Chocoladefabriken Lindt & Spruengli AG
LISN: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 47,448.00 | Rnjt | Mqssfxht |
Initiating on Lindt & Spruengli With a Wide Moat Rating and CHF 82,000 FVE; Shares Overvalued
We initiate coverage of Swiss premium chocolate manufacturer Lindt & Spruengli, or Lindt, with a wide moat rating, a standard capital allocation rating, and a CHF 82,000 fair value estimate. We also view uncertainty as Medium, reflecting Lindt’s status as a pure-play on premium chocolate with no diversification and significant currency exposure (less than 10% of sales are generated in Switzerland).