Chocoladefabriken Lindt & Spruengli AG (CH:LISN)
:LISN
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Chocoladefabriken Lindt & Spruengli AG
(LISN)
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Rating:63Neutral
Price Target:
CHF100,430
▼(-6.14% Downside)
Action:Reiterated
Date:04/09/26
The score is supported by strong profitability and a solid balance sheet, but is held back by the sharp 2025 cash-flow deterioration, bearish technical setup (below key moving averages with negative MACD), and a relatively expensive valuation (high P/E with modest yield).
Positive Factors
Consistent Revenue and Profitability
Consistent revenue expansion and stable net margins (~12%) indicate durable end-market demand and pricing power for premium confectionery. This steady top-line and margin profile supports predictable operating results, enabling sustained reinvestment in product, marketing and channels over the medium term.
Negative Factors
Sharp Cash-Flow Deterioration in 2025
A steep drop in operating cash flow and free cash flow signals weaker cash conversion and possible working-capital stress. If cash generation remains impaired, it could constrain capital allocation, dividend capacity and debt service flexibility, making the company more vulnerable to shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue and Profitability
Consistent revenue expansion and stable net margins (~12%) indicate durable end-market demand and pricing power for premium confectionery. This steady top-line and margin profile supports predictable operating results, enabling sustained reinvestment in product, marketing and channels over the medium term.
Read all positive factors
Chocoladefabriken Lindt & Spruengli AG (LISN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF21.53B
Dividend Yield1.29%
Average Volume (3M)97.00
Price to Earnings (P/E)29.2
Beta (1Y)0.45
Revenue Growth8.18%
EPS Growth8.38%
CountryCH
Employees14,973
SectorGeneral
Sector StrengthN/A
IndustryFood Confectioners
Share Statistics
EPS (TTM)1046.79
Shares Outstanding133,905
10 Day Avg. Volume93
30 Day Avg. Volume97
Financial Highlights & Ratios
PEG Ratio4.33
Price to Book (P/B)5.37
Price to Sales (P/S)4.50
P/FCF Ratio107.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF110,253.33Price Target Upside3.04% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)3,163.66
Revenue Forecast (FY)CHF6.06B
Chocoladefabriken Lindt & Spruengli AG Business Overview & Revenue Model
Company Description
Chocoladefabriken Lindt & Sprüngli AG, along with its associated entities, operates globally in the production and distribution of chocolate confectionery. The company's diverse range of products is marketed under prominent brands including Lindt,...
How the Company Makes Money
Lindt & Spruengli makes money primarily by selling branded chocolate and confectionery products through multiple routes to market. Its core revenue stream is the sale of finished goods (e.g., chocolate bars, pralines, truffles, seasonal products l...
Chocoladefabriken Lindt & Spruengli AG Earnings Call Summary
Earnings Call Date:Jul 22, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Jul 21, 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.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%.
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.
Read all updates
Q2-2025 Updates
Positive
Negative
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%.
Read all positive updates
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
Income Statement
84
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.92B | 5.47B | 5.20B | 4.97B | 4.59B |
| Gross Profit | 2.29B | 3.56B | 3.50B | 3.29B | 3.07B |
| EBITDA | 1.27B | 1.19B | 1.10B | 1.02B | 918.30M |
| Net Income | 727.20M | 672.30M | 671.40M | 569.70M | 490.50M |
Balance Sheet | |||||
| Total Assets | 9.29B | 9.16B | 7.86B | 8.09B | 9.08B |
| Cash, Cash Equivalents and Short-Term Investments | 668.80M | 931.90M | 462.50M | 864.90M | 1.19B |
| Total Debt | 1.76B | 1.66B | 1.41B | 1.44B | 1.48B |
| Total Liabilities | 4.33B | 4.32B | 3.60B | 3.69B | 3.85B |
| Stockholders Equity | 4.96B | 4.84B | 4.26B | 4.40B | 5.22B |
Cash Flow | |||||
| Free Cash Flow | 247.20M | 868.00M | 476.80M | 526.30M | 586.20M |
| Operating Cash Flow | 520.40M | 1.18B | 778.60M | 756.00M | 826.80M |
| Investing Cash Flow | -331.70M | -312.00M | -301.00M | 21.80M | -112.90M |
| Financing Cash Flow | -512.80M | -330.20M | -855.50M | -835.50M | -624.60M |
Chocoladefabriken Lindt & Spruengli AG Technical Analysis
Negative
107000.00
Price Trends
100140.54
Negative
108099.38
Negative
113734.46
Negative
Market Momentum
-1540.66
Negative
40.86
Neutral
30.52
Neutral
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 107000 is above the 20-day moving average (MA) of 95160.00, above the 50-day MA of 100140.54, and below the 200-day MA of 113734.46, indicating a bearish trend. The MACD of -1540.66 indicates Negative momentum. The RSI at 40.86 is Neutral, neither overbought nor oversold. The STOCH value of 30.52 is Neutral, 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
UnderperformOutperform
Sector (55)
CH:LISN
Chocoladefabriken Lindt & Spruengli AG
94,300.00
-34,496.26
-26.78%
CH:BARN
Barry Callebaut AG
1,144.00
283.29
32.91%
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.