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Chocoladefabriken Lindt & Spruengli AG (CH:LISN)
:LISN
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Chocoladefabriken Lindt & Spruengli AG
(LISN)
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Rating:70Outperform
Price Target:
CHF133,320
▲(11.66% Upside)
Chocoladefabriken Lindt & Spruengli AG's overall stock score reflects strong financial performance and a balanced earnings call sentiment. However, the high valuation and neutral technical indicators slightly dampen the score. The company's robust growth and operational efficiency are significant strengths, while valuation concerns and market challenges present risks.
Chocoladefabriken Lindt & Spruengli AG (LISN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF28.10B
Dividend Yield1.26%
Average Volume (3M)101.00
Price to Earnings (P/E)43.3
Beta (1Y)0.36
Revenue Growth7.37%
EPS Growth-5.49%
CountryCH
Employees14,973
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)806.50
Shares Outstanding133,905
10 Day Avg. Volume103
30 Day Avg. Volume101
Financial Highlights & Ratios
PEG Ratio35.37
Price to Book (P/B)4.80
Price to Sales (P/S)4.24
P/FCF Ratio26.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF126,807.33Price Target Upside6.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
Chocoladefabriken Lindt & Spruengli AG Business Overview & Revenue Model
Company DescriptionChocoladefabriken Lindt & Sprüngli AG, together with its subsidiaries, engages in the manufacture and sale of chocolate products worldwide. The company sells its products under the Lindt, Ghirardelli, Russell Stover, Whitman's, Caffarel, Hofbauer, Küfferle, and Pangburn's brands. It serves customers through a network of distributors, as well as through approximately 500 own shops. Chocoladefabriken Lindt & Sprüngli AG was founded in 1845 and is headquartered in Kilchberg, Switzerland.
How the Company Makes MoneyLindt & Spruengli generates revenue primarily through the sale of its premium chocolate products across various markets worldwide. Key revenue streams include retail sales through company-owned stores, online sales, and distribution through third-party retailers and supermarkets. The company benefits from strong brand recognition and customer loyalty, allowing it to maintain premium pricing on its products. Additionally, Lindt engages in seasonal promotions and limited-edition offerings, which drive sales during key holiday periods. Strategic partnerships with retailers and distributors enhance its market reach, while investments in marketing and product innovation contribute to ongoing revenue growth.
Chocoladefabriken Lindt & Spruengli AG Earnings Call Summary
Earnings Call Date:Jul 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Mar 10, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a strong performance in Europe and successful retail expansion, with significant achievements like being named the world's most valuable chocolate brand. However, there were challenges in North America, increased net debt, and negative free cash flow, along with pressures from high cocoa prices. The sentiment is balanced as while there are notable achievements, significant challenges persist.Q2-2025 Updates
Positive Updates
Record Organic Sales Growth
Achieved an organic sales growth rate of 11.2% in the first half of 2025, exceeding the guidance of 7% to 9%.
Strong Retail Expansion
Global retail division experienced strong growth of 22.1% in the first half of the year, with the store network expanding to 590 stores worldwide.
Lindt Named World's Most Valuable Chocolate Brand
Lindt was named the world's most valuable chocolate brand in the 2025 Kantar BrandZ ranking.
Successful Product Launch
Dubai Style Chocolate was a notable success, contributing to reaching new and younger consumer groups.
Excellent Performance in Europe
Europe posted an organic growth of 17.7%, driven by lower price elasticity and higher brand loyalty.
Negative Updates
Free Cash Flow Decline
Free cash flow was negative at CHF 80 million in the first 6 months, largely due to increased inventory values.
Increased Net Debt
Net debt increased from CHF 880 million at the end of 2024 to CHF 1.4 billion.
Challenges in North America
North America showed lower-than-expected organic sales growth of 3.6%, affected by weak consumer sentiment.
Volume Decline in Global Chocolate Market
Sales volumes in the global chocolate market declined by around minus 5% due to strong price inflation.
Negative Impact of Cocoa Prices
Higher cocoa material costs impacted the first half EBIT margin, with material costs 170 basis points higher than in 2024.
