Company Valuation: Nestlé S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 350,518 295,663 252,370 192,539 202,576 196,184 - -
Change - -15.65% -14.64% -23.71% 5.21% -3.16% - -
Enterprise Value (EV) 1 383,097 343,288 301,760 248,544 253,958 247,118 245,555 242,525
Change - -10.39% -12.1% -17.63% 2.18% -2.69% -0.63% -1.23%
P/E 21x 31.3x 23.1x 17.9x 22.4x 20.1x 17.6x 16.3x
PBR 6.62x 7.04x 7.42x 5.36x 6.17x 5.69x 5.3x 4.87x
PEG - -0.7x 1x -18.93x -1.4x 2.45x 1.2x 2.05x
Capitalization / Revenue 4.02x 3.13x 2.71x 2.11x 2.26x 2.19x 2.11x 2.05x
EV / Revenue 4.4x 3.64x 3.24x 2.72x 2.84x 2.75x 2.65x 2.53x
EV / EBITDA 20.6x 17.5x 15.5x 12.9x 14.1x 13.7x 12.8x 12.1x
EV / EBIT 25.3x 21.3x 18.8x 15.8x 17.6x 16.8x 15.7x 14.8x
EV / FCF 44.9x 52.3x 29x 23.3x 27.7x 25.2x 23.7x 20.6x
FCF Yield 2.22% 1.91% 3.45% 4.29% 3.6% 3.97% 4.21% 4.85%
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% 4.12% 4.2% 4.33%
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 76.27 76.27 76.27
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 17/2/22 16/2/23 22/2/24 13/2/25 19/2/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.08x2.75x13.73x4.12% 238B
19.37x2.45x14.58x3.38% 77.66B
16.1x1.69x9.56x3.89% 44.66B
15.77x0.56x10.06x2.49% 41.05B
20.56x3.13x12.71x3.4% 34.12B
33.6x2.92x16.98x1.1% 29.82B
-8.61x1.87x9.3x6.57% 28.97B
62.68x9.62x39.88x1.22% 27.19B
11.78x0.38x8.71x2.49% 22.21B
Average 21.26x 2.82x 15.06x 3.18% 60.44B
Weighted average by Cap. 20.36x 2.69x 14.21x 3.58%

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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