Company Valuation: Lindt

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,923 21,980 23,697 23,214 26,775 22,112 - -
Change - -26.54% 7.81% -2.04% 15.34% -17.42% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 23,116 23,029 22,958
Change - -25.37% 9.26% -3.15% 16.8% -17.06% -0.38% -0.31%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 30.1x 28x 26.1x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.41x 4.22x 4.03x
PEG - 2.2x 1.8x 25.55x 4.5x 11.63x 3.79x 3.47x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.67x 3.52x 3.33x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.83x 3.67x 3.46x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17.6x 16.6x 15.5x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 23.1x 21.5x 20.1x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 28x 29.6x 28.4x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.57% 3.38% 3.52%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,866 2,002 2,114
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 1.93% 2.07% 2.18%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,218 3,456 3,716
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58% 57.9% 56.9%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,031 6,282 6,636
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,391 1,483
EBIT 1 644.9 744.6 813.1 884.2 971 999.7 1,069 1,144
Net income 1 490.5 569.7 671.4 672.3 727.2 746.4 798.5 856
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,005 917.6 846.4
Reference price 2 1,22,200.00 95,000.00 1,02,000.00 1,00,000.00 1,16,400.00 96,900.00 96,900.00 96,900.00
Nbr of stocks (in thousands) 241 232 233 231 230 229.2 - -
Announcement Date 08/03/22 07/03/23 05/03/24 04/03/25 10/03/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.52x3.76x17.32x1.96% 2.67TCr
30.61x0.7x10.38x2.64% 748.26Cr
20.07x1.85x11.87x2.75% 165.13Cr
13.3x0.86x6.31x2.66% 137.71Cr
10.59x - - 2.98% 84Cr
12.58x0.7x6.13x4.39% 41Cr
Average 19.45x 1.58x 10.40x 2.9% 641.07Cr
Weighted average by Cap. 28.15x 2.93x 15.18x 2.2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield