Company Valuation: Nestlé India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 16,75,397 18,98,604 25,29,273 21,70,366 22,65,384 26,68,787 - -
Change - 13.32% 33.22% -14.19% 4.38% 17.81% - -
Enterprise Value (EV) 1 16,66,241 18,90,170 25,24,530 21,81,078 22,52,219 26,42,595 26,28,655 26,12,058
Change - 13.44% 33.56% -13.6% 3.26% 17.33% -0.53% -0.63%
P/E 70.1x 63.3x 64.3x 65.5x 63.9x 64.1x 55.7x 49x
PBR 68.1x 61.4x 75.7x 54.1x 42.7x 42.7x 36.5x 31.5x
PEG - 2.5x 2.1x -4.2x 9.23x 3.7x 3.7x 3.6x
Capitalization / Revenue 9.92x 9.93x 10.4x 10.7x 9.78x 9.94x 8.9x 7.99x
EV / Revenue 9.86x 9.88x 10.3x 10.8x 9.73x 9.84x 8.76x 7.82x
EV / EBITDA 44.5x 42.3x 43.4x 45.7x 42.4x 40.8x 35.8x 31.6x
EV / EBIT 49.9x 46.8x 47.8x 51.5x 48.9x 46.5x 40.7x 35.8x
EV / FCF 76.2x 93.5x 110x 235x 53.4x 62.4x 50.5x 44.5x
FCF Yield 1.31% 1.07% 0.91% 0.43% 1.87% 1.6% 1.98% 2.25%
Dividend per Share 2 11 - 16.1 13.5 12 16.44 18.94 21.74
Rate of return 1.27% - 1.23% 1.2% 1.02% 1.19% 1.37% 1.57%
EPS 2 12.4 15.55 20.4 17.19 18.38 21.59 24.86 28.24
Distribution rate 88.7% - 78.9% 78.5% 65.3% 76.2% 76.2% 77%
Net sales 1 1,68,970 1,91,263 2,43,939 2,02,016 2,31,546 2,68,609 3,00,022 3,34,080
EBITDA 1 37,420 44,710 58,198 47,737 53,061 64,778 73,469 82,683
EBIT 1 33,390 40,421 52,820 42,338 46,068 56,775 64,589 73,041
Net income 1 23,905 29,987 39,328 33,145 35,446 41,579 47,977 54,875
Net Debt 1 -9,155 -8,434 -4,743 10,712 -13,164 -26,192 -40,132 -56,729
Reference price 2 868.84 984.59 1,311.65 1,125.52 1,174.80 1,384.00 1,384.00 1,384.00
Nbr of stocks (in thousands) 19,28,314 19,28,314 19,28,314 19,28,314 19,28,314 19,28,314 - -
Announcement Date 16/02/23 07/02/24 25/04/24 24/04/25 21/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.42x2.79x13.91x4.05% 24TCr
19.88x2.5x14.89x3.3% 7.97TCr
16.32x1.71x9.67x3.83% 4.58TCr
16.06x0.57x10.22x2.4% 4.18TCr
20.98x3.19x12.94x3.33% 3.48TCr
34.09x2.97x17.2x1.08% 3.09TCr
-8.67x1.87x9.32x6.52% 2.92TCr
64.11x9.84x40.79x1.19% 2.79TCr
Average 22.90x 3.18x 16.12x 3.21% 6.68TCr
Weighted average by Cap. 21.17x 2.83x 14.69x 3.56%

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

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