Lindt & Sprüngli : H1 2019: very robust organic growth with a marked rebound in the US. But EBIT and EPS 2% and 6% below forecasts
>Market reaction likely to be split between the impressive level of growth and EPS 6% below forecasts - Neutral recommendation maintained. The good level of organic growth with, above all, an unexpected rebound in North America just when the premium on the stock stands at 50% vs the 10-year average of 60% (vs European Food Beverage HPC) suggests a likely positive reaction from the market. However EPS was +3.0% vs our forecast of +10.5% and +9.5% for the consensus, whi...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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