Barry Callebaut Reports Strong 1Q Volume Growth, but Sales Depressed by Pricing Pass-Through
No-moat Barry Callebaut reported first-quarter sales of CHF 1,872 million, 0.7% lower than the year-ago period. Although growth was lower than our long-term forecasts of 4.5%, we are increasing our fair value estimate to CHF 1,480 from CHF 1,220 on the back of robust volume growth.Volumes grew strongly by 8%, driven by the Europe, Middle East, and Africa, or EMEA, division, which recorded double-digit volume growth of 10.3% and sales growth of 8% (in Swiss francs). Strong performance was suppor...
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.
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