Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 46,214.00	Jhxmx	Nwctvmyj

Initiating on Lindt & Spruengli With a Wide Moat Rating and CHF 82,000 FVE; Shares Overvalued

Diana Radu

Sep 7, 2022

We initiate coverage of Swiss premium chocolate manufacturer Lindt & Spruengli, or Lindt, with a wide moat rating, a standard capital allocation rating, and a CHF 82,000 fair value estimate. We also view uncertainty as Medium, reflecting Lindt’s status as a pure-play on premium chocolate with no diversification and significant currency exposure (less than 10% of sales are generated in Switzerland).

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