Financials Nestlé S.A.

Equities

NESN

CH0038863350

Food Processing

Market Closed - Swiss Exchange Other stock markets 11:31:30 2024-04-26 EDT			5-day change	1st Jan Change
92.7 ^CHF	+0.67%		-2.67%	-4.93%

04-26	NESTLE : Baader Bank maintains a Buy rating	ZD
04-26	NESTLE : UBS keeps its Buy rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	302,550	290,369	350,518	295,663	260,170	238,360	-	-
Enterprise Value (EV) ¹	329,451	321,707	383,097	343,288	309,560	289,980	289,450	288,178
P/E ratio	24.4 x	24.3 x	21 x	31.3 x	23.1 x	19.8 x	18.1 x	17 x
Yield	2.58%	2.64%	2.2%	2.75%	3.08%	3.43%	3.64%	3.88%
Capitalization / Revenue	3.27 x	3.44 x	4.02 x	3.13 x	2.8 x	2.52 x	2.41 x	2.31 x
EV / Revenue	3.56 x	3.81 x	4.4 x	3.64 x	3.33 x	3.06 x	2.92 x	2.79 x
EV / EBITDA	16.5 x	17.5 x	20.6 x	17.5 x	15.9 x	14.4 x	13.6 x	12.8 x
EV / FCF	28.3 x	32.1 x	44.9 x	52.3 x	29.8 x	24.5 x	23.8 x	22.3 x
FCF Yield	3.53%	3.11%	2.22%	1.91%	3.36%	4.08%	4.2%	4.48%
Price to Book	5.8 x	6.43 x	6.62 x	7.04 x	7.42 x	6.71 x	6.28 x	5.7 x
Nbr of stocks (in thousands)	2,887,479	2,785,049	2,750,456	2,759,592	2,668,141	2,571,306	-	-
Reference price ²	104.8	104.3	127.4	107.1	97.51	92.70	92.70	92.70
Announcement Date	20-02-13	21-02-18	22-02-17	23-02-16	24-02-22	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	92,568	84,343	87,088	94,424	92,998	94,711	99,050	103,235
EBITDA ¹	19,973	18,368	18,559	19,644	19,511	20,163	21,336	22,466
EBIT ¹	16,260	14,903	15,119	16,103	16,053	16,579	17,669	18,626
Operating Margin	17.57%	17.67%	17.36%	17.05%	17.26%	17.5%	17.84%	18.04%
Earnings before Tax (EBT) ¹	15,062	13,922	10,806	11,286	12,703	14,253	15,609	16,685
Net income ¹	12,600	12,232	16,905	9,270	11,209	12,239	13,163	14,011
Net margin	13.61%	14.5%	19.41%	9.82%	12.05%	12.92%	13.29%	13.57%
EPS ²	4.300	4.290	6.060	3.420	4.230	4.685	5.114	5.462
Free Cash Flow ¹	11,639	10,013	8,523	6,570	10,403	11,842	12,144	12,908
FCF margin	12.57%	11.87%	9.79%	6.96%	11.19%	12.5%	12.26%	12.5%
FCF Conversion (EBITDA)	58.27%	54.51%	45.92%	33.45%	53.32%	58.73%	56.92%	57.46%
FCF Conversion (Net income)	92.37%	81.86%	50.42%	70.87%	92.81%	96.75%	92.26%	92.13%
Dividend per Share ²	2.700	2.750	2.800	2.950	3.000	3.178	3.372	3.594
Announcement Date	20-02-13	21-02-18	22-02-17	23-02-16	24-02-22	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	47,112	41,152	43,191	41,755	21,539	23,794	45,333	22,238	23,342	45,580	23,552	25,292	48,844	23,470	22,823	46,293	22,536	24,169	46,705	22,092	45,300	49,292	-	-
EBITDA	10,336	8,864	9,504	8,922	-	-	9,637	-	-	9,439	-	-	10,205	-	-	9,626	-	-	9,885	-	9,492	10,610	-	-
EBIT	8,487	7,156	7,747	7,251	-	-	7,868	-	-	7,683	-	-	8,420	-	-	7,904	-	-	8,149	-	7,680	8,600	-	-
Operating Margin	18.01%	17.39%	17.94%	17.37%	-	-	17.36%	-	-	16.86%	-	-	17.24%	-	-	17.07%	-	-	17.45%	-	16.95%	17.45%	-	-
Earnings before Tax (EBT)	-	-	6,536	6,450	-	-	-	-	-	-	-	-	-	-	-	6,565	-	-	6,138	-	6,552	7,270	-	-
Net income	-	-	6,349	5,945	-	-	-	-	-	-	-	-	-	-	-	5,600	-	-	5,560	-	-	-	-	-
Net margin	-	-	14.7%	14.24%	-	-	-	-	-	-	-	-	-	-	-	12.1%	-	-	11.9%	-	-	-	-	-
EPS	2.620	2.060	2.230	2.120	-	-	-	-	-	-	-	-	-	-	-	2.130	-	-	2.110	-	2.250	2.100	2.540	2.590
Dividend per Share	2.700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20-02-13	20-07-30	21-02-18	21-07-29	21-10-20	22-02-17	22-02-17	22-04-21	22-07-28	22-07-28	22-10-19	23-02-16	23-02-16	23-04-25	23-07-27	23-07-27	23-10-19	24-02-22	24-02-22	24-04-25	-	-	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,901	31,338	32,579	47,625	49,390	51,620	51,090	49,818
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.347 x	1.706 x	1.755 x	2.424 x	2.531 x	2.56 x	2.395 x	2.217 x
Free Cash Flow ¹	11,639	10,013	8,523	6,570	10,403	11,842	12,144	12,909
ROE (net income / shareholders' equity)	23.1%	25%	34.2%	19.5%	28.8%	36.5%	37%	36%
ROA (Net income/ Total Assets)	9.52%	9.71%	12.8%	6.76%	9.71%	9.82%	10.2%	10.4%
Assets ¹	132,384	125,984	131,585	137,162	115,412	124,690	129,064	134,185
Book Value Per Share ²	18.10	16.20	19.30	15.20	13.10	13.80	14.80	16.30
Cash Flow per Share ²	5.400	5.050	4.970	4.400	6.020	6.000	6.550	6.760
Capex ¹	4,211	4,364	5,341	5,095	5,714	5,314	5,265	5,401
Capex / Sales	4.55%	5.17%	6.13%	5.4%	6.14%	5.61%	5.32%	5.23%
Announcement Date	20-02-13	21-02-18	22-02-17	23-02-16	24-02-22	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nestlé S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

92.7 CHF

Average target price

108.5 CHF

Spread / Average Target

+17.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NESTLÉ S.A.	-4.93%	261B
MONDELEZ INTERNATIONAL, INC.	-2.51%	94.98B
KRAFT HEINZ	+3.19%	46.39B
GENERAL MILLS, INC.	+8.74%	39.99B
THE HERSHEY COMPANY	-0.15%	38.02B
ARCHER-DANIELS-MIDLAND COMPANY	-16.78%	30.16B
NESTLÉ INDIA LIMITED	-6.61%	28.72B
ASSOCIATED BRITISH FOODS PLC	+11.32%	24.54B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-9.29%	22.65B
MCCORMICK & COMPANY, INCORPORATED	+10.68%	20.14B

Other Food Processing