Lindt & Sprüngli : Operating margin of 15.0% for 2022: in line. 2023 targets less explicit than in mid-January
>Neutral maintained - Neutral maintained with a target price of CHF 93,000. The iconic brand model status with growth above the food and beverage HPC sector supports the premium. However, 12-mth fwd P/E (39x) significantly limits upside in the medium term: the stock presents a premium of 75% vs the European food beverage HPC sector (vs a 5-year average of 63%) and 194% vs Stoxx 600 (vs a 5-year average of 154%).The 2022 results published this morning should be po...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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