Company Guidance
During the Lindt & Sprüngli Half Year Results Conference Call, the company provided an optimistic outlook for 2025, surpassing their initial organic sales growth guidance of 7% to 9% with an actual growth rate of 11.2% in the first half. They revised the full-year organic sales growth guidance to 9% to 11%. The EBIT margin stood at 11.0%, aligning with their guidance of 10% to 12%, despite challenges from high cocoa costs. The company reported a net income of CHF 189 million with a margin of 8.0%. Free cash flow was negative at CHF 80 million due to increased inventory values driven by high cocoa prices. Lindt's net debt rose to CHF 1.4 billion, influenced by their share buyback program. Total sales reached CHF 2.35 billion, with Europe showing strong organic growth of 17.7%. The group expects continued growth in North America and Rest of the World in the second half, driven by increased pricing impacts and product innovations like the Dubai Style Chocolate. Overall, Lindt & Sprüngli remains focused on premium positioning and cost management to navigate market volatility.Chocoladefabriken Lindt & Spruengli AG Financial Statement Overview
Summary
Chocoladefabriken Lindt & Spruengli AG demonstrates strong financial performance with robust profitability and growth trends. The income statement shows a healthy gross profit margin and consistent revenue growth. The balance sheet is stable with a conservative leverage position, and cash flow metrics indicate strong financial health.Income Statement
The company shows a healthy gross profit margin of 65.2% and a solid net profit margin of 12.3% for 2024. Revenue growth rate has been consistent, with a 5.14% increase from 2023 to 2024. The EBIT margin is at a robust 16.2%, reflecting operational efficiency, while the EBITDA margin is 21.8%, indicating strong cash generation ability. Overall, the income statement reflects strong profitability and growth trends.85
Very Positive
Balance Sheet
The balance sheet is strong with a debt-to-equity ratio of 0.34, indicating a conservative leverage position. The equity ratio stands at 52.8%, showcasing good financial stability. Return on equity (ROE) is healthy at 13.9%, reflecting effective use of shareholder funds. The company's balance sheet is stable, though an increase in total liabilities warrants attention.78
Positive
Cash Flow
The company has achieved a significant free cash flow growth rate of 82.1% from 2023 to 2024, driven by increased operating cash flow. The operating cash flow to net income ratio is 1.76, suggesting strong cash conversion from earnings. Additionally, the free cash flow to net income ratio is 1.29, indicating efficient use of cash for reinvestment and shareholder returns. Overall, cash flow metrics are strong and demonstrate robust financial health.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.68B | 5.47B | 5.20B | 4.97B | 4.59B | 4.02B |
| Gross Profit | 2.96B | 3.56B | 3.50B | 2.02B | 1.81B | 1.46B |
| EBITDA | 1.17B | 1.19B | 1.09B | 1.02B | 918.30M | 697.50M |
| Net Income | 643.20M | 672.30M | 671.40M | 569.70M | 490.50M | 321.70M |
Balance Sheet | ||||||
| Total Assets | 8.57B | 9.16B | 7.86B | 8.09B | 9.08B | 8.15B |
| Cash, Cash Equivalents and Short-Term Investments | 272.60M | 931.90M | 462.50M | 864.90M | 1.19B | 1.25B |
| Total Debt | 1.69B | 1.66B | 1.41B | 1.44B | 1.48B | 1.46B |
| Total Liabilities | 3.81B | 4.32B | 3.60B | 3.69B | 3.85B | 3.54B |
| Stockholders Equity | 4.76B | 4.84B | 4.26B | 4.40B | 5.22B | 4.60B |
Cash Flow | ||||||
| Free Cash Flow | 514.10M | 868.00M | 476.80M | 526.30M | 586.20M | 538.50M |
| Operating Cash Flow | 781.90M | 1.18B | 778.60M | 756.00M | 826.80M | 787.60M |
| Investing Cash Flow | -304.70M | -312.00M | -301.00M | 21.80M | -112.90M | -240.50M |
| Financing Cash Flow | -591.50M | -330.20M | -855.50M | -835.50M | -624.60M | -340.10M |
Chocoladefabriken Lindt & Spruengli AG Technical Analysis
Negative
119400.00
Price Trends
120808.00
Negative
124464.00
Negative
115229.53
Positive
Market Momentum
-4.50
Positive
42.09
Neutral
10.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:LISN, the sentiment is Negative. The current price of 119400 is below the 20-day moving average (MA) of 122340.00, below the 50-day MA of 120808.00, and above the 200-day MA of 115229.53, indicating a neutral trend. The MACD of -4.50 indicates Positive momentum. The RSI at 42.09 is Neutral, neither overbought nor oversold. The STOCH value of 10.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:LISN.
Chocoladefabriken Lindt & Spruengli AG Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Performance Comparison
CH:LISN
Chocoladefabriken Lindt & Spruengli AG
119,400.00
13,184.22
12.41%
CH:BARN
Barry Callebaut AG
1,095.00
-431.11
-28.25%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.