BARN Reports Half-Year Results, With Better than Expected Cocoa Profitability; Shares Rich
Non-moat Barry Callebaut reported half-year 2019 results, with sales volume growth at 2.4%, in line with our half-year estimates, and revenue up 3.5% in CHF (6% in local currencies) or 3.5% ahead of our estimates (flat). Operating profit was 2.7% higher than our forecasts, at CHF 301.4 million (up 8.9%), a function of higher EBIT/tonne (CHF 288 versus CHF 280.3 in our model) and volume growth. At the time of writing, shares traded at CHF 1,925, about 28% higher than our CHF 1,500 fair value esti...Barry Callebaut is a cocoa and chocolate company, engaged in serving the food industry, from food manufacturers to professional users of chocolate such as chocolatiers, pastry chefs or bakers and products for vending machines. Co. offers a range of chocolate and other cocoabased products with numerous recipes. Co. also provides a comprehensive range of services in the fields of product development, processing, training and marketing. Co. is fully vertically integrated along the entire value chain: from sourcing of raw materials to finished products on the shelf. Co.'s operations are organized in three business units: Cocoa, Food Manufacturers, Gourmet & Specialties Products.
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