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Lotus Bakeries (LOTB) Fair Value & Analysis

Consumer Defensive · BE · Market cap €9.0B · ISIN BE0003604155

What is Lotus Bakeries really worth?

LB Lotus Bakeries LOTB · BR
Price€12,220
Fair Value€3,735
Upside−69.4%
Quality59/100

A solid business, but trading 227% above our fair value of €3,735.

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Strengths

Solidly profitable · 12.7% net margin
Low debt · generates free cash flow
Wide moat 67/100

Risks

!Mixed Growth (revenue 5y +15.4 %/yr)
!Mixed vs. peers (6/15)
!Weak on dividend: 15 out of 100

For context

·0.74% dividend yield
Evidence: High Range €1,943 – €5,216

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Share price +8.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€5,216). The favourable scenario is already priced in.
  • The model range is unusually wide (€1,943 to €5,216). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

€13,100 €4,387 Fair Value €3,735 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range €4,387 – €13,100 · fair‑value band €1,943 – €5,216 · the €12,220 price screens above the €3,735 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Lotus Bakeries (LOTB) currently trades at €12,220, while our model-based Fair Value estimate is €3,735, implying the stock looks roughly 227.2% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of €3,852 per share, and 0 of the 26 models we run sit above the €12,220 price. Bear case: the Asset-Based group reads lowest at €708.55, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Lotus Bakeries generated revenue of €1.4B at a net margin of 12.7%. Revenue grew 10.3% year over year. It earns a return on equity of 20.9%. Net debt stands at €190M. Fundamentals as of Aug 13, 2026

Our scenario range runs from €1,943 (bear case) to €5,216 (bull case); at €12,220, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 70% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at −69%, LOTB screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €82.74 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (€708.55 to €6,324). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €1,229 €2,222 €3,849 77
Growth DCF €1,221 €2,134 €3,578 76
Owner Earnings €1,326 €2,390 €4,131 74
All 26 models by family
DCF Models
FCF DCF €1,229 €2,222 €3,849 77
Owner Earnings €1,326 €2,390 €4,131 74
5Y Revenue Exit €1,457 €2,706 €4,397 70
5Y EBITDA Exit €2,301 €4,418 €7,071 73
5Y P/E Exit €2,342 €4,501 €6,958 69
10Y Revenue Exit €1,306 €2,443 €4,169 64
10Y EBITDA Exit €1,906 €3,658 €6,323 66
10Y P/E Exit €1,932 €3,717 €6,233 62
Earnings-Based
Graham-Dodd €1,441 €6,324 €8,655 64
Lynch FV €1,633 €2,333 €3,033 61
PEG = 1.0 €1,633 €2,333 €3,033 57
EPV €1,867 €2,184 €2,457 74
Dividend Discount
Gordon GGM €667.04 €1,329 €2,013 67
DDM Multi-Stage €667.04 €1,149 €1,403 67
Multiples
P/E Multiple €3,338 €4,450 €5,563 63
P/S Multiple €2,000 €2,667 €3,334 58
P/B Multiple €2,702 €3,603 €4,503 55
EV/EBIT €3,505 €4,720 €5,935 66
EV/EBITDA €3,130 €4,220 €5,309 67
EV/Revenue €1,610 €2,360 €3,110 53
Asset-Based
NCAV (Graham) €528.77 €708.55 €1,058 54
Growth DCF
Growth DCF €1,221 €2,134 €3,578 76
Rev-Margin DCF €1,457 €2,671 €4,210 71
Economic Profit
Residual Income €1,330 €1,741 €6,187 64
ROIC Compounder €2,100 €2,823 €3,750 72
Growth Earnings
Growth-Adj P/E €2,696 €3,852 €5,008 67

Widest divergence: Growth Earnings (€3,852) versus Asset-Based (€708.55). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 57.6
P/S ratio 7.33 P/E × margin
EPS (TTM) €212.04 price ÷ EPS = P/E 57.6
Dividend yield 0.7% payout 42.4%
Net margin 12.7% FY2025
Return on equity 20.9% TTM
More key figures
Profitability
Return on assets (EBIT) 13.7% avg 5y
Operating margin 17.6% TTM
Growth
Revenue (TTM) €1.4B TTM
Revenue growth (YoY) +10.3% 3y avg +15.6%
EPS growth (YoY) +15.4%
Balance sheet & cash flow
Free cash flow €92.9M FY2025
Net debt €190M FY2025 · ≈ 2.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 79

Profitability 58
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Lotus Bakeries NV, together with its subsidiaries, provides various snack products in Belgium and internationally. It offers biscuits, cookies, ginger breads, cakes, donut, waffles, pastry, fruity bakes, veggie straws, wriggles, tiddlers, biscptti, melty bittons, and pepparkakor biscuits.

