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 21,788 - -
Change - -26.54% 7.81% -2.04% 15.34% -18.63% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 22,792 22,705 22,634
Change - -25.37% 9.26% -3.15% 16.8% -18.22% -0.38% -0.31%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 29.8x 27.7x 25.8x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.36x 4.18x 3.99x
PEG - 2.2x 1.8x 25.55x 4.5x 11.52x 3.75x 3.43x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.61x 3.47x 3.28x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.78x 3.61x 3.41x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17.4x 16.3x 15.3x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 22.8x 21.2x 19.8x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 27.6x 29.2x 28x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.63% 3.43% 3.58%
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% 1.95% 2.09% 2.21%
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 95,800.00 95,800.00 95,800.00
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.($)
29.77x3.78x17.39x1.95% 26.84B
31.36x0.71x10.56x2.58% 7.67B
20.28x1.87x11.98x2.72% 1.67B
13.07x0.79x5.73x2.7% 1.35B
10.42x - - 3.02% 832M
12.08x0.66x5.83x4.27% 392M
Average 19.50x 1.56x 10.30x 2.87% 6.46B
Weighted average by Cap. 28.50x 2.94x 15.24x 2.18%

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