Lindt & Sprüngli : Déclin limité au S1 mais le management alerte sur le redressement des marges
>Probable réaction négative en raison de l’outlook - Avec un PE relatif de 1.5x vs Food HPC européen et de 2.3x vs Stoxx 600, la valorisation relative n’est pas excessive car proche de sa moyenne 5 et 10 ans. Ceci étant, le titre pourrait réagir négativement à l’outlook de marge opérationnelle. Le management indique en effet que le niveau de marge opérationnelle de 15% ne devrait être retrouvé que d’ici 2022/2023 après un passage à 10% en 2020. Nos prévisions comme ce...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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