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Chocoladefabriken Lindt & Spruengli AG
(LISN)
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Rating:68Neutral
Price Target:
CHF106,384
▲(13.90% Upside)
Action:Reiterated
Date:07/21/26
The score is led by strong core profitability and a conservatively levered balance sheet, reinforced by management maintaining FY2026 guidance with H1 profitability tracking ahead of prior expectations. The main offsets are weak and volatile cash conversion (notably the sharp 2025 FCF decline), an only mixed technical picture with the price still below longer-term averages, and a relatively high P/E with a modest dividend yield.
Positive Factors
Brand strength & innovation
Lindt's leading brand valuation and sustained investment in new products and capacity (Choco Wafer rollout) support durable pricing power and portfolio differentiation. Strong brand equity increases customer willingness to pay, underpins premium margins and eases geographic retail expansion over the medium term.
Negative Factors
Weak cash conversion
A sharp drop in operating and free cash flow versus prior year shows weaker cash conversion and working-capital swings. This reduces internal funding for capex and returns, raises reliance on debt or equity for strategic moves, and heightens execution risk if cash volatility persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Brand strength & innovation
Lindt's leading brand valuation and sustained investment in new products and capacity (Choco Wafer rollout) support durable pricing power and portfolio differentiation. Strong brand equity increases customer willingness to pay, underpins premium margins and eases geographic retail expansion over the medium term.
Read all positive factors
Chocoladefabriken Lindt & Spruengli AG (LISN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF21.50B
Dividend Yield1.89%
Average Volume (3M)97.00
Price to Earnings (P/E)29.2
Beta (1Y)0.51
Revenue Growth4.11%
EPS Growth13.82%
CountryCH
Employees14,747
SectorGeneral
Sector StrengthN/A
IndustryFood Confectioners
Share Statistics
EPS (TTM)1046.79
Shares Outstanding133,437
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
CHF102,968.33Price Target Upside10.24% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)3,234.03
Revenue Forecast (FY)CHF6.03B
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 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Neutral
The call balanced clear operational and financial improvements against meaningful near-term challenges. Positives include solid organic sales (+4.3%), strong regional growth in North America (+12.7%) and Rest of World (+10.2%), improved profitability (EBIT margin 11.2%), a strong free cash flow turnaround, and reinforced brand strength (brand value +24%). Offsetting these are significant volume declines (-7.5% in H1), Europe weakness (-2.1%), higher material costs (+220 bps) and net debt increase to CHF 1.6 billion, plus ongoing cocoa-price and geopolitical uncertainty that weigh on travel retail and margins. Management maintained full-year guidance and reiterated medium-term targets, while outlining targeted actions to restore volumes (price-pack changes, brand investment, innovation and retail expansion). Given the mix of substantive operational strengths and important volume/cost headwinds, the tone of the call is cautious but constructive.Positive Updates
Organic Sales Growth in H1 2026
Organic sales grew +4.3% in H1 2026, within the March guidance range of 4%-6%, supporting the company's full-year outlook.
Negative Updates
Volume Decline in H1 2026
Volume/mix declined -7.5% in H1 2026 (price-driven growth dominating), with management expecting only flat volumes in H2 2026 and a return to volume growth in 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Organic Sales Growth in H1 2026
Organic sales grew +4.3% in H1 2026, within the March guidance range of 4%-6%, supporting the company's full-year outlook.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 guidance of organic sales growth of 4–6% and an EBIT‑margin improvement of 20–40 basis points versus prior year, and upheld its mid‑to‑long‑term targets of 6–8% average annual organic growth and 20–40 bps p.a. EBIT‑margin expansion. They pointed to a solid H1 performance that supports this: total H1 sales CHF 2.33bn, organic growth 4.3% (in line with guidance), EBIT CHF 260m (11.2% margin, ahead of prior guidance), net income CHF 192m (8.2% margin), free cash flow CHF 61m (2.6% of sales, vs −3.4% in H1 2025), capex CHF 154m, and net debt CHF 1.6bn. H1 operational metrics showed price increases of 11.8%, a volume mix decline of −7.5%, a currency headwind of −5.2%, material costs at 35.5% of sales (+220bps), personnel costs improving 100bps and operating expenses down 130bps; the tax rate was 19.8% in H1 (midterm guidance 22–24%). They expect volumes to be roughly flat in H2 2026 with a return to volume growth from 2027, supported by targeted price/pack actions, brand investment, innovation (Choco Wafer capacity online by 2027) and continued retail expansion.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
93400.00
Price Trends
95658.00
Negative
99781.12
Negative
109368.87
Negative
Market Momentum
-474.09
Positive
44.30
Neutral
31.36
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 93400 is below the 20-day moving average (MA) of 95765.00, below the 50-day MA of 95658.00, and below the 200-day MA of 109368.87, indicating a bearish trend. The MACD of -474.09 indicates Positive momentum. The RSI at 44.30 is Neutral, neither overbought nor oversold. The STOCH value of 31.36 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
94,100.00
-21,521.68
-18.61%
CH:BARN
Barry Callebaut AG
1,099.00
160.58
17.11%
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.