Report
Pierre Tegner

Lindt & Sprüngli : A surprising margin outlook. Wait for the consensus to significantly revise forecasts for 2020-2022

>Wait: Neutral - The management’s focus on supporting growth (innovations, marketing investments, deployment of product ranges) while “cautiously” adjusting its cost structure is not surprising given the group’s culture, which is fundamentally praiseworthy. The posture was similar in 2009, even though the context was different: back then there was a crisis in demand while the H1 signals point exclusively to a supply crisis (fall in travel retail and store closures). A...
Underlying
Chocoladefabriken Lindt & Spruengli AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Pierre Tegner

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