries throughout the region.

Recent premium innovations contributing to growth in other product categories include Colgate Plax Ice mouth rinse, Palmolive Nutra-Fruit shower crème and the Natura Verde line of home care products made with ingredients of natural origin and biodegradable formulas in recyclable bottles.

Greater Asia/Africa (20% of Company Sales)

Greater Asia/Africa sales and volume both increased 12.0% during the quarter. Volume gains were led by India, the Greater China region, Philippines, Russia and South Africa. Pricing decreased 2.0% and foreign exchange was positive 2.0%. Organic sales for Greater Asia/Africa increased 10.0%. Operating profit for the region increased 21% during the quarter as higher sales and cost-savings initiatives more than offset higher material costs and increased advertising.

Colgate strengthened its toothpaste leadership in Greater Asia with market share gains in key countries throughout the region including India, China, Philippines, Thailand, Malaysia, Taiwan and Ukraine. In India, for example, Colgate's toothpaste market share reached 51.1% year to date, up 140 basis points versus year ago. Successful new products driving the share gains throughout the region include Colgate Sensitive Pro-Relief, Colgate Sensitive Pro-Relief Whitening, Colgate Total Professional Sensitive and Colgate 360° Whole Mouth Clean toothpastes.

Successful products contributing to growth in other categories in the region include Colgate 360° ActiFlex, Colgate Massager and Colgate Zig Zag manual toothbrushes, Colgate Plax Complete Care mouthwash, and Palmolive Naturals Papaya and Palmolive Nutra-Fruit shower gels.

Hill's (13% of Company Sales)

Hill's sales declined 2.0% during the quarter. Volume decreased 0.5%, pricing decreased 1.0% and foreign exchange was negative 0.5%. Volume declined in the U.S. and Japan, while volume gains were achieved in Russia and Taiwan. Hill's organic sales declined 1.5% during the quarter. Operating profit increased 1% during the quarter as lower sales and higher material costs were more than offset by benefits from cost-savings initiatives and lower advertising.

Recent new product introductions succeeding in the U.S. include Science Diet Small and Toy Breed Canine, Science Diet Healthy Mobility Canine and Prescription Diet j/d Feline.

New pet food products contributing to international sales include Science Diet Small and Toy Breed Canine and Science Plan VetEssentials Canine and Feline, a range of veterinary exclusive products addressing the top five essential health needs of pets.

* * *

About Colgate-Palmolive: Colgate-Palmolive is a leading global consumer products company, tightly focused on Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate sells its products in over 200 countries and territories around the world under such internationally recognized brand names as Colgate, Palmolive, Mennen, Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Elmex, Tom's of Maine, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill's Science Diet and Hill's Prescription Diet. For more information about Colgate's global business, visit the Company's web site at http://www.colgate.com.

Substantially all market share data included in this press release is compiled from data as measured by ACNielsen.

Cautionary Statement on Forward-Looking Statements

This press release and the related webcast (other than historical information) may contain forward-looking statements. Such statements may relate, for example, to sales or volume growth, organic sales growth, profit and profit margin growth, earnings growth, financial goals, the impact of the currency devaluation or exchange controls in Venezuela, cost-reduction plans, tax rates and new product introductions. These statements are made on the basis of our views and assumptions as of this time and we undertake no obligation to update these statements. We caution investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. Investors should consult the Company's filings with the Securities and Exchange Commission (including the information set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2009) for information about certain factors that could cause such differences. Copies of these filings may be obtained upon request from the Company's Investor Relations Department or the Company's web site at http://www.colgate.com.

Non-GAAP Financial Measures

The following provides information regarding the non-GAAP measures used in this earnings release and/or the related webcast:

To supplement Colgate's condensed consolidated income statements presented in accordance with accounting principles generally accepted in the United States of America (GAAP), the Company has disclosed non-GAAP measures of operating results that exclude certain items. Operating profit, operating profit margin, net income and earnings per share are discussed both as reported (on a GAAP basis) and excluding the impact of the one-time charge related to the transition to hyperinflationary accounting in Venezuela as of January 1, 2010. Management believes these non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. See "Table 3 - Non-GAAP Reconciliation" for the nine months ended September 30, 2010 and 2009 included with this release for a reconciliation of these financial measures to the related GAAP measures.

This release discusses organic sales growth (excludes the impact of foreign exchange, acquisitions and divestments). Management believes this measure provides investors with useful supplemental information regarding the Company's underlying sales trends by presenting sales growth excluding the external factor of foreign exchange as well as the impact from acquisitions and divestments. See "Geographic Sales Analysis, Percentage Changes - Third Quarter 2010 vs. 2009" for a comparison of organic sales growth to sales growth in accordance with GAAP.

The Company uses these financial measures internally in its budgeting process and as factors in determining compensation. While the Company believes that these financial measures are useful in evaluating the Company's business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies.

