Chocoladefabriken Lindt & Spruengli AG
LISN: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 66,519.00 | Ywzc | Rbghjrvyn |
Lindt Earnings: Swifter Recovery in North American EBIT Margin Leads to FVE Increase; Shares Pricey
Lindt&Spruengli's, or Lindt's, 2022 annual result offered little surprise on the whole, with the wide-moat stock delivering EBIT of CHF 750 million and EPS of CHF 2,400, broadly aligning with our estimates. Still, with the North American operating margin improvement tracking ahead of our prior expectations, we increase our fair value estimate by 2.5% to CHF 84,000. A time value of money adjustment also contributes to our upwardly revised valuation. Lindt shares continue to screen expensively, trading at a price/fair value estimate of 1.21.