Lindt & Sprüngli (1K) | Buy | Premium position at cocoa hangover price

Research evidence excerpt

Lindt & Sprüngli (1K) | Buy | Premium position at cocoa hangover price

#TPchange #HighConviction #FlashReport

Release date: 22 July 2026

Company research

ESG profile BuyLindt & Sprüngli

Switzerland | Food Beta Profile: MCap: CHF22.2bn

Target Price: CHF112,000.00 (126000.00) Change in TP: -11.1 % Bloomberg: LISN SW Reuters: LISN.S

Current Price: CHF95,600.00 Change in Sales: -0.4% 26E/-1.3% 27E Free float 88%

Up/downside: 17.2% Change in Adj EBIT: -0.5% 26E/-2.2% 27E Avg. daily volume (CHFm) 19.2

YTD abs performance -17.9% Market data: 21 July 2026 Change in Adj. EPS: -0.3% 26E/-2.5% 27E

52-week high/low (CHF) 131600.00/92400.00

Premium position at cocoa hangover price Price performance

Why this report?

Volatility from unprecedented cocoa gyrations may weigh on the group's 6-

8% growth goal in 2027, the company has cautioned, amid potential price

cuts to reboot volumes after worse-than-expected elasticities. However, the

stock's performance seems to point to an expected period of extended

growth weakness. After the cocoa hangover passes, we believe Lindt has

plenty of levers to reaccelerate growth, such as new markets, retail store

expansion, as well as product innovation, on top of secular growth dynamics

such as premiumisation, ageing populations and more selective indulgence

with increased take-up of GLP-1s. We believe the current valuation creates an

attractive entry point for investors who have long been drawn to the growth

characteristics of the case but been put off by the multiple.

FY to 31/12 (CHF) 12/26E 12/27E 12/28E

Key findings Sales 6,014 6,317 6,743

Lindt has reiterated its medium-term growth guidance for 6-8% organic sales EBITDA adj. 1,319 1,386 1,471

growth, but says it is too early to tell whether it can grow at this level in 2027. EBIT adj.