Report
Pierre Tegner

Lindt & Sprüngli : Strong organic growth in H1 and sharp underlying operating margin recovery

>H1 earnings likely to be well received - Neutral rating maintained with a target price of CHF 83,000. The resilience of the group’s profitable growth model is not in doubt, but we think that the valuation is too high (2023 P/E of 42x). That said, the group’s H1 results, its 2022 guidance upgrade and the announcement of CHF 1bn in share buybacks will likely go down well with the market. Net income at +36% with sales at +10.7% and EBIT at +33% - Lindt ...
Underlying
Chocoladefabriken Lindt & Spruengli AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Pierre Tegner

ResearchPool Subscriptions

Get the most out of your insights

Get in touch