Opinions
Darren Sissons
Lindt & Spruengli
LISP-SIX
BUY
Jun 11, 2019
N/A
Stock price when the opinion was issued
food stores
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(Swiss exchange.) Going into a recession, banks and consumer discretionary go down the most but usually are the first to move again. This is the premier chocolatier globally. Just started to expand outside of Europe in the last 5-10 years. Very little debt. Operating margins are so high they create a tremendous amount of cash flow. Dividends went up 10%. Have long-term contracts for cocoa.
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The participation share, not the underlying share of $14,000 CAD. High valuation stock. Affordable luxury going into a recession. 5-10 year total return growth path has been around 30% per annum. Asset light. Global. Chocolate consumption is linked to rising wealth. Long-term hold. (Price target in CHF.) Yield is 1.13%. (Analysts’ price target is $10542.00)
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They recently did a 500-million Swiss franc buyback that will propel the stock higher. Organic growth is driven by opening new stores, which drives sales. Recovering growth. Also, their Russell Stover brand is recovering in the U.S. World consumption remains strong with growth in markets like China. LISP has more cash than debt in a strong balance sheet. This is a good defensive growth stock in volatile times.