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 20,285 - -
Change - -26.54% 7.81% -2.04% 15.34% -24.24% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 21,302 21,224 21,161
Change - -25.37% 9.26% -3.15% 16.8% -23.57% -0.37% -0.29%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27.9x 26x 24.3x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.09x 3.91x 3.73x
PEG - 2.2x 1.8x 25.55x 4.5x 11.52x 3.62x 3.31x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.36x 3.23x 3.06x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.53x 3.38x 3.19x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 16.3x 15.2x 14.3x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 21.3x 19.8x 18.5x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.8x 27.3x 26.2x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.88% 3.66% 3.82%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,860 1,996 2,100
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 2.07% 2.22% 2.34%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,213 3,443 3,696
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 57.9% 58% 56.8%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,029 6,287 6,636
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,392 1,483
EBIT 1 644.9 744.6 813.1 884.2 971 999.4 1,070 1,144
Net income 1 490.5 569.7 671.4 672.3 727.2 745.4 798.6 854.6
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,017 938.8 876.2
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 89,700.00 89,700.00 89,700.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.8x3.51x16.17x2.08% 24.62B
31.97x0.7x10.43x2.65% 7.42B
19.58x1.81x11.59x2.82% 1.57B
12.67x0.89x6.7x2.83% 1.35B
7.86x - - 4.75% 952M
11.06x0.57x5.56x4.87% 343M
Average 18.49x 1.50x 10.09x 3.33% 6.04B
Weighted average by Cap. 27.05x 2.72x 14.30x 2.35%

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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