Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 28,857.00	Nzwb	Hvhzydww

New Morningstar Analyst Report for Chocoladefabriken Lindt & Spruengli AG

Adam Kindreich

Jul 21, 2016

Business Strategy and Outlook

Lindt & Spruengli, or L&S, is a key player in the premium chocolate segment, as distinct from the mass market. The company commands a significant price premium of 100%-200% over mass-market peers in the United States, though this is lower (25% or so) in Europe, where the market is already more premium. L&S has a limited presence in emerging markets (6% of sales).

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