The Company defines free cash flow before dividends as net cash provided by operations less capital expenditures. As management uses this measure to evaluate the Company's ability to satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities, the Company believes that it provides useful information to investors. Free cash flow before dividends is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. Free cash flow before dividends is not a GAAP measurement and may not be comparable to similarly titled measures reported by other companies. See "Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2010 and 2009" for a comparison of free cash flow before dividends to net cash provided by operations as reported in accordance with GAAP.

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P&G Stepping Up Threat to Colgate: Analyst


NEW YORK (TheStreet) -- Increased competition from Procter & Gamble(PG) could translate to bad news for Colgate-Palmolive(CL).

That's the view of Barclays, which lowered its rating on shares of Colgate to underweight from equalweight on Tuesday, saying it believes as much as half of the company's current sales base is facing "material headwinds," from rival P&G. New York-based Colgate, whose products range from toothpaste to pet food, reported annual sales of $15.32 billion for fiscal 2009, and Wall Street is expecting sales of $15.72 billion in the current fiscal year.

"With what we know today, we estimate that P&G has intentionally upped the ante in markets/categories that account for roughly 15% of Colgate's sales, not to mention the ~ 12% of sales we'd say were already day to day market share battles," the firm told clients. "If we layer in some of Colgate's self-imposed challenges in its Hill's Pet Nutrition business and other potential hotspots still to come, we estimate that competitive challenges could encompass nearly 50% of its sales base."

The stock closed down 2% at $74.92 with volume of 7.6 million well more than double the issue's usual turnover. Year-to-date, the shares have lost 7%; although they've bounced slightly since scraping a 52-week low of $73.12 on Aug. 27. As recently as late July, Colgate shares were making a run at $85, but they dove in the wake of the company's second-quarter report, and haven't closed above $80 since then. At current levels, the stock is sitting below both its 50-day and 200-day moving averages of $76.19 and $80.27 respectively.

Barclays sees further deterioration in the share price from here, and subsequently cut its 12-month price target to $68 from $90, a level that it said implies an 11% discount for Colgate's stock to its peer group based on a forward earnings estimates.

"We believe Colgate's earnings growth is set to slow in the face of mounting competition, taking it from being a stand-out defensive story in Consumer Staples to one that is fighting an uphill battle," the firm said. "We think the implication for valuation will be a re-rating of the stock, similar to that in late 2004 when the company last experienced difficulties."

Among the new areas where Barclays sees P&G going after most aggressively are oral care products in emerging markets, such as the Benelux, Brazil, Mexico and Central and Eastern European regions, and dish care products in North America.

"As the company [P&G] sets the stage for its next decade of growth by 'reaching more of the world's low income consumers,' it is broadening out the range of countries, categories and pricing tiers where it competes and is no longer viewing traditional strongholds of Unilever(UN) and Colgate as off limits," the firm said, adding that it looks like P&G is pushing to make itself one of the top two players in the world's largest oral care markets over the long-term.

As part of its call, Barclays shaved a penny off its earnings estimate of fiscal 2010, and cut its view for fiscal 2011 to a profit of $5.02 a share from $5.15 a share. Colgate is slated to report its fiscal third-quarter results on Oct. 28, and Wall Street is looking for earnings of $1.19 a share on revenue of $4.02 billion in the September period.

Most of Wall Street shares some of the skepticism evinced by Barclays about Colgate as 17 of the 23 analysts covering the stock rate it at hold (16) or underperform (1).

The view of P&G is brighter with 16 of the 24 analysts assessing its shares at either strong buy (10) or buy (6). P&G's stock closed Tuesday at $60.82, up 1.4%, but it's still down around 1% so far in 2010. At current levels, Colgate's stock trades at 14.4 times the consensus earnings view for fiscal 2011, while P&G looks slightly cheaper with a multiple of 14.1 on the same basis.

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Colgate-Palmolive Dividend Stock Analysis: A Great Company at a Mediocre Price


Summary

* Colgate-Palmolive (CL) is a stable, growing company with impressive international sales in a highly competitive but recession-resistant industry. It has an excellent market share of oral and personal care, as well as pet nutrition.
* Five year annualized company revenue growth: 7%
* Five year annualized company earnings growth: 11%
* Dividend yield: 2.70%
* Five year annualized dividend growth rate: 13%.
* The balance sheet is leveraged, but reasonable, with a total debt/equity ratio of 1.37.
* The P/E is a bit high at over 18. I’d find this stock attractive in the lower $70s range.

Overview

Colgate was founded in 1806 in New York as a soap and candle company. Colgate-Palmolive is now a multinational corporation selling oral hygiene products, soaps, and pet nutrition products. The company currently has a market capitalization of over $37 billion and over 38,000 employees.

