Lindt & Sprüngli : H1 2023 results well above expectations and upward revision to organic growth and operating margin estimates for 2023
>Positive reaction expected from the stock - Neutral recommendation maintained with a target price of CHF 93,000. The valuation is historically high given the algorithm of higher profitable growth (+6% to +8% organic growth with +20bp to +40bp of operating margin) and an unusual regularity that results from the premiumisation of chocolate consumption combined with hyper segmentation of the portfolio under an iconic brand. But the 12m fwd PER of 41x reflects a premium...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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