Lindt & Sprüngli : Croissance organique attendue à 5.5% sur 2018 dont 5.7% au S2
>Neutre maintenu malgré la baisse du titre - La baisse du titre, ne nous incite pas à modifier notre recommandation Neutre. Avec une croissance organique attendue à 5.5%, Lindt devrait continuer de se distinguer des pairs du Food HPC européen. Mais cette surperformance reste largement reflétée par une prime de 66% en PE 12mfwd alors qu’elle est de 60% en moyenne sur 10 ans. En outre, l’incertitude demeure sur l’intégration de Russell Stover qui restait en déclin au S1...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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