Company Valuation: Nestlé S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 350,518 295,663 252,370 192,539 202,576 198,499 - -
Change - -15.65% -14.64% -23.71% 5.21% -2.01% - -
Enterprise Value (EV) 1 383,097 343,288 301,760 248,544 253,958 249,436 247,496 244,530
Change - -10.39% -12.1% -17.63% 2.18% -1.78% -0.78% -1.2%
P/E 21x 31.3x 23.1x 17.9x 22.4x 20.3x 17.8x 16.4x
PBR 6.62x 7.04x 7.42x 5.36x 6.17x 5.76x 5.36x 4.92x
PEG - -0.7x 1x -18.93x -1.4x 2.48x 1.2x 1.99x
Capitalization / Revenue 4.02x 3.13x 2.71x 2.11x 2.26x 2.21x 2.14x 2.07x
EV / Revenue 4.4x 3.64x 3.24x 2.72x 2.84x 2.78x 2.67x 2.55x
EV / EBITDA 20.6x 17.5x 15.5x 12.9x 14.1x 13.8x 12.9x 12.1x
EV / EBIT 25.3x 21.3x 18.8x 15.8x 17.6x 16.9x 15.8x 14.9x
EV / FCF 44.9x 52.3x 29x 23.3x 27.7x 25.5x 23.9x 21x
FCF Yield 2.22% 1.91% 3.45% 4.29% 3.6% 3.91% 4.18% 4.77%
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% 4.07% 4.15% 4.28%
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 77.17 77.17 77.17
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.32x2.78x13.85x4.07% 240B
19.18x2.43x14.47x3.41% 76.9B
15.84x1.67x9.43x3.95% 43.66B
15.02x0.54x9.63x2.57% 39.1B
20.14x3.07x12.48x3.47% 33.43B
34.61x3x17.45x1.07% 30.64B
-8.33x1.83x9.11x6.79% 28.02B
63.23x9.7x40.23x1.2% 27.46B
Average 22.50x 3.13x 15.83x 3.32% 64.84B
Weighted average by Cap. 20.93x 2.81x 14.51x 3.63%

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