The analyst highlights the acceleration of the group's market share gains in tight markets. It confirms its Buy recommendation, with an unchanged target of CHF 125,500, representing a potential upside of 15%.
' The Group is recording market share gains and volume growth in its largest market, the USA - but there is no doubt that 2024-2025 will be difficult years for the industrial sector' says UBS.
' The company is on track to increase margins in 2024E despite the spike in cocoa prices ' says UBS.
For 2024, Lindt & Sprüngli expects organic sales growth of 6-8% and an improved operating profit margin of 20-40 basis points.
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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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