Barry Callebaut Reports Good Full-Year Results
No-moat Barry Callebaut reported annual results to end August 2017 with full-year sales in line with our forecast, while EPS came stronger than expected. We are retaining our fair value estimate for now, but we expect slight changes once we update our model to incorporate the latest results. We maintain our no-moat rating, as the company is mostly operating in a largely commoditised space within ingredients.Gross profit increased by 14.6% in local currencies and came in at CHF 986.7 million, sl...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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