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 19,682 - -
Change - -26.54% 7.81% -2.04% 15.34% -26.49% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 20,686 20,599 20,528
Change - -25.37% 9.26% -3.15% 16.8% -25.78% -0.42% -0.35%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27x 25.1x 23.4x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 3.96x 3.79x 3.62x
PEG - 2.2x 1.8x 25.55x 4.5x 10.43x 3.4x 3.11x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.26x 3.13x 2.97x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.43x 3.28x 3.09x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 15.8x 14.8x 13.8x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 20.7x 19.3x 17.9x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25x 26.5x 25.4x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.99% 3.78% 3.94%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,866 2,002 2,114
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 2.15% 2.3% 2.43%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,218 3,456 3,716
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58% 57.9% 56.9%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,031 6,282 6,636
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,391 1,483
EBIT 1 644.9 744.6 813.1 884.2 971 999.7 1,069 1,144
Net income 1 490.5 569.7 671.4 672.3 727.2 746.4 798.5 856
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,005 917.6 846.4
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 86,900.00 86,900.00 86,900.00
Nbr of stocks (in thousands) 241 232 233 231 230 229.2 - -
Announcement Date 3/8/22 3/7/23 3/5/24 3/4/25 3/10/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.72x3.38x15.56x2.17% 23.96B
29.6x0.68x10.12x2.76% 7.2B
19.96x1.84x11.81x2.76% 1.63B
12.88x0.92x6.84x2.77% 1.36B
7.58x - - 4.93% 928M
11.16x0.6x5.72x4.62% 362M
Average 17.99x 1.49x 10.01x 3.34% 5.91B
Weighted average by Cap. 25.81x 2.62x 13.80x 2.44%

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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