Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 21,785.00	Rwht	Ypkcgcw

Lindt & Spruengli Reports Reassuring First-Half 2016 Results

Adam Kindreich

Jul 22, 2016

Lindt & Spruengli reported reassuring first-half 2016 results. Organic sales growth of 6.6% came in line, excluding a portfolio adjustment at Russell Stover, a U.S. company L&S acquired two years ago, and operating profit grew 9%, implying a 20-basis-point increase in the margin. We are increasing our fair value estimate by 5% to CHF 59,000, and we are maintaining our narrow moat and stable moat trend ratings.

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