Chocoladefabriken Lindt & Sprüngli AG | Europe: Still Bittersweet

Research evidence excerpt

Chocoladefabriken Lindt & Sprüngli AG | Europe: Still Bittersweet

Idea

July 29, 2026 03:30 AM GMT

Morgan Stanley & Co. International plc+MChocoladefabriken Lindt & Spruengli AG | Europe David J Roux

Equity Analyst

Still Bittersweet David.Roux@morganstanley.comSarah Simon +44 20 7425-1040

What’s Changed Sarah.Simon@morganstanley.com +44 20 7425-6064

Chris Linford, CFA

Chocoladefabriken Lindt & Spruengli AG (LISN.S) From To Research Associate

Price Target SFr 101,000.00 SFr 92,000.00 Chris.Linford@morganstanley.com +44 20 7425-1639

Tilly Eno

We revisit Lindt’s medium-term growth algorithm and valuation, EquityTilly.Eno@morganstanley.comAnalyst +44 20 7677-3662

concluding that ~5% OSG and a ~25x P/E are more appropriate. Richard Li

We therefore cut our OSG and EPS estimates and lower our PT. ResearchRichard.Li@morganstanley.comAssociate +44 20 7425-1976

However, with shares at 27x 2027E P/E, we believe much of the

Chocoladefabriken Lindt & Spruengli AG (LISN.S, LISN

risk to Lindt’s growth ambitions is priced in. SE)

Reiterate Equal-weight. Despite Lindt delivering a modest underlying beat at 1H26 Food Producers | Switzerland

results, we think the update does little to shift the debate around the stock. We Stock Rating Equal-weight

Industry View In-Line

believe the market is already discounting downside risk to Lindt's medium- to long- Price target SFr 92,000.00

Shr price, close (Jul 27, 2026) SFr 94,500.00

term organic sales growth ambitions and consensus expectations. Although Lindt's 52-Week Range SFr 132,000.00-

hard stance on pricing is softening, having announced “targeted price adjustments in 91,900.00

Mkt cap, curr (mn) SFr 21,908

selected markets”, we do not think this represents the sufficient reset some Net debt (12/26e) (mn)* SFr 1,298