Company Valuation: Nestlé Nigeria Plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,233,769 871,922 871,922 693,574 1,552,021 2,477,051 - -
Change - -29.33% 0% -20.45% 123.77% 59.6% - -
Enterprise Value (EV) 1 1,210,118 909,471 1,106,686 1,324,825 1,992,893 2,752,080 2,666,795 2,661,397
Change - -24.84% 21.68% 19.71% 50.43% 38.09% -3.1% -0.2%
P/E 30.8x 17.8x -11x -4.21x 14.8x 16.8x 13.6x 11.2x
PBR 57.7x 28.8x -11x -7.52x 120x 37.1x 34.5x 33.4x
PEG - 0.8x 0x -0x -0x 0.4x 0.6x 0.5x
Capitalization / Revenue 3.51x 1.95x 1.59x 0.72x 1.29x 1.78x 1.54x 1.35x
EV / Revenue 3.44x 2.04x 2.02x 1.38x 1.65x 1.98x 1.66x 1.45x
EV / EBITDA 15.1x 9.41x 8.17x 6.74x 7.53x 8.24x 6.66x 5.73x
EV / EBIT 16.8x 10.5x 8.94x 7.89x 8.84x 9.47x 7.64x 6.58x
EV / FCF 27.9x -28.3x 51.6x -19.9x 7.94x 13.5x 11.3x 10.5x
FCF Yield 3.58% -3.54% 1.94% -5.04% 12.6% 7.38% 8.86% 9.51%
Dividend per Share 2 50.5 51.5 - - - 31.54 170.6 223.7
Rate of return 3.24% 4.68% - - - 1.01% 5.46% 7.16%
EPS 2 50.51 61.77 -100.3 -207.6 132.4 186.5 229.1 278.3
Distribution rate 100% 83.4% - - - 16.9% 74.5% 80.4%
Net sales 1 351,822 446,819 547,119 958,815 1,207,773 1,391,081 1,609,056 1,837,189
EBITDA 1 80,375 96,619 135,461 196,700 264,494 334,129 400,626 464,307
EBIT 1 71,966 86,866 123,788 167,876 225,383 290,672 349,121 404,199
Net income 1 40,037 48,965 -79,474 -164,595 104,966 147,798 181,574 220,596
Net Debt 1 -23,651 37,549 234,764 631,251 440,872 275,029 189,744 184,346
Reference price 2 1,556.50 1,100.00 1,100.00 875.00 1,958.00 3,125.00 3,125.00 3,125.00
Nbr of stocks (in thousands) 792,656 792,656 792,656 792,656 792,656 792,656 - -
Announcement Date 3/1/22 2/28/23 2/27/24 2/26/25 2/25/26 - - -
1NGN in Million2NGN
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.76x1.98x8.24x1.01% 1.79B
21.22x3.04x14.92x3.68% 273B
21.31x2.47x14.6x3.4% 78.3B
19.24x1.95x11.02x3.2% 53.46B
19.13x0.57x10.9x2.39% 41.4B
21.47x3.19x12.97x3.37% 34.77B
12.33x1.97x9.7x6.2% 30.69B
36.69x3.09x18.32x0.97% 30.54B
69.72x10.4x44.17x1.11% 28.59B
Average 26.43x 3.18x 16.09x 2.81% 63.6B
Weighted average by Cap. 23.67x 3.00x 15.45x 3.34%

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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