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 21,270 - -
Change - -26.54% 7.81% -2.04% 15.34% -20.56% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 22,275 22,188 22,116
Change - -25.37% 9.26% -3.15% 16.8% -20.08% -0.39% -0.32%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 29.1x 27.1x 25.2x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.26x 4.08x 3.89x
PEG - 2.2x 1.8x 25.55x 4.5x 11.25x 3.67x 3.35x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.53x 3.39x 3.21x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.69x 3.53x 3.33x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17x 16x 14.9x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 22.3x 20.8x 19.3x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 27x 28.5x 27.3x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.71% 3.51% 3.66%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,866 2,002 2,114
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 2% 2.14% 2.26%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,218 3,456 3,716
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58% 57.9% 56.9%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,031 6,282 6,636
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,391 1,483
EBIT 1 644.9 744.6 813.1 884.2 971 999.7 1,069 1,144
Net income 1 490.5 569.7 671.4 672.3 727.2 746.4 798.5 856
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,005 917.6 846.4
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 93,500.00 93,500.00 93,500.00
Nbr of stocks (in thousands) 241 232 233 231 230 229.2 - -
Announcement Date 8/3/22 7/3/23 5/3/24 4/3/25 10/3/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.06x3.69x17x2% 26.54B
31.41x0.71x10.58x2.58% 7.78B
20.64x1.9x12.19x2.67% 1.7B
13.35x0.88x6.46x2.67% 1.37B
10.42x - - 3.02% 841M
11.94x0.65x5.76x4.32% 387M
Average 19.47x 1.57x 10.40x 2.88% 6.44B
Weighted average by Cap. 28.03x 2.86x 14.96x 2.21%

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