Company Valuation: Nestlé S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 350,518 295,663 252,370 192,539 202,576 199,939 - -
Change - -15.65% -14.64% -23.71% 5.21% -1.3% - -
Enterprise Value (EV) 1 383,097 343,288 301,760 248,544 253,958 250,874 249,310 246,280
Change - -10.39% -12.1% -17.63% 2.18% -1.21% -0.62% -1.22%
P/E 21x 31.3x 23.1x 17.9x 22.4x 20.5x 17.9x 16.6x
PBR 6.62x 7.04x 7.42x 5.36x 6.17x 5.8x 5.4x 4.96x
PEG - -0.7x 1x -18.93x -1.4x 2.5x 1.3x 2.09x
Capitalization / Revenue 4.02x 3.13x 2.71x 2.11x 2.26x 2.23x 2.15x 2.09x
EV / Revenue 4.4x 3.64x 3.24x 2.72x 2.84x 2.79x 2.69x 2.57x
EV / EBITDA 20.6x 17.5x 15.5x 12.9x 14.1x 13.9x 13x 12.2x
EV / EBIT 25.3x 21.3x 18.8x 15.8x 17.6x 17.1x 16x 15x
EV / FCF 44.9x 52.3x 29x 23.3x 27.7x 25.6x 24.1x 20.9x
FCF Yield 2.22% 1.91% 3.45% 4.29% 3.6% 3.91% 4.15% 4.78%
Dividend per Share 2 2.8 2.95 3 3.05 3.1 3.139 3.203 3.301
Rate of return 2.2% 2.75% 3.08% 4.07% 3.94% 4.04% 4.12% 4.25%
EPS 2 6.06 3.42 4.23 4.19 3.51 3.798 4.337 4.681
Distribution rate 46.2% 86.3% 70.9% 72.8% 88.3% 82.7% 73.9% 70.5%
Net sales 1 87,088 94,424 92,998 91,354 89,490 89,767 92,787 95,752
EBITDA 1 18,559 19,644 19,511 19,286 18,022 17,995 19,202 20,122
EBIT 1 15,119 16,103 16,053 15,704 14,389 14,710 15,621 16,407
Net income 1 16,905 9,270 11,209 10,884 9,033 9,813 11,130 12,010
Net Debt 1 32,579 47,625 49,390 56,005 51,382 50,935 49,371 46,341
Reference price 2 127.44 107.14 97.51 74.88 78.74 77.73 77.73 77.73
Nbr of stocks (in thousands) 2,750,456 2,759,592 2,588,141 2,571,306 2,572,715 2,572,225 - -
Announcement Date 2/17/22 A 2/16/23 A 2/22/24 A 2/13/25 A 2/19/26 A - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.17x2.87x14.32x3.91% 256B
19.62x2.47x14.73x3.34% 78.66B
17.25x1.79x10.13x3.62% 48.57B
15.65x0.56x10.16x2.47% 40.73B
20.98x3.19x12.94x3.33% 34.81B
34.74x3.02x17.5x1.06% 31.37B
-8.78x1.89x9.39x6.44% 29.53B
65.07x9.99x41.41x1.17% 28.57B
Average 23.21x 3.22x 16.32x 3.17% 68.48B
Weighted average by Cap. 21.63x 2.89x 14.94x 3.49%

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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