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 22,702 - -
Change - -26.54% 7.81% -2.04% 15.34% -15.21% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 23,561 23,478 23,398
Change - -25.37% 9.26% -3.15% 16.8% -15.47% -0.35% -0.34%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 31x 28.6x 26.5x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.51x 4.35x 4.18x
PEG - 2.2x 1.8x 25.55x 4.5x 13.33x 3.37x 3.4x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.74x 3.56x 3.35x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.88x 3.68x 3.45x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 18x 16.7x 15.5x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 23.5x 21.6x 20x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 30.6x 30.5x 29.5x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.26% 3.28% 3.39%
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% 1.86% 2.01% 2.13%
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 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 99,600.00 99,600.00 99,600.00
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.($)
31.03x3.88x17.99x1.86% 28.15B
31.81x0.71x10.86x2.46% 8.12B
18.18x1.72x10.8x2.97% 1.5B
13.83x0.9x6.56x2.55% 1.4B
9.58x - - 3.29% 768M
13.16x0.74x6.44x4.2% 428M
Average 19.60x 1.59x 10.53x 2.89% 6.73B
Weighted average by Cap. 29.51x 3.01x 15.73x 2.1%

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