Products include Colgate toothpastes and toothbrushes, Palmolive soap, Softsoap, Speed Stick, Irish Spring, and Science Diet, in addition to many more.
Business Segments and Divisions

Colgate-Palmolive consists of two business segments: Oral, Personal, and Home Care, and Pet Nutrition. The company can be understood as consisting of five business divisions, since the Oral, Personal, and Home Care segment is broken down into four geographic regions.

North America
The North American division represents 19% of total company sales. Sales of this segment grew 3.5% for 2009 compared to 2008. Colgate holds over 36% of the toothpaste market share and over 32% of the manual toothbrush market share.

Latin America
The Latin America division represents 28% of sales. Sales of this segment grew by 5.5% for 2009 compared to 2008. Colgate reported very strong sales for their premium-priced oral care products in this segment.

Europe/South Pacific
The Europe/South Pacific division represents 22% of sales. Sales of this segment decreased by 8% for 2009 compared to 2008, but unit volume was static.

Greater Asia/Africa
The Asia/Africa division represents 17% of sales. Sales of this segment remained static between 2008 and 2009. Oral products make up over two-thirds of this division’s sales.

Hills Pet Nutrition
The Hills Pet Nutrition segment represents 14% of sales. Products include Science Diet pet food and Prescription Diet specialty nutrition products. Sales decreased by 0.5% for 2009, but volume was down 7.5% from 2008. The company reports that this was because it raised prices to offset commodity costs.

Breaking the numbers down another way, Oral Care sales represent 41% of total Colgate worldwide sales, Personal Care sales represent 22% of the total, Home Care sales represent 23% of the total, and Pet Nutrition makes up 14% of the total.
Revenue, Earnings, Cash Flow, and Margin

The company has an impressive and consistent growth record.
Revenue Growth
Year Revenue
2009 $15.327 billion
2008 $15.330 billion
2007 $13.790 billion
2006 $12.238 billion
2005 $11.397 billion
2004 $10.584 billion

Annualized revenue growth over this five year period has been over 7%, which is great. The lack of growth between 2008 and 2009 looks concerning, but the annual report states that organic growth was actually 6.5% when adjusted for acquisitions, divestitures, and foreign exchange rates.
Earnings Growth
Year Earnings
2009 $2.291 billion
2008 $1.975 billion
2007 $1.737 billion
2006 $1.353 billion
2005 $1.351 billion
2004 $1.327 billion

CL has impressively grown earnings by nearly 11% per year on average during this period. EPS has grown a bit faster than company-wide earnings due to share repurchases.
Operating Cash Flow Growth
Year Cash Flow
2009 $3.277 billion
2008 $2.302 billion
2007 $2.252 billion
2006 $1.864 billion
2005 $1.836 billion

The big jump of operating cash flow for 2009 looks like it will be balanced out by decreased cash flow for 2010. It seems to mostly be a timing issue, with large increases of payables and decreases of inventory in 2009, and the opposite for the first two quarters of 2010. The healthy and growing cash flow over this period is promising.
Metrics

CL has a net profit margin of 14%, which puts it on par with Procter and Gamble (PG) and ahead of Clorox (CLX) and Church & Dwight (CHD).

Return on Equity is a massive 95%, but the debt has a large part to play in this number. Return on Investments is 34%. The company seems to be using its value quite effectively.
Dividends

Colgate-Palmolive currently yields over 2.70% with high dividend growth, and has increased dividends for the past 47 consecutive years. They have paid uninterrupted dividends to shareholders since 1895. The payout ratio is currently a moderate 44%.
Dividend Growth
Year Dividend Yield
2010* $2.03 2.60%
2009 $1.72 2.40%
2008 $1.56 2.20%
2007 $1.40 2.00%
2006 $1.25 2.10%
2005 $1.11 2.20%

Over this five year period, CL has grown its dividend by nearly 13%. The most recent increase, from $0.44 to $0.53 per quarter, was a huge 20% increase.

*Expected based on the current payment pattern.
Balance Sheet

Colgate-Palmolive’s balance sheet is reasonable, but not as impressive as I would like, with a total debt to equity ratio of 1.37. The debt is very safe with a high interest coverage and the recession-resistant nature of the business, and if growth continues at or near the current pace, then the leverage will have been worthwhile.
Investment Thesis

Colgate-Palmolive is a very high-quality and diverse international company. Approximately 75% of sales come from outside of the United States despite this being a US company. Their products boast high market shares of their respective markets, and are very attractively packaged in line with their high brand quality.

The fact that most of the sales of this company come from abroad allows North American investors to participate in the faster growth of some foreign markets. Many blue-chip stocks have a big chunk of revenue coming from abroad, but few of them have this high of a percentage of international revenue. Colgate-Palmolive markets their products in over 200 countries and territories.

