The logic for higher PE in FMCG is that for high growth they won’t require higher capital ( esp by equity dilution ) …
But when there is no growth for 10 years that so called moat is useless … It is like having factory with low capacity utilisation …
Distribution , brand and people assets have been under-leveraged by Nestle … that means for last 10 years - Nestle management has been plain incompetent
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