Lindt & Sprüngli : 2018 results unlikely to contain any surprises after consensus adjustment –2018 EPS forecast at +6.8% with +20bp for the operating margin
>Neutral recommendation maintained: scarcity effect protecting the stock despite its valuation - Neutral recommendation maintained. We are revising up our target price to CHF 68,000 (vs CHF 64,000 previously) due to the recent expansion of the sector’s valuation multiples. We continue to target a premium of 60% on a 12-mth forward PER relative to the Food Beverage HPC European large cap, corresponding to the average observed over 10 years. The stock harbours...Chocoladefabriken Lindt & Sprungli is a holding company based in Switzerland. Co. and its subsidiaries manufacture and sell premium chocolate products. Co.'s products are sold under the brand names: Lindt, Ghirardelli, Caffarel, Hofbauer and Kufferle. Worldwide, Co. maintains eight manufacturing plants (six in Europe and two in the United States) and sells mainly in countries within Europe and the NAFTA countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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