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 21,482 - -
Change - -26.54% 7.81% -2.04% 15.34% -19.77% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 22,320 22,242 22,171
Change - -25.37% 9.26% -3.15% 16.8% -19.92% -0.35% -0.32%
P/E Ratio 60.5x 39.8x 35.7x 34.5x 37.1x 29.3x 26.7x 24.7x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.27x 4.12x 3.95x
PEG - 2.2x 1.8x 25.55x 4.5x 10.62x 2.82x 3.01x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.54x 3.36x 3.16x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.68x 3.48x 3.27x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17x 15.7x 14.6x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 22.2x 20.4x 18.8x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 29.2x 29.1x 28x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.43% 3.44% 3.57%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,858 1,998 2,142
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 1.97% 2.12% 2.27%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,223 3,528 3,818
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 57.7% 56.6% 56.1%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,064 6,392 6,790
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,314 1,415 1,517
EBIT 1 644.9 744.6 813.1 884.2 971 1,007 1,092 1,178
Net income 1 490.5 569.7 671.4 672.3 727.2 745.3 808.2 870.3
Net Debt 1 294.7 571.3 943.3 649.4 1,096 838.8 760.9 689
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 94,300.00 94,300.00 94,300.00
Nbr of stocks (in thousands) 241 232 233 231 230 230.3 - -
Announcement Date 3/8/22 3/7/23 3/5/24 3/4/25 3/10/26 - - -
1CHF in Million2CHF
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.26x3.68x16.98x1.97% 26.99B
31.65x0.68x10.44x2.56% 7.88B
18.02x1.69x10.69x3.02% 1.52B
11.67x0.85x6.05x2.54% 1.34B
7.86x - - 3.71% 682M
13.69x0.77x6.57x4.49% 445M
Average 18.69x 1.54x 10.15x 3.05% 6.48B
Weighted average by Cap. 28.14x 2.85x 14.88x 2.21%

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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