Dividend growth is a great sign for investors, and the 20% dividend growth of this year is about as clear of a sign as one can get from management. The company also returns value to shareholders by buying back company shares, and in fact management spends nearly as much money on share repurchases as they do on dividend payments. I’m not particularly fond of this level of share repurchases for this company. Their shares have a P/E of over 18, so they’re not getting a great value for the money. I’d prefer that they continually boost the dividend up to a yield of over 3% and tone down the share repurchases a bit.

Colgate-Palmolive reinvests income into developing new and better products. Money spent on research and development was $247 million in 2007, $253 million in 2008, and $269 million in 2009. One of Colgate’s newer products is the Colgate Wisp, a small and portable disposable toothbrush that can be used without water.
Risks

Like any company, CL has risks. Their business is fairly recession-resistant, offering high quality basic products, but they face continual risk from foreign exchange rates, commodity costs, and cheaper product alternatives, as well as strong competition from other top brands. In addition, the stock valuation is somewhat high, so if the company faces a slow-down in growth, the stock price may suffer. No single customer represents 10% or more of total sales, and no single supplier or packaging material represents a large percentage of total material requirements of the company.
Conclusion and Valuation

Currently, I think Colgate-Palmolive is a great company at a mediocre price. Over the long-term, I think this investment looks promising, but I’d prefer to see the company with a stock valuation closer to $70 or even in the $60s during this time so that the P/E would be a slightly lower 16 or 17. The dividend yield is modest, but dividend growth is very high, and the payout is safe. The most recent increase of 20% is an excellent sign for investors.

[filmen]

ziemlich nachgegeben der kurs die letzten wochen, wäre vielleicht eine gute Einstiegsgelegenheit im moment?

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Colgate Palmolive - Announces Q1 results | 15/07/10 13:26
Colgate Palmolive (India) Ltd has announced the following results for the quarter ended June 30, 2010:

The Unaudited results for the Quarter ended June 30, 2010

The Company has posted a net profit after tax of Rs 1219.80 million for the quarter ended June 30, 2010 where as the same was at Rs 1027.80 million for the quarter ended June 30, 2009. Total Income is Rs 5551.10 million for the quarter ended June 30, 2010 where as the same was at Rs 4939.80 million for the quarter ended June 30, 2009.

Pursuant to the Scheme of Amalgamation, sanctioned by an order dated April 16, 2010 of the Bombay High Court at Goa, Professional Oral Care Products Private Limited ('POC') has been amalgamated with the Company. Consequently, reported figures for quarter ended June 30, 2009 do not reflect the impact of the merger of POC and hence are not comparable with the figures reported for quarter ended June 30, 2010.

[R-BgO]

08.07.2010 14:11
Colgate Declares Regular Quarterly Dividends


The Board of Directors of Colgate-Palmolive Company (NYSE:CL) today declared quarterly cash dividends of $.53 per common share, payable on August 13, 2010, to shareholders of record on July 26, 2010. The Company has paid uninterrupted dividends on its common stock since 1895.

[R-BgO]

bookmark

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29.04.2010 15:43
Colgate-Palmolive verdient trotz Umsatzsprung wegen Sonderbelastung weniger

Der amerikanische Zahnpflege- und Kosmetikkonzern Colgate-Palmolive hat im ersten Quartal trotz eines Umsatzsprungs um fast 10 Prozent unterm Strich weniger verdient. Grund hierfür war eine Sonderbelastung aufgrund der hohen Inflation in Venezuela. Der Überschuss sank demzufolge im ersten Quartal von 508 Millionen im Vorjahr auf 357 Millionen Dollar (270 Mio Euro), wie das Unternehmen am Donnerstag mitteilte. Ohne die Sonderbelastung durch Venezuela wäre der Gewinn um 25 Prozent gestiegen. Der Konzernumsatz kletterte um 9,5 Prozent auf 3,829 Milliarden Dollar, wobei alle Sparten Zuwächse verzeichneten.

Durch mehr Werbung habe Colgate weltweit Marktanteile gewonnen. Bei Zahnpasta etwa betrage der Marktanteil nun fast 44,4 Prozent - ein Rekordwert. Für das laufende Jahr erwartet Colgate-Palmolive mehr Einnahmen durch neue Produkte.

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Antwort auf Beitrag Nr.: 39.353.300 von Dividendenaktien am 16.04.10 19:27:03

Du hast in deinem Posting schon die wichtigen Dinge angesprochen:

CL ist sehr krisenresistent, aber nicht günstig. Das war sie jedoch noch nie; das KGV ist traditionell hoch und die Div.Rendite niedrig.
Dafür sind die jährlichen Steigerungsraten der Dividende sehr erfreulich. Und das ist ein klarer Vorteil gegenüber Aktien deren Dividende zwar hoch ist, die jedoch nur stagniert.
Und das ist für Langfristinvestoren ein großes Plus.