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 19,796 - -
Change - -26.54% 7.81% -2.04% 15.34% -26.07% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 20,813 20,735 20,672
Change - -25.37% 9.26% -3.15% 16.8% -25.33% -0.38% -0.3%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27.4x 25.5x 23.8x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.01x 3.83x 3.66x
PEG - 2.2x 1.8x 25.55x 4.5x 11.31x 3.55x 3.24x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.28x 3.15x 2.98x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.45x 3.3x 3.12x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 15.9x 14.9x 13.9x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 20.8x 19.4x 18.1x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.2x 26.7x 25.5x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.97% 3.75% 3.91%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,860 1,996 2,100
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 2.12% 2.27% 2.39%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,213 3,443 3,696
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 57.9% 58% 56.8%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,029 6,287 6,636
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,392 1,483
EBIT 1 644.9 744.6 813.1 884.2 971 999.4 1,070 1,144
Net income 1 490.5 569.7 671.4 672.3 727.2 745.4 798.6 854.6
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,017 938.8 876.2
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 87,900.00 87,900.00 87,900.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.36x3.45x15.89x2.12% 24.26B
31.74x0.69x10.37x2.67% 7.39B
19.72x1.82x11.67x2.8% 1.59B
12.43x0.87x6.58x2.89% 1.34B
7.8x - - 4.79% 949M
11.35x0.59x5.73x4.75% 352M
Average 18.40x 1.49x 10.05x 3.33% 5.98B
Weighted average by Cap. 26.69x 2.67x 14.07x 2.39%

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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