Chocoladefabriken Lindt & Sprüngli AG: Sprüng Back

Research evidence excerpt

Chocoladefabriken Lindt & Sprüngli AG: Sprüng Back

iQprofile SM Chocoladefabriken Lindt & Sprüngli AG

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(CHF Millions) Food Producers

Sales 5,469 5,916 6,067 6,411 6,811

EBITDA Adjusted 1,182 1,271 1,324 1,425 1,552

Depreciation & Amortization (297) (300) (309) (321) (341) Company Description EBIT Adjusted 884 971 1,014 1,105 1,211

Net Interest & Other Income (32.9) (47.5) (44.1) (41.5) (40.2) Chocoladefabriken Lindt & Sprungli AG, founded in

Tax Expense / Benefit (179) (197) (216) (245) (269) Switzerland in 1845, is the leading global premium

Net Income (Adjusted) 672 727 757 820 903 chocolate confectionery manufacturer selling innovative

Average Fully Diluted Shares Outstanding 0.23 0.23 0.23 0.23 0.22 products into more than 100 countries. Over the past

Key Cash Flow Statement Data decade, management has successfully exploited consumer

Net Income (Reported) 672 727 755 819 902 demand for accessible luxury chocolates by investing in

Depreciation & Amortization 297 300 309 321 341 strong innovation and branding support while increasing

Change in Working Capital 197 (617) 64.7 103 (56.0)

sales to mass market retailers. Deferred Taxation Charge 0 0 0 0 0

Other CFO 15.0 111 (37.3) 0 0

Cash Flow from Operations 1,182 520 1,092 1,243 1,186

Capital Expenditure (314) (329) (334) (353) (375) Investment Rationale

(Acquisition) / Disposal of Investments 0 0 0 0 0 Our Buy rating on Lindt is based on three key points: 1)

Other CFI 1.50 (3.90) (0.90) 0 0 LISP's superior portfolio for LISP should underpin market

Cash Flow from Investing (312) (333) (335) (353) (375)

share gains and resilient volume despite high pricing (and

Share Issue / (Repurchase) (117) (132) (237) (330) (330)