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 19,998 - -
Change - -26.54% 7.81% -2.04% 15.34% -25.31% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 21,005 20,920 20,852
Change - -25.37% 9.26% -3.15% 16.8% -24.64% -0.4% -0.33%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 27.6x 25.7x 23.9x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.04x 3.87x 3.69x
PEG - 2.2x 1.8x 25.55x 4.5x 11.08x 3.48x 3.2x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.32x 3.18x 3.02x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.49x 3.33x 3.14x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 16x 15.1x 14.1x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 21x 19.6x 18.2x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 25.4x 26.9x 25.8x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.93% 3.72% 3.88%
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% 2.1% 2.26% 2.38%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,215 3,453 3,710
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 58% 58% 57%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,026 6,279 6,631
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,310 1,390 1,481
EBIT 1 644.9 744.6 813.1 884.2 971 999 1,068 1,143
Net income 1 490.5 569.7 671.4 672.3 727.2 745.7 797.8 854.8
Net Debt 1 294.7 571.3 943.3 649.4 1,096 1,007 921.8 853.2
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 88,700.00 88,700.00 88,700.00
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.($)
27x3.43x15.79x2.15% 24.33B
30.41x0.69x10.31x2.69% 7.39B
19.49x1.8x11.53x2.83% 1.59B
12.93x0.93x6.87x2.76% 1.36B
7.42x - - 5.04% 904M
11.32x0.61x5.81x4.56% 367M
Average 18.09x 1.49x 10.06x 3.34% 5.99B
Weighted average by Cap. 26.19x 2.65x 13.99x 2.41%

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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