Company Valuation: Danone

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,530 30,830 37,646 41,915 49,156 41,518 - -
Change - -13.23% 22.11% 11.34% 17.28% -15.54% - -
Enterprise Value (EV) 1 46,030 40,937 47,867 50,516 57,587 50,300 49,427 48,997
Change - -11.06% 16.93% 5.53% 14% -12.65% -1.74% -0.87%
P/E 18.6x 33.3x 45.1x 20.8x 27.2x 17.2x 15.7x 14.7x
PBR 2.02x 1.76x 2.33x 2.59x 2.93x 2.34x 2.21x 2.1x
PEG - -0.7x -3.7x 0x -2.75x 0.5x 1.65x 2.17x
Capitalization / Revenue 1.46x 1.11x 1.36x 1.53x 1.8x 1.47x 1.41x 1.36x
EV / Revenue 1.9x 1.48x 1.73x 1.85x 2.11x 1.78x 1.68x 1.6x
EV / EBITDA 10x 7.81x 9.4x 10.7x 11.5x 10.1x 9.36x 8.84x
EV / EBIT 13.8x 12.1x 13.8x 14.2x 15.7x 13.1x 12.1x 11.3x
EV / FCF 18.9x 19.6x 18.2x 16.8x 20.6x 20.4x 17.4x 16.4x
FCF Yield 5.28% 5.11% 5.5% 5.94% 4.86% 4.91% 5.75% 6.08%
Dividend per Share 2 1.94 2 2.1 2.15 2.25 2.353 2.497 2.664
Rate of return 3.55% 4.06% 3.58% 3.3% 2.93% 3.65% 3.87% 4.13%
EPS 2 2.94 1.48 1.3 3.13 2.82 3.763 4.12 4.4
Distribution rate 66% 135% 162% 68.7% 79.8% 62.5% 60.6% 60.5%
Net sales 1 24,281 27,661 27,619 27,376 27,283 28,194 29,482 30,611
EBITDA 1 4,602 5,240 5,092 4,726 5,020 4,991 5,279 5,545
EBIT 1 3,337 3,377 3,481 3,558 3,665 3,838 4,093 4,321
Net income 1 1,924 959 881 2,021 1,825 2,358 2,594 2,769
Net Debt 1 10,500 10,107 10,221 8,601 8,431 8,782 7,909 7,479
Reference price 2 54.59 49.23 58.68 65.12 76.78 64.54 64.54 64.54
Nbr of stocks (in thousands) 650,849 626,246 641,543 643,653 640,218 643,298 - -
Announcement Date 23/2/22 22/2/23 22/2/24 26/2/25 20/2/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.15x1.78x10.08x3.65% 48.13B
20.67x2.82x14.05x4% 249B
19.61x2.47x14.73x3.34% 78.63B
15.66x0.56x10.17x2.47% 40.75B
21.31x3.23x13.12x3.28% 35.36B
36.62x3.17x18.24x1% 31.82B
-25.41x1.93x9.62x6.19% 30.68B
66.86x10.26x42.56x1.14% 29.33B
12.34x0.4x8.97x2.38% 23.25B
Average 20.53x 2.96x 15.73x 3.05% 62.98B
Weighted average by Cap. 20.35x 2.80x 14.73x 3.46%

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