Lindt & Sprüngli : S1 2019: très belle croissance organique avec un net rebond des USA. Mais EBIT et BPA 2% & 6%< aux attentes
>La réaction de marché devrait être partagée entre la très belle croissance et un BPA 6% inférieur aux attentes - Neutre maintenu. Le bon niveau de la croissance organique avec surtout un rebond inattendu de l’Amérique du Nord à un moment où la prime du titre est de 50% contre une moyenne 10 ans de 60% (vs Food Beverage HPC européen) plaide en faveur d’une réaction positive du marché. Mais la publication d’un BPA qui est à +3.0% alors que nous attendions +10.5% et que...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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