Lindt & Sprüngli "Zooming in on key debates, long-term prospects" (Buy) Iffert

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Lindt & Sprüngli "Zooming in on key debates, long-term prospects" (Buy) Iffert

Global Research

19 May 2026ab

Lindt & Sprüngli Equities

SwitzerlandZooming in on key debates, long-term prospects

Food Products

12-month rating Buy

Big-picture view: near term challenges, but we focus on 2027E and beyond

We think Lindt is not immune to volatile global consumer confidence owing to the 12m price target CHF137,000.00

Middle East conflict impacts, also in view of its c50% ASP increase over the past five

years to pass on rising costs, causing consumer price elasticities. But we think Lindt did

Price (15 May 2026) CHF94,800

not over-earn, as its EBIT margin in 2025 was "only"150bp higher than in 2019, with

the gross margin even 600bp lower. The H1 results, as the next catalyst, could be mixed RIC: LISN.S BBG: LISN SW

(we expect a muted H1, with guidance confirmed at the lower half of the range).

Trading data and key metrics

However, we expect Lindt to benefit from cCHF500m lower cocoa bean costs in 2027-

52-wk range CHF134,800.00-94,300.00

28, which should mainly be reinvested in volume growth initiatives, something the

market might start to focus on this summer. While we forecast Lindt's pricing to pass on Market cap. CHF22.1b/US$28.1b

lower cocoa bean costs to be negative in 2027, volumes should be stimulated and EBIT Shares o/s 0.14m (REG)

growth should be strong at 10-15% y/y. As a leading industrialised premium chocolate Free float 77%

manufacturer, Lindt has "only" c3% global volume market share, offering room for Avg. daily volume ('000) 0.17

long-term growth. The stock trades on c28x PE 2027E (historical average 35-40x); Buy. Avg. daily value (m) CHF18.5

Common s/h equity (12/26E) CHF5.10b

Leading the premium chocolate category; Lindt a relative winner P/BV (12/26E) 4.4x