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 19,577 - -
Change - -26.54% 7.81% -2.04% 15.34% -26.89% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 20,598 20,531 20,483
Change - -25.37% 9.26% -3.15% 16.8% -26.1% -0.32% -0.24%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27.3x 25.7x 23.9x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 3.92x 3.75x 3.58x
PEG - 2.2x 1.8x 25.55x 4.5x 34.35x 4x 3.29x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.3x 3.19x 3.03x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.47x 3.34x 3.17x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 16x 15.2x 14.3x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 21x 19.8x 18.6x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.2x 27.2x 27x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.97% 3.68% 3.7%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,860 1,973 2,080
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 2.15% 2.28% 2.41%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,162 3,365 3,609
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58.8% 58.7% 57.6%
Net sales 1 4,586 4,970 5,201 5,468 5,916 5,938 6,146 6,466
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,289 1,353 1,436
EBIT 1 644.9 744.6 813.1 884.2 971 981.4 1,036 1,103
Net income 1 490.5 569.7 671.4 672.3 727.2 726.8 764.5 814.3
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,021 954.3 906
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 86,400.00 86,400.00 86,400.00
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.($)
27.33x3.47x15.98x2.15% 23.73B
21.86x2.95x14.5x3.75% 261B
19.85x2.54x15.12x3.22% 81.43B
16.72x1.73x9.84x3.75% 44.84B
14.82x0.53x9.51x2.6% 38.62B
20.53x3.13x12.73x3.4% 34.09B
34.67x3x17.5x1.07% 30.83B
-8.74x1.88x9.42x6.47% 29.41B
26.06x5.42x17.27x3.22% 29.7B
17.57x1.69x11.92x4.85% 26.73B
Average 19.07x 2.63x 13.38x 3.45% 60.04B
Weighted average by Cap. 20.07x 2.69x 13.80x 3.54%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Lindt

Historical PBR trend

Valuation ratios - PBR - Lindt

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Lindt

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Lindt


Year-on-year evolution of the Yield

Valuation ratios - Yield - Lindt