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 22,491 - -
Change - -26.54% 7.81% -2.04% 15.34% -16% - -
Enterprise Value (EV) 1 30,217 22,552 24,640 23,863 27,872 23,365 23,298 23,241
Change - -25.37% 9.26% -3.15% 16.8% -16.17% -0.29% -0.25%
P/E 60.5x 39.8x 35.7x 34.5x 37.1x 30.7x 28.3x 26.3x
PBR 5.6x 5.09x 5.63x 4.79x 5.44x 4.47x 4.3x 4.13x
PEG - 2.2x 1.8x 25.55x 4.5x 13.2x 3.33x 3.37x
Capitalization / Revenue 6.53x 4.42x 4.56x 4.25x 4.53x 3.72x 3.53x 3.33x
EV / Revenue 6.59x 4.54x 4.74x 4.36x 4.71x 3.86x 3.66x 3.44x
EV / EBITDA 32.8x 22.2x 22.5x 20.2x 21.9x 17.9x 16.6x 15.5x
EV / EBIT 46.9x 30.3x 30.3x 27x 28.7x 23.4x 21.6x 20x
EV / FCF 51.6x 42.9x 51.6x 27.4x 148x 29.7x 29.7x 28.7x
FCF Yield 1.94% 2.33% 1.94% 3.65% 0.67% 3.37% 3.36% 3.49%
Dividend per Share 2 1,200 1,300 1,400 1,500 1,800 1,854 1,996 2,115
Rate of return 0.98% 1.37% 1.37% 1.5% 1.55% 1.88% 2.02% 2.14%
EPS 2 2,019 2,387 2,859 2,898 3,137 3,210 3,482 3,754
Distribution rate 59.4% 54.5% 49% 51.8% 57.4% 57.8% 57.3% 56.3%
Net sales 1 4,586 4,970 5,201 5,468 5,916 6,048 6,363 6,749
EBITDA 1 921.5 1,018 1,094 1,182 1,271 1,306 1,400 1,500
EBIT 1 644.9 744.6 813.1 884.2 971 999.2 1,079 1,160
Net income 1 490.5 569.7 671.4 672.3 727.2 745.7 803.8 864.7
Net Debt 1 294.7 571.3 943.3 649.4 1,096 873.9 807 749.8
Reference price 2 122,200.00 95,000.00 102,000.00 100,000.00 116,400.00 98,600.00 98,600.00 98,600.00
Nbr of stocks (in thousands) 241 232 233 231 230 230.3 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
30.72x3.86x17.89x1.88% 27.82B
32.18x0.7x10.56x2.55% 7.8B
20.4x1.88x12.03x2.7% 1.65B
13.61x0.88x6.45x2.6% 1.37B
10.08x - - 3.12% 808M
12.59x0.7x6.13x4.39% 410M
Average 19.93x 1.61x 10.61x 2.87% 6.64B
Weighted average by Cap. 29.38x 3.01x 15.65x 2.12%

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