LINDT : UBS reiterates its buy recommendation on the stock
November 21, 2023 at 04:28 am EST
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The analyst firm reiterates its buy recommendation on the share with an unchanged price target of 12,550 Swiss francs.
' We expect organic sales in 2023 to be at the upper end of the forecast range'. UBS also expects a good year in 2024.
' We have checked the distribution channels and expect a solid end to the year for Lindt - the company is also on track to increase margins in 2024E despite the spike in cocoa prices ' says UBS.
For the coming years, the Group continues to reiterate its medium- to long-term sales growth targets of 6 to 8% with an operating margin improvement of 20 to 40 basis points per year.
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Chocoladefabriken Lindt & Spruengli AG is a Switzerland-based and globally active holding company developing, producing and selling chocolate products. The Companyâs products are sold under the brand names Lindt, Ghirardelli, Caffarel, Hofbauer and Kufferle. The Company has six production sites in Europe and two in the United States. The Company sells its products mainly in countries within Europe and the North American Free Trade Agreement (NAFTA) countries. In September 2014, it announced the placement of 1 billion Swiss francs worth of bonds issues to finance Russell Stover Candies takeover. The Companyâs subsidiaries include Chocoladefabriken Lindt & Sprngli (Schweiz) AG, Chocoladefabriken Lindt & Sprngli GmbH, Lindt & Sprngli SAS, Lindt & Sprngli (UK) Ltd, Lindt & Sprngli (Poland) Sp. z o.o., L&S (Brazil) Holding Ltd and Lindt & Sprngli (Asia-Pacific) Ltd., among others.
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