Chocoladefabriken Lindt & Spruengli AG Reg.

Chocoladefabriken Lindt & Sprungli is a holding company based in Switzerland. Co. and its subsidiaries manufacture and sell premium chocolate products. Co.'s products are sold under the brand names: Lindt, Ghirardelli, Caffarel, Hofbauer and Kufferle. Worldwide, Co. maintains eight manufacturing plants (six in Europe and two in the United States) and sells mainly in countries within Europe and the NAFTA countries.
  • TickerLISN
  • ISINCH0010570759
  • ExchangeSix Swiss Exchange
  • SectorFood Producers
  • CountrySwitzerland

Chocoladefabriken Lindt & Sprüngli AG: 1 director bought

A director at Chocoladefabriken Lindt & Sprüngli AG bought 10 shares at 80,480.000CHF and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/22/2020

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Pierre Tegner

Lindt & Sprüngli : A surprising margin outlook. Wait for the consensus to significantly revise forecasts for 2020-2022

>Wait: Neutral - The management’s focus on supporting growth (innovations, marketing investments, deployment of product ranges) while “cautiously” adjusting its cost structure is not surprising given the group’s culture, which is fundamentally praiseworthy. The posture was similar in 2009, even though the context was different: back then there was a crisis in demand while the H1 signals point exclusively to a supply crisis (fall in travel retail and store closures). A...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/07/2020

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Pierre Tegner

Lindt & Sprüngli : Un outlook de marge qui surprend. Il faut attendre que le consensus révise significativement ses attentes 2020-2022

>Il faut attendre : Neutre - La focalisation du management sur le soutien à la croissance (innovations, investissements marketing, déploiement de gammes) tout en adaptant « prudemment » sa structure de coûts n’est en rien surprenante eu égard à la culture du groupe ; laquelle est fondamentalement louable. La posture était similaire en 2009, même si le contexte était différent : il s’agissait d’une crise de demande alors que les signaux du S1 penchent exclusivement en ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Squarely in the neutral camp At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. • We need to see more from cyclical value. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market (e.g., Materials, Energy, banks, major autos & parts, etc.)... see page 2. • Indicators supportive of a neutral outlook. S...

Chocoladefabriken Lindt & Sprüngli AG: 1 director bought

A director at Chocoladefabriken Lindt & Sprüngli AG bought 10 shares at 80,480.000CHF and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing ...

Pierre Tegner

Lindt & Sprüngli : A surprising margin outlook. Wait for the consensus to significantly revise forecasts for 2020-2022

>Wait: Neutral - The management’s focus on supporting growth (innovations, marketing investments, deployment of product ranges) while “cautiously” adjusting its cost structure is not surprising given the group’s culture, which is fundamentally praiseworthy. The posture was similar in 2009, even though the context was different: back then there was a crisis in demand while the H1 signals point exclusively to a supply crisis (fall in travel retail and store closures). A...

Pierre Tegner

Lindt & Sprüngli : Un outlook de marge qui surprend. Il faut attendre que le consensus révise significativement ses attentes 2020-2022

>Il faut attendre : Neutre - La focalisation du management sur le soutien à la croissance (innovations, investissements marketing, déploiement de gammes) tout en adaptant « prudemment » sa structure de coûts n’est en rien surprenante eu égard à la culture du groupe ; laquelle est fondamentalement louable. La posture était similaire en 2009, même si le contexte était différent : il s’agissait d’une crise de demande alors que les signaux du S1 penchent exclusivement en ...

Pierre Tegner

Lindt & Sprüngli : Limited decline in H1 but the management warns on the margin recovery

>Negative reaction probable because of the outlook - With a relative P/E of 1.5x vs the European food HPC sector and 2.3x vs the Stoxx 600, the relative valuation is not excessive as it is close to the 5- and 10-year averages. That said that share could react negatively to the outlook for the operating margin. Indeed, the management said that the operating margin is unlikely to return to a level of 15% until 2022-2023 after falling to 10% in 2020. Our estimates, like ...

Pierre Tegner

Lindt & Sprüngli : Déclin limité au S1 mais le management alerte sur le redressement des marges

>Probable réaction négative en raison de l’outlook - Avec un PE relatif de 1.5x vs Food HPC européen et de 2.3x vs Stoxx 600, la valorisation relative n’est pas excessive car proche de sa moyenne 5 et 10 ans. Ceci étant, le titre pourrait réagir négativement à l’outlook de marge opérationnelle. Le management indique en effet que le niveau de marge opérationnelle de 15% ne devrait être retrouvé que d’ici 2022/2023 après un passage à 10% en 2020. Nos prévisions comme ce...

Pierre Tegner

Lindt & Sprüngli : Net profit expected at -61% in H1: impact of lockdown during Easter period

>Why the stock is set to hold up despite what could be a disastrous first half - Neutral rating maintained with a target price revised to CHF 85,000 (vs CHF 78,900). Lindt & Sprüngli’s H1 2020 results, due to be reported next week (21 July before trading), could fuel the idea that the group has largely failed to show its capacity for resilience during the crisis, whereas the 12m fwd P/E of 42x (based on the consensus) seems to reflect an opposing view among investors....

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/22/2020

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Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/07/2020

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Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/21/2020

We are providing an update on our conviction that Nexi is set to acquire its fellow Italian group SIA in the next few months. Looking beyond the appeal in financial terms (synergies of € 100m) and strategically (insourcing of processing and international expansion) for Nexi, we think that the Italian government (which owns 83% of SIA) is unlikely to pass up the opportunity to create a national champion in electronic payment, as in France with Worldline/Ingenico. Based on our simulatio...

Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/07/2020

Nous revenons sur notre conviction que Nexi va racheter son compatriote SIA dans les mois qui viennent. Au-delà de l’intérêt financier (synergies de 100 M€) et stratégique (internalisation du processing et ouverture à l’international) pour Nexi, le gouvernement italien (qui détient 83% de SIA) ne devrait pas manquer la possibilité de créer un champion national du paiement, comme en France avec Worldline/Ingenico. Notre simulation (prix payé, type de financement) fait ressortir un bull...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2020

Based on the new air traffic scenario of the ODDO BHF aerospace team (-60% in 2020 and +40% in 2021), we have lowered our EBITDA estimates by close to 30% for ADP and Fraport, which puts us 30% below the consensus for 2021. We are maintaining our Reduce ratings on both stocks, as cash generation is set to remain negative and the valuation is not attractive enough. Cf. sector report published last evening. - ...

With a more favourable environment, CHOC.LINDT &SPRUENGLI AG improves to Slightly Positive

CHOC.LINDT &SPRUENGLI AG (CH), a company active in the Food Products industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 1 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date May 29, 2020, the closing price was CHF 83,400.00 and its potential was estimated at CHF 91,298.45.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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