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Lindt & Sprüngli – A brave recommendation for an expensive share News

Monday, August 21st, 2017 | Economy

The name of Lindt & Sprüngli is nothing for the small purse. Investors must look for a single title at a price of CHF 6'250. But the stock is not only optically priced. On the basis of current market expectations, their price is more than thirty times the next year's profit. For comparison, the Nestlé food group has a so-called price-earnings ratio (P / E) of 21, and the chocolate producer Barry Callebaut is only one of 20. The dividend yield of Lindt & Sprüngli is just 1.5 percent.
However, neither the proud valuation nor the low dividend yield of the UBS investment bank author of a company study on Monday early from the Lindt & Sprüngli name from "Neutral" to "Buy". He trusts her very close to the next 12 months of December 2015.
Disappointing sales development in the first six months
The analyst said that since the title has now grown weaker than the Swiss Performance Index (SPI) for two years and the result for the first half of the year has tended to grow. And indeed: While the SPI was able to increase by 10 percent in the past 48 months, the name of Lindt & Sprüngli is now back on the state of the time. Since the beginning of the year, an increase of almost 4 percent has been achieved.

For weeks, the name of Lindt & Sprüngli has stood firm (Source: www.cash.ch)
At the end of July, the premium price of the manufacturer of premium chocolate at the end of July even temporarily dropped below 62,000 Swiss francs, when organic sales growth slowed to 3.6% in the first half of the year. The analysts' expectations, which stood at 6.7 percent, were therefore clearly missed.
Last but not least, the North American business proved particularly resilient. Lindt & Sprüngli had taken over the competitor Russell Stover a few years ago for 1.6 billion Swiss francs.
Only UBS recommends the share to buy
However, the UBS analyst can not be hunted down. He assumes that the growth in sales will start again in 2018 and will return to the medium-term target range of 6 to 8 percent. After an upward revision of its profit estimates by up to 5 per cent, the new assumptions for the coming year are almost 10 per cent higher than the forecasts of their professional colleagues.
In expert circles, however, one remains largely skeptical about the future course development at Lindt & Sprüngli. Just from the UBS, the name shares are recommended for purchase. According to surveys conducted by the news agency AWP, four other banks estimate the title neutrally, one even negative. The forecast range for the price target is between 55,000 and 75,000 Swiss francs, the average value at 65,430 Swiss francs.


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