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 20,399 - -
Change - -26.54% 7.81% -2.04% 15.34% -23.82% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 21,403 21,316 21,245
Change - -25.37% 9.26% -3.15% 16.8% -23.21% -0.41% -0.33%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 28.1x 26.1x 24.3x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.11x 3.94x 3.76x
PEG - 2.2x 1.8x 25.55x 4.5x 10.86x 3.53x 3.23x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.38x 3.25x 3.07x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.55x 3.39x 3.2x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 16.3x 15.3x 14.3x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 21.4x 19.9x 18.6x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.9x 27.4x 26.3x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.86% 3.65% 3.81%
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% 2.07% 2.22% 2.34%
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 90,300.00 90,300.00 90,300.00
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.($)
28.81x3.63x16.7x2.01% 2.6TCr
30.86x0.7x10.44x2.62% 762.73Cr
20.81x1.92x12.29x2.65% 171Cr
13.15x0.94x7.06x2.71% 134.2Cr
7.75x - - 4.82% 95Cr
11.56x0.63x5.95x4.47% 38Cr
Average 18.82x 1.56x 10.49x 3.21% 633.06Cr
Weighted average by Cap. 27.61x 2.82x 14.75x 2.28%

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