Lindt & Sprüngli : Limited decline in H1 but the management warns on the margin recovery
>Negative reaction probable because of the outlook - With a relative P/E of 1.5x vs the European food HPC sector and 2.3x vs the Stoxx 600, the relative valuation is not excessive as it is close to the 5- and 10-year averages. That said that share could react negatively to the outlook for the operating margin. Indeed, the management said that the operating margin is unlikely to return to a level of 15% until 2022-2023 after falling to 10% in 2020. Our estimates, like ...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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