BARN Reports Strong 3Q Sales With Asia-Pacific Continuing to Surprise on the Upside
No-moat Barry Callebaut reported nine-month results, with sales volume growth at 5.0%,versus 3.8% in our model, and revenue up 5.7% in CHF (8.2% in local currencies) versus 2.2% in our model. Management confirmed midterm guidance of 4%-6% volume growth and EBIT above volume growth in local currencies. We increase our fair value estimate for Barry Callebaut to CHF 1,590 from CHF 1,500 after updating our model to account for better-than-expected third-quarter results. Shares are trading in the two...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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