Lindt & Sprüngli (Food)
AlphaValue
Different by nature : because we have neither investment banking nor execution, our research is totally unconflicted.
Note: This is a daily stock update and the information stands true as of 14/01/25, 09:00 CET.
Company Update:
2024 sales: Organic growth was above forecasts driven by Europe and a 16.7% increase in Global Retail (now 560 own stores). As a reminder, North America in 1H was impacted by some special items (like destocking of major retailers and a shift in Easter orders into 2023);
Lindt pointed to an underlying growth of 6.0% which looks now confirmed in 2H.
Outlook 2024 profitability: Lindt now points to “at least” 16.0% EBIT margin in 2024. The previous guidance was “the upper end” of a 20-40bps increase; i.e. 15.8% to 16.0%. Together with today’s sales this points to an EBIT of >CHF 875mn that is (slightly) above forecasts.
Guidance 25: Organic growth in the 7-9% range. We expect low single? digit volume growth and a double digit price impact.
Interested in reading an expert opinion given by AlphaValue? Read the full blog or Subscribe to our daily updates on AlphaValue website.
For more information, please contact AlphaValue Sales Team at [email protected]
AlphaValue, founded in 2007 by Pierre-Yves Gauthier and André Le Grand, has become the leading provider of independent European equity and credit risk research. We offer agnostic analysis of business models and valuations, helping clients assess their investment risks and opportunities.