Lindt & Sprüngli : Organic growth of 5.1% for 2018 and prospect of 5%-7% in 2019. Reassuring but no impact on 2019-2020 results
>Neutral: reassuring outlook but no major impact - We are sticking with our Neutral recommendation in light of this morning’s 2018 sales release. Improved visibility in the North America zone and on Russell Stover will be required for a more optimistic view on the stock which is valued in line with its historic valuation. Organic growth of 5.1% in 2018 (H1 and H2) remains exceptionally high in the consumer staples industry but this is just at the low end of the l...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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