Company Valuation: Emmi AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,756 4,189 4,874 3,937 3,932 4,488 - -
Change - -27.23% 16.35% -19.21% -0.14% 14.15% - -
Enterprise Value (EV) 1 6,158 4,679 7,975 4,961 4,684 5,260 5,082 4,916
Change - -24.03% 70.45% -37.79% -5.59% 12.29% -3.38% -3.25%
P/E 26.6x 22.9x 26.2x 17.9x 17.3x 19.1x 17.3x 16x
PBR 5.32x 3.58x 3.77x 3.96x 3.64x 3.55x 3.14x 2.79x
PEG - -1.5x 12.77x 1x 5.65x 5.15x 1.7x 1.97x
Capitalization / Revenue 1.47x 0.99x 1.15x 0.91x 0.83x 0.93x 0.9x 0.88x
EV / Revenue 1.57x 1.11x 1.88x 1.14x 0.99x 1.09x 1.02x 0.96x
EV / EBITDA 15.6x 12.3x 21.2x 11.5x 9.52x 10.4x 9.57x 8.8x
EV / EBIT 21.7x 18.5x 30.9x 16.4x 14x 15.2x 13.8x 12.5x
EV / FCF 60.1x 579x 35.7x 17.5x 20x 22.5x 19.6x 17.8x
FCF Yield 1.66% 0.17% 2.8% 5.7% 5.01% 4.44% 5.1% 5.62%
Dividend per Share 2 14 14.5 15.5 16.5 17.5 18.14 19.5 20.64
Rate of return 1.3% 1.85% 1.7% 2.24% 2.38% 2.16% 2.32% 2.46%
EPS 2 40.51 34.12 34.82 41.18 42.44 44.01 48.45 52.38
Distribution rate 34.6% 42.5% 44.5% 40.1% 41.2% 41.2% 40.2% 39.4%
Net sales 1 3,912 4,230 4,242 4,349 4,746 4,837 4,980 5,111
EBITDA 1 394.7 379.3 375.8 430.6 492.3 505 530.9 558.6
EBIT 1 284.1 253 258.2 302.7 334.6 345.2 368.7 393.6
Net income 1 216.7 182.5 186.3 220.3 227.1 235.6 259.2 280.9
Net Debt 1 401.9 489.8 3,101 1,024 751.7 771.2 593.3 428
Reference price 2 1,076.00 783.00 911.00 736.00 735.00 839.00 839.00 839.00
Nbr of stocks (in thousands) 5,350 5,350 5,350 5,350 5,350 5,350 - -
Announcement Date 3/4/22 3/1/23 2/29/24 2/26/25 2/27/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.06x1.09x10.41x2.16% 5.56B
15.96x1.6x11.29x5.16% 25B
19.58x1.6x12.18x1.92% 6.13B
12.84x1.59x7.96x7.31% 4.91B
26.71x2.6x17.29x2.75% 3.44B
67.21x2.88x24.11x0.64% 2.74B
9.94x - - 1.67% 2.23B
81.58x - - - 2.06B
Average 31.61x 1.89x 13.88x 3.09% 6.51B
Weighted average by Cap. 22.16x 1.68x 12.13x 4.07%

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