Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 67,597.00	Dbvl	Nkjxgyzv

In-Line 2015 Results, but Cautious Outlook

Adam Kindreich

Mar 9, 2016

Narrow-moat Lindt & Spruengli published 2015 results that were exactly in line with our expectations, showing 7.1% organic growth (already announced in January) and a 20-basis-point improvement in the EBIT margin to 14.1%. We are not making any changes to our fair value estimate of CHF 56,300, or to our narrow moat and stable moat trend ratings.

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