Barry Callebaut: Cheaper by the dozen

Research evidence excerpt

Barry Callebaut: Cheaper by the dozen

Deutsche Bank

Research

Rating Company Date

Sell Barry Callebaut 9 July 2026

Forecast Change

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 9 Jul 2026 (CHF) 1,210.00

BARN.S BARN SW SWX BARN

Price Target (CHF) 960.00

Consumer Staples

1,523.00 -

Food Manufacturing 52-week range (CHF) 825.50

Cheaper by the dozen

Valuation & Risks

Tom Sykes

Verticals like bakery unlikely to match the post-COVID boom Research Analyst

Barry volumes for Q3 beat consensus, however, the outlook remains subdued. The +44-20-754-76418

stock sits on just under 20x 27e earnings which we see as too high considering the

Mitch Collett

risks to improved volume growth. Research Analyst

+44-20-754-11307

Of key concern to us is whether the benefits of Gourmet and Speciality can be the

Archit Agarwal

same as they have been historically. We believe excess pricing in Gourmet is

Research Associate

unwound and there is a risk of slower growth from key verticals like retail bakery and

smaller company chocolate manufacturing.

Madhu Vijay

We make some small changes to our forecasts but after FX, our 26e and 27e EPS Research Associate

estimates are largely unchanged. We are ~4% below consensus for FY 27e.

Pritam Palit

We believe the new CEO is strategically making the right choices for the business Off-Shore Associate

and we expect Barry to be a better business for that, however, we see the valuation

as too high for the level of volume growth expected and the risk that remains in

achieving them. Key changes

DB EPS (CHF) 39.51 to 39.44 ↓ -0.2%

We retain our DCF-derived EUR960 target price and our Sell recommendation. Revenue (CHFm) 12,690 to ↓ -0.4%

12,635

Forecasts and ratios Source: Deutsche Bank

Year End Aug 31 2024A 2025A 2026E 2027E 2028E