Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 91,657.00	Vcttv	Cdtzjgjq

Lindt: We Increase Our Fair Value Estimate by 9% on Refreshed Long-Term Assumptions

Diana Radu

Jan 16, 2024

Wide-moat Lindt & Spruengli reported 2023 organic sales growth of 10.3%, ahead of expectations, and indicated that operating margin should come in at 15.5%, slightly ahead of guidance and the 15.4% in our forecast. As expected, the weakening of the U.S. dollar and the euro compared with the Swiss franc weighed heavily on the top-line result, with 2023 reported sales growth of 4.6%, compared with 4.3% in our forecast.

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