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 20,180 - -
Change - -26.54% 7.81% -2.04% 15.34% -24.63% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 21,187 21,102 21,033
Change - -25.37% 9.26% -3.15% 16.8% -23.98% -0.4% -0.32%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27.7x 25.8x 24x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.06x 3.89x 3.71x
PEG - 2.2x 1.8x 25.55x 4.5x 11.12x 3.49x 3.22x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.35x 3.21x 3.04x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.52x 3.36x 3.17x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 16.2x 15.2x 14.2x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 21.2x 19.8x 18.4x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.6x 27.1x 26x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.9% 3.69% 3.85%
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% 2.09% 2.24% 2.37%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,215 3,453 3,710
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58% 58% 57%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,026 6,279 6,631
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,390 1,481
EBIT 1 644.9 744.6 813.1 884.2 971 999 1,068 1,143
Net income 1 490.5 569.7 671.4 672.3 727.2 745.7 797.8 854.8
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,007 921.8 853.2
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 89,200.00 89,200.00 89,200.00
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.($)
27.59x3.49x16.04x2.1% 24.68B
31.02x0.7x10.46x2.64% 7.53B
19.43x1.8x11.5x2.84% 1.58B
12.75x0.92x6.78x2.79% 1.35B
7.58x - - 4.93% 923M
11.67x0.61x5.93x4.62% 362M
Average 18.34x 1.50x 10.14x 3.32% 6.07B
Weighted average by Cap. 26.73x 2.69x 14.20x 2.37%

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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