Lindt & Sprüngli (AO) | Buy | Lindt reiterates 2026 guidance

研报英文原文证据摘录

Lindt & Sprüngli (AO) | Buy | Lindt reiterates 2026 guidance

Lindt & Sprüngli Buy | Target Price: CHF126000.00

Company description Management

Lindt is the world's biggest maker of luxury chocolates. It aims to grow organic Ernst Tanner, Chairman

sales 6-8%, which is among best in class in the FMCG space, and for its operating Adalbert Lechner, CEO

profit margin to expand 20-40bps medium term amid its expansion into Anglo- Martin Hug, CFO

Saxon markets and more recently into emerging markets such as Brazil and

China. It is not an emerging world story - chocolate is a developed world taste. Its Key shareholders

well-respected, long-term management team has been replaced by a new Free float 88.00% Lindt pension fund (21% votes) 11.00%

dynamic leadership team.

Investment case Valuation methodology

Lindt's 6-8% medium-term annual growth goal is best-in-class in We use a mix of absolute multiples, a DCF, and a comparison to

the FMCG space. In addition, the company targets 20-40bps EBIT peers for our target price.

margin expansion annually. The company has cut its top line Our DCF assumes 6.5% medium-term growth, 3% terminal

outlook to 4-6% in 2026, citing geopolitical uncertainty. growth, and a 7.0% WACC.

We believe Lindt's group margin goals can be met with an Risks to our rating

improvement in North America after restructuring and as it hits Cocoa price volatility.

critical mass in the world's biggest confectionery market. Inability to reboot volume after price normalises.

Multiple compression provides an attractive entry point for EU regulatory pressures that have an impact on Ivory Coast

investors that have always liked the growth case but were cocoa production and the ability to import cocoa into the EU.

concerned about valuation.

Catalysts