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 22,017 - -
Change - -26.54% 7.81% -2.04% 15.34% -17.77% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 22,876 22,793 22,714
Change - -25.37% 9.26% -3.15% 16.8% -17.92% -0.36% -0.35%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 30.1x 27.7x 25.7x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.37x 4.21x 4.05x
PEG - 2.2x 1.8x 25.55x 4.5x 12.94x 3.26x 3.3x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.63x 3.45x 3.25x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.77x 3.57x 3.35x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17.5x 16.2x 15.1x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 22.8x 21x 19.4x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 29.7x 29.6x 28.7x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.36% 3.38% 3.49%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,855 1,998 2,120
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 1.92% 2.07% 2.2%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,210 3,482 3,754
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 57.8% 57.4% 56.5%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,066 6,384 6,777
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,406 1,506
EBIT 1 644.9 744.6 813.1 884.2 971 1,003 1,084 1,168
Net income 1 490.5 569.7 671.4 672.3 727.2 740.8 797.1 854.9
Net Debt 1 294.7 571.3 943.3 649.4 1,096 859.2 775.7 696.5
Reference price 2 1,22,200.00 95,000.00 1,02,000.00 1,00,000.00 1,16,400.00 96,500.00 96,500.00 96,500.00
Nbr of stocks (in thousands) 241 232 233 231 230 230.3 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.66x3.72x17.24x1.95% 2.69TCr
31.22x0.69x10.37x2.61% 761.47Cr
17.52x1.66x10.42x3.08% 144.92Cr
13.76x0.89x6.52x2.57% 139.37Cr
9.75x - - 3.23% 78Cr
12.81x0.72x6.25x4.31% 42Cr
Average 19.12x 1.54x 10.16x 2.96% 642.39Cr
Weighted average by Cap. 28.35x 2.89x 15.08x 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