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 17,765 - -
Change - -26.54% 7.81% -2.04% 15.34% -33.65% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 18,770 18,706 18,674
Change - -25.37% 9.26% -3.15% 16.8% -32.66% -0.34% -0.17%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 25x 23.3x 21.8x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 3.6x 3.46x 3.31x
PEG - 2.2x 1.8x 25.55x 4.5x 28.13x 3.35x 3x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 2.98x 2.87x 2.72x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.15x 3.02x 2.86x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 14.5x 13.7x 12.9x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 19x 17.8x 16.7x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 22.7x 24.4x 23.4x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 4.4% 4.1% 4.27%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,868 2,004 2,015
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 2.36% 2.54% 2.55%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,165 3,385 3,631
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 59% 59.2% 55.5%
Net sales 1 4,586 4,970 5,201 5,468 5,916 5,961 6,192 6,524
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,294 1,364 1,451
EBIT 1 644.9 744.6 813.1 884.2 971 986.2 1,048 1,118
Net income 1 490.5 569.7 671.4 672.3 727.2 733.5 778.3 831.3
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,005 940.5 908.8
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 79,000.00 79,000.00 79,000.00
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.($)
19.66x2.7x13.49x4.2% 232B
18.1x2.36x14.09x3.54% 74.27B
15.92x1.67x9.48x3.97% 42.8B
14.9x0.53x9.56x2.59% 38.77B
19.39x2.97x12.07x3.6% 32.19B
35.68x3.08x17.97x1.04% 31.54B
25.03x5.24x16.69x3.35% 28.38B
-7.82x1.76x8.76x7.23% 26.31B
Average 17.61x 2.54x 12.77x 3.69% 63.28B
Weighted average by Cap. 18.60x 2.53x 13.06x 3.83%

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