Report
Pierre Tegner

Lindt & Sprüngli : Croissance organique de 6.1% sur 2019 dont 6.0% au S2

>Neutre maintenu - Dans un contexte de forte polarisation des valorisations au sein du Food HPC tant en Europe qu’aux USA, le PE 20e de 38x est légitime pour une valeur qui mérite le statut d’iconic brand en étant concentré stratégiquement et diversifié opérationnellement. Mais il reste difficile d’envisager une expansion de PE. A court terme, le titre devrait rester soutenu par une croissance organique rassurante de 6.1% sur 2019, légèrement supérieure aux attentes d...
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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