Full company description

Lotus Bakeries NV, together with its subsidiaries, provides various snack products in Belgium and internationally. It offers biscuits, cookies, ginger breads, cakes, donut, waffles, pastry, fruity bakes, veggie straws, wriggles, tiddlers, biscptti, melty bittons, and pepparkakor biscuits. The company also provides energy bars, fruit and nut bars, protein bars, fruit and fibre bars, ice creams, and spreads. It sells its products under the Lotus, Biscoff, nakd, TREK, BEAR, Kiddylicious, Peter's Yard, Dinosaurus, Peijnenburg, Snelle Jelle, Annas, Suzy, and Kung Oscar brands. The company was founded in 1932 and is headquartered in Lembeke, Belgium. Lotus Bakeries NV is a subsidiary of Stichting Administratiekantoor van Aandelen Lotus Bakeries.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lotus Bakeries reported revenue of €1.4B in FY2025 versus €750M in FY2021, a compound +15.9%/yr. Reported net income was €172M in FY2025, compounding +17.4%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€1.4B
Latest YoY
+10.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.4%
Avg. revenue growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+16.5% (15.8 + 0.7)
Revenue +15.9%/yr
FY21 €750M
FY22 €877M
FY23 €1.1B
FY24 €1.2B
FY25 €1.4B
Net income +17.4%/yr
FY21 €90.8M
FY22 €103M
FY23 €129M
FY24 €153M
FY25 €172M
Character of growth · EPS growth decomposed (2014-2025) +13.5 % p.a.
Revenue per share +12.3 %

of which total revenue +12.5 % · buybacks/dilution −0.1 %

EBIT margin +0.7 %
Tax rate +0.5 %
Residual (interest, one-offs) −0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

LOTB screens 227% overvalued. Compare with Nestlé S.A →

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Cite: Fair Value Calculator (2026). "Lotus Bakeries Fair Value". https://www.fairvalue-calculator.com/stock/LOTB

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Packaged Foods · 648 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside −69% · Bottom 25%
Return on equity (TTM) 21% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 10% · Above median
Dividend yield (TTM) 0.7% · Bottom 25%
Debt / equity 0.28× · Higher than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 57.6× · Pricier than 75% of peers
P/B 12.17× · Pricier than 75% of peers
P/S (TTM) 7.72× · Pricier than 75% of peers
P/FCF 112.6× · Pricier than 75% of peers
EV/EBITDA 40.0× · Pricier than 75% of peers
PEG 9.38× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 25
FUTURE52 · sector 21
PAST83 · sector 28
HEALTH86 · sector 96
DIVIDEND15 · sector 53

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.62 CHF 57.26 −27%
Danone S.A BN €64.28 €48.41 −25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 −83%
The Kraft Heinz Company KHC $25.13 $24.59 −2%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 −37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 −61%
General Mills, Inc GIS $40.44 $28.32 −30%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 −68%

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Frequently asked questions

Is Lotus Bakeries (LOTB) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €3,735 versus a price of €12,220, about −69% upside (overvalued).
What is the fair value of LOTB?
Our model-based fair value for Lotus Bakeries is €3,735 (as of Aug 13, 2026), built from audited fundamentals. The current price: €12,220.
What is the quality score of LOTB?
Lotus Bakeries has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Lotus Bakeries (LOTB)?
Lotus Bakeries reported trailing-twelve-month revenue of about €1.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of LOTB?
The net profit margin of Lotus Bakeries is about 12.7%, meaning it keeps roughly 12.7% of revenue as net income. Based on the latest reported figures.
Does Lotus Bakeries pay a dividend?
Lotus Bakeries currently shows a dividend yield of about 0.74% relative to its recent price (as of Aug 13, 2026).
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