Company Valuation: Nestlé S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 350,518 295,663 252,370 192,539 202,576 196,184 - -
Change - -15.65% -14.64% -23.71% 5.21% -3.16% - -
Enterprise Value (EV) 1 383,097 343,288 301,760 248,544 253,958 247,118 245,555 242,525
Change - -10.39% -12.1% -17.63% 2.18% -2.69% -0.63% -1.23%
P/E 21x 31.3x 23.1x 17.9x 22.4x 20.6x 18.1x 16.7x
PBR 6.62x 7.04x 7.42x 5.36x 6.17x 5.85x 5.44x 5x
PEG - -0.7x 1x -18.93x -1.4x 2.51x 1.3x 2.1x
Capitalization / Revenue 4.02x 3.13x 2.71x 2.11x 2.26x 2.19x 2.11x 2.05x
EV / Revenue 4.4x 3.64x 3.24x 2.72x 2.84x 2.75x 2.65x 2.53x
EV / EBITDA 20.6x 17.5x 15.5x 12.9x 14.1x 13.7x 12.8x 12.1x
EV / EBIT 25.3x 21.3x 18.8x 15.8x 17.6x 16.8x 15.7x 14.8x
EV / FCF 44.9x 52.3x 29x 23.3x 27.7x 25.2x 23.7x 20.6x
FCF Yield 2.22% 1.91% 3.45% 4.29% 3.6% 3.97% 4.21% 4.85%
Dividend per Share 2 2.8 2.95 3 3.05 3.1 3.139 3.203 3.301
Rate of return 2.2% 2.75% 3.08% 4.07% 3.94% 4.01% 4.09% 4.21%
EPS 2 6.06 3.42 4.23 4.19 3.51 3.798 4.337 4.681
Distribution rate 46.2% 86.3% 70.9% 72.8% 88.3% 82.7% 73.9% 70.5%
Net sales 1 87,088 94,424 92,998 91,354 89,490 89,767 92,787 95,752
EBITDA 1 18,559 19,644 19,511 19,286 18,022 17,995 19,202 20,122
EBIT 1 15,119 16,103 16,053 15,704 14,389 14,710 15,621 16,407
Net income 1 16,905 9,270 11,209 10,884 9,033 9,813 11,130 12,010
Net Debt 1 32,579 47,625 49,390 56,005 51,382 50,935 49,371 46,341
Reference price 2 127.44 107.14 97.51 74.88 78.74 78.33 78.33 78.33
Nbr of stocks (in thousands) 2,750,456 2,759,592 2,588,141 2,571,306 2,572,715 2,572,225 - -
Announcement Date 17/02/22 16/02/23 22/02/24 13/02/25 19/02/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.62x2.81x14.03x4.01% 244B
19.75x2.48x14.81x3.32% 79.18B
16.32x1.71x9.67x3.83% 45.33B
16.31x0.57x10.35x2.41% 42.46B
20.38x3.1x12.61x3.43% 33.82B
33.93x2.94x17.13x1.09% 30.34B
-8.72x1.88x9.37x6.49% 29.33B
63.56x9.75x40.44x1.2% 27.62B
12.16x0.39x8.89x2.41% 22.92B
31.69x0.63x16.01x1.2% 20.12B
Average 22.60x 2.63x 15.33x 2.94% 57.55B
Weighted average by Cap. 21.15x 2.65x 14.50x 3.42%

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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  4. Valuation Nestlé S.A.
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