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 20,127 - -
Change - -26.54% 7.81% -2.04% 15.34% -24.83% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 21,145 21,066 21,004
Change - -25.37% 9.26% -3.15% 16.8% -24.14% -0.37% -0.3%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27.8x 25.9x 24.1x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.06x 3.89x 3.71x
PEG - 2.2x 1.8x 25.55x 4.5x 11.48x 3.61x 3.28x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.34x 3.2x 3.03x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.51x 3.35x 3.17x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 16.1x 15.1x 14.2x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 21.2x 19.7x 18.4x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.6x 27.1x 26x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.91% 3.69% 3.85%
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% 2.09% 2.24% 2.35%
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 89,200.00 89,200.00 89,200.00
Nbr of stocks (in thousands) 241 232 233 231 230 229.2 - -
Announcement Date 3/8/22 A 3/7/23 A 3/5/24 A 3/4/25 A 3/10/26 A - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.76x3.51x16.14x2.09% 24.27B
32.35x0.7x10.51x2.62% 7.41B
19.67x1.82x11.64x2.8% 1.55B
12.57x0.88x6.65x2.86% 1.3B
7.69x - - 4.86% 933M
10.94x0.57x5.47x4.88% 339M
Average 18.50x 1.49x 10.08x 3.35% 5.97B
Weighted average by Cap. 27.13x 2.71x 14.29x 2.35%

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