Company Valuation: Nestlé S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 350,518 295,663 252,370 192,539 202,576 200,479 - -
Change - -15.65% -14.64% -23.71% 5.21% -1.03% - -
Enterprise Value (EV) 1 383,097 343,288 301,760 248,544 253,958 251,417 249,476 246,511
Change - -10.39% -12.1% -17.63% 2.18% -1% -0.77% -1.19%
P/E 21x 31.3x 23.1x 17.9x 22.4x 20.5x 18x 16.6x
PBR 6.62x 7.04x 7.42x 5.36x 6.17x 5.82x 5.42x 4.97x
PEG - -0.7x 1x -18.93x -1.4x 2.51x 1.3x 2.02x
Capitalization / Revenue 4.02x 3.13x 2.71x 2.11x 2.26x 2.23x 2.16x 2.09x
EV / Revenue 4.4x 3.64x 3.24x 2.72x 2.84x 2.8x 2.69x 2.57x
EV / EBITDA 20.6x 17.5x 15.5x 12.9x 14.1x 14x 13x 12.2x
EV / EBIT 25.3x 21.3x 18.8x 15.8x 17.6x 17.1x 16x 15x
EV / FCF 44.9x 52.3x 29x 23.3x 27.7x 25.7x 24.1x 21.1x
FCF Yield 2.22% 1.91% 3.45% 4.29% 3.6% 3.88% 4.15% 4.73%
Dividend per Share 2 2.8 2.95 3 3.05 3.1 3.139 3.203 3.301
Rate of return 2.2% 2.75% 3.08% 4.07% 3.94% 4.03% 4.11% 4.24%
EPS 2 6.06 3.42 4.23 4.19 3.51 3.797 4.342 4.699
Distribution rate 46.2% 86.3% 70.9% 72.8% 88.3% 82.7% 73.8% 70.2%
Net sales 1 87,088 94,424 92,998 91,354 89,490 89,864 92,737 95,769
EBITDA 1 18,559 19,644 19,511 19,286 18,022 18,015 19,212 20,139
EBIT 1 15,119 16,103 16,053 15,704 14,389 14,733 15,616 16,415
Net income 1 16,905 9,270 11,209 10,884 9,033 9,784 11,137 12,020
Net Debt 1 32,579 47,625 49,390 56,005 51,382 50,937 48,997 46,032
Reference price 2 127.44 107.14 97.51 74.88 78.74 77.94 77.94 77.94
Nbr of stocks (in thousands) 2,750,456 2,759,592 2,588,141 2,571,306 2,572,715 2,572,225 - -
Announcement Date 2/17/22 2/16/23 2/22/24 2/13/25 2/19/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.53x2.8x13.96x4.03% 242B
19.37x2.45x14.59x3.38% 77.68B
15.99x1.68x9.51x3.91% 43.98B
15.16x0.54x9.71x2.55% 39.46B
20.2x3.08x12.52x3.46% 33.53B
34.24x2.97x17.28x1.08% 30.01B
-8.41x1.84x9.16x6.72% 28.29B
62.69x9.62x39.88x1.22% 27.18B
11.23x0.37x8.47x2.61% 21.17B
Average 21.22x 2.82x 15.01x 3.22% 60.34B
Weighted average by Cap. 20.58x 2.72x 14.31x 3.56%

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