Barry Callebaut Benefits From Ongoing Outsourcing Trend in Chocolate Manufacturing
Barry Callebaut reported in-line fiscal 2018 results for the 52 weeks to Aug. 31, with sales volume growth at 6.3% (versus 5.8% assumed in our model) and revenue up 2.1% in CHF (flat in local currencies). While operating profit increased 20.4% year on year, free cash flow declined by almost 35% driven by higher cocoa bean prices. At the time of writing, shares trade at CHF 2,000, some 30% higher than our CHF 1,500 fair value estimate, which, in turn, given the in-line print we do not anticipate ...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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