Lindt & Sprüngli : Reassuring 2022 revenues and outlook
>Neutral rating maintained - We maintain our Neutral rating with a target price of CHF 83,000 on what is a high-quality stock but whose 2023 P/E 40x is a negative factor in the current context. The 2022 revenue release – and implicitly the H2 figures – is broadly in line with forecasts and could be well received. The underlying operating margin guidance of around 15% for 2022 was confirmed. Management is also sticking to its 2023 guidance for 6-8% organic growth and +...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.
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