Barry Callebaut AG

BARN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 4,511.00	Ctr	Frlcmcmts

Barry Callebaut's Wide Moat Supports Growth Story, but Short-Term Challenges Persist

Ioannis Pontikis

Jul 14, 2023

Business Strategy and Outlook

We think Barry Callebaut's dominant position in the global chocolate industry affords the business significant cost advantages, making it one of the lowest-priced manufacturers and an important outsourcing partner for its customers. Outsourcing is a long-term trend, and it will likely continue to be a primary driver of above-average organic growth for the company in the years to come. We see a clear path to increased profitability through an improved customer and geographic mix over time.

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