Financials NESTLE CINNOBER BOAT

Equities

0RR6

CH0372071347

Food Processing

End-of-day quote CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

Jun. 14	NESTLE : UBS reiterates its Buy rating	ZD
Jun. 14	NESTLE : Bernstein reaffirms its Neutral rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	302,550	290,369	350,518	295,663	260,170	249,758	-	-
Enterprise Value (EV) ¹	329,451	321,707	383,097	343,288	309,560	302,142	300,823	299,835
P/E ratio	24.4 x	24.3 x	21 x	31.3 x	23.1 x	20.5 x	18.9 x	17.7 x
Yield	2.58%	2.64%	2.2%	2.75%	3.08%	3.32%	3.51%	3.73%
Capitalization / Revenue	3.27 x	3.44 x	4.02 x	3.13 x	2.8 x	2.63 x	2.52 x	2.41 x
EV / Revenue	3.56 x	3.81 x	4.4 x	3.64 x	3.33 x	3.19 x	3.03 x	2.9 x
EV / EBITDA	16.5 x	17.5 x	20.6 x	17.5 x	15.9 x	15 x	14.1 x	13.4 x
EV / FCF	28.3 x	32.1 x	44.9 x	52.3 x	29.8 x	25.1 x	24.8 x	23.9 x
FCF Yield	3.53%	3.11%	2.22%	1.91%	3.36%	3.98%	4.04%	4.18%
Price to Book	5.8 x	6.43 x	6.62 x	7.04 x	7.42 x	6.91 x	6.39 x	5.88 x
Nbr of stocks (in thousands)	2,887,479	2,785,049	2,750,456	2,759,592	2,668,141	2,621,306	-	-
Reference price ²	104.8	104.3	127.4	107.1	97.51	95.28	95.28	95.28
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	92,568	84,343	87,088	94,424	92,998	94,828	99,242	103,473
EBITDA ¹	19,973	18,368	18,559	19,644	19,511	20,099	21,306	22,442
EBIT ¹	16,260	14,903	15,119	16,103	16,053	16,577	17,653	18,562
Operating Margin	17.57%	17.67%	17.36%	17.05%	17.26%	17.48%	17.79%	17.94%
Earnings before Tax (EBT) ¹	15,062	13,922	10,806	11,286	12,703	14,382	15,432	16,402
Net income ¹	12,600	12,232	16,905	9,270	11,209	12,130	13,015	13,803
Net margin	13.61%	14.5%	19.41%	9.82%	12.05%	12.79%	13.11%	13.34%
EPS ²	4.300	4.290	6.060	3.420	4.230	4.640	5.040	5.373
Free Cash Flow ¹	11,639	10,013	8,523	6,570	10,403	12,014	12,150	12,533
FCF margin	12.57%	11.87%	9.79%	6.96%	11.19%	12.67%	12.24%	12.11%
FCF Conversion (EBITDA)	58.27%	54.51%	45.92%	33.45%	53.32%	59.77%	57.03%	55.85%
FCF Conversion (Net income)	92.37%	81.86%	50.42%	70.87%	92.81%	99.04%	93.36%	90.8%
Dividend per Share ²	2.700	2.750	2.800	2.950	3.000	3.160	3.347	3.553
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 S2
Net sales ¹	47,112	41,152	43,191	41,755	21,539	23,794	45,333	22,238	23,342	45,580	23,552	25,292	48,844	23,470	22,823	46,293	22,536	24,169	46,705	22,092	45,300	49,292
EBITDA	10,336	8,864	9,504	8,922	-	-	9,637	-	-	9,439	-	-	10,205	-	-	9,626	-	-	9,885	-	9,492	10,610
EBIT	8,487	7,156	7,747	7,251	-	-	7,868	-	-	7,683	-	-	8,420	-	-	7,904	-	-	8,149	-	7,680	8,600
Operating Margin	18.01%	17.39%	17.94%	17.37%	-	-	17.36%	-	-	16.86%	-	-	17.24%	-	-	17.07%	-	-	17.45%	-	16.95%	17.45%
Earnings before Tax (EBT)	-	-	6,536	6,450	-	-	-	-	-	-	-	-	-	-	-	6,565	-	-	6,138	-	6,552	7,270
Net income	-	-	6,349	5,945	-	-	-	-	-	-	-	-	-	-	-	5,600	-	-	5,560	-	5,785	6,182
Net margin	-	-	14.7%	14.24%	-	-	-	-	-	-	-	-	-	-	-	12.1%	-	-	11.9%	-	12.77%	12.54%
EPS	2.620	2.060	2.230	2.120	-	-	-	-	-	-	-	-	-	-	-	2.130	-	-	2.110	-	2.180	2.070
Dividend per Share	2.700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	7/30/20	2/18/21	7/29/21	10/20/21	2/17/22	2/17/22	4/21/22	7/28/22	7/28/22	10/19/22	2/16/23	2/16/23	4/25/23	7/27/23	7/27/23	10/19/23	2/22/24	2/22/24	4/25/24	-	-

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	26,901	31,338	32,579	47,625	49,390	52,384	51,065	50,076
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.347 x	1.706 x	1.755 x	2.424 x	2.531 x	2.606 x	2.397 x	2.231 x
Free Cash Flow ¹	11,639	10,013	8,523	6,570	10,403	12,014	12,150	12,533
ROE (net income / shareholders' equity)	23.1%	25%	34.2%	19.5%	28.8%	35.5%	36.1%	35.2%
ROA (Net income/ Total Assets)	9.52%	9.71%	12.8%	6.76%	9.71%	9.84%	10.1%	10.4%
Assets ¹	132,384	125,984	131,585	137,162	115,412	123,255	128,449	132,501
Book Value Per Share ²	18.10	16.20	19.30	15.20	13.10	13.80	14.90	16.20
Cash Flow per Share ²	5.400	5.050	4.970	4.400	6.020	5.940	6.460	6.610
Capex ¹	4,211	4,364	5,341	5,095	5,714	5,390	5,269	5,403
Capex / Sales	4.55%	5.17%	6.13%	5.4%	6.14%	5.68%	5.31%	5.22%
Announcement Date	2/13/20	2/18/21	2/17/22	2/16/23	2/22/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for NESTLE

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

95.28 CHF

Average target price

106.6 CHF

Spread / Average Target

+11.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
MONDELEZ INTERNATIONAL, INC.	-9.08%	88.33B
DANONE	+0.89%	40.46B
KRAFT HEINZ	-12.44%	39.32B
THE HERSHEY COMPANY	+0.29%	37.81B
GENERAL MILLS, INC.	+0.55%	36.98B
ARCHER-DANIELS-MIDLAND COMPANY	-17.61%	29.42B
NESTLÉ INDIA LIMITED	-4.37%	29.35B
ASSOCIATED BRITISH FOODS PLC	+5.51%	23.44B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-13.15%	21.66B

Other Food Processing