OTCPK:COCX.F

Stock Analysis Report

Chocoladefabriken Lindt & Sprüngli

Executive Summary

Chocoladefabriken Lindt & Sprüngli AG, together with its subsidiaries, manufactures and sells chocolate products worldwide.

Rewards

Earnings are forecast to grow 8.8% per year

Earnings grew by 5.8% over the past year

Pays a reliable dividend of 1.21%

Risk Analysis

No risks detected for COCX.F from our risk checks.


Snowflake Analysis

Adequate balance sheet with proven track record and pays a dividend.


Similar Companies

Share Price & News

How has Chocoladefabriken Lindt & Sprüngli's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: COCX.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

COCX.F

0.7%

US Food

1.5%

US Market


1 Year Return

n/a

COCX.F

10.2%

US Food

20.1%

US Market

Return vs Industry: Insufficient data to determine how COCX.F performed against the US Food industry.

Return vs Market: Insufficient data to determine how COCX.F performed against the US Market.


Shareholder returns

COCX.FIndustryMarket
7 Day0%0.7%1.5%
30 Day0%-0.7%1.4%
90 Dayn/a3.0%8.7%
1 Yearn/a13.2%10.2%22.7%20.1%
3 Yearn/a-0.7%-8.7%50.1%40.5%
5 Yearn/a42.9%26.2%73.1%54.1%

Price Volatility Vs. Market

How volatile is Chocoladefabriken Lindt & Sprüngli's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Chocoladefabriken Lindt & Sprüngli undervalued compared to its fair value and its price relative to the market?

40.61x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: COCX.F ($82830.88) is trading above our estimate of fair value ($53690.22)

Significantly Below Fair Value: COCX.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: COCX.F is poor value based on its PE Ratio (40.6x) compared to the Food industry average (25.4x).

PE vs Market: COCX.F is poor value based on its PE Ratio (40.6x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: COCX.F is poor value based on its PEG Ratio (4.6x)


Price to Book Ratio

PB vs Industry: COCX.F is overvalued based on its PB Ratio (4.8x) compared to the US Food industry average (2.1x).


Next Steps

Future Growth

How is Chocoladefabriken Lindt & Sprüngli forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

8.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COCX.F's forecast earnings growth (8.8% per year) is above the savings rate (2.7%).

Earnings vs Market: COCX.F's earnings (8.8% per year) are forecast to grow slower than the US market (14.3% per year).

High Growth Earnings: COCX.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: COCX.F's revenue (5.8% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: COCX.F's revenue (5.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COCX.F's Return on Equity is forecast to be low in 3 years time (12.9%).


Next Steps

Past Performance

How has Chocoladefabriken Lindt & Sprüngli performed over the past 5 years?

8.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COCX.F has high quality earnings.

Growing Profit Margin: COCX.F's current net profit margins (11%) are higher than last year (10.9%).


Past Earnings Growth Analysis

Earnings Trend: COCX.F's earnings have grown by 8.7% per year over the past 5 years.

Accelerating Growth: COCX.F's earnings growth over the past year (5.8%) is below its 5-year average (8.7% per year).

Earnings vs Industry: COCX.F earnings growth over the past year (5.8%) exceeded the Food industry -12.1%.


Return on Equity

High ROE: COCX.F's Return on Equity (11.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Chocoladefabriken Lindt & Sprüngli's financial position?


Financial Position Analysis

Short Term Liabilities: COCX.F's short term assets (CHF2.2B) exceed its short term liabilities (CHF837.0M).

Long Term Liabilities: COCX.F's short term assets (CHF2.2B) do not cover its long term liabilities (CHF2.2B).


Debt to Equity History and Analysis

Debt Level: COCX.F's debt to equity ratio (24.5%) is considered satisfactory.

Reducing Debt: COCX.F's debt to equity ratio has increased from 0.5% to 24.5% over the past 5 years.

Debt Coverage: COCX.F's debt is well covered by operating cash flow (71%).

Interest Coverage: COCX.F's interest payments on its debt are well covered by EBIT (25x coverage).


Balance Sheet

Inventory Level: COCX.F has a high level of physical assets or inventory.

Debt Coverage by Assets: COCX.F's debt is covered by short term assets (assets are 2.2x debt).


Next Steps

Dividend

What is Chocoladefabriken Lindt & Sprüngli's current dividend yield, its reliability and sustainability?

1.21%

Current Dividend Yield


Dividend Yield vs Market

company1.2%marketbottom25%1.4%markettop25%3.7%industryaverage2.7%forecastin3Years1.4%

Current dividend yield vs market & industry

Notable Dividend: COCX.F's dividend (1.21%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: COCX.F's dividend (1.21%) is low compared to the top 25% of dividend payers in the US market (3.66%).


Stability and Growth of Payments

Stable Dividend: COCX.F's dividends per share have been stable in the past 10 years.

Growing Dividend: COCX.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (49%), COCX.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: COCX.F's dividends in 3 years are forecast to be well covered by earnings (49.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.1yrs

Average management tenure


CEO

Dieter Weisskopf 0

3.1yrs

Tenure

CHF3,813,000

Compensation

Dr. Dieter Weisskopf, Ph.D. has been the Chief Executive Officer of Chocoladefabriken Lindt & Spruengli AG since October 1, 2016 and serves as its Chairman of Group Management. Dr. Weisskopf served as the  ...


CEO Compensation Analysis

Compensation vs Market: Dieter's total compensation ($USD3.83M) is below average for companies of similar size in the US market ($USD10.76M).

Compensation vs Earnings: Dieter's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Ernst Tanner
Executive Chairman of the Board of Directors25.8yrsCHF4.02m1.8% CHF337.1m
Dieter Weisskopf
CEO & Chairman of Group Management3.1yrsCHF3.81m0.10% CHF19.6m
Martin Hug
Group CFO2.8yrsno datano data
Rolf Fallegger
Member of the Group Management5.8yrsno data0.0064% CHF1.2m
Adalbert Lechner
Member of Group Management2.8yrsno data0.0051% CHF950.8k
Alain Germiquet
Member of Group Management2.8yrsno data0.019% CHF3.5m
Guido Steiner
Member of Group Management & Group Operations Officer0yrsno data0.00085% CHF158.8k
Daniel Studer
Head of U.S. Operations3.6yrsno datano data
Rudi Blatter
Chief Executive Officer of Lindt Canada24.8yrsno datano data
Stephen Loane
Chief Executive Officer of Lindt Australia0yrsno datano data

3.1yrs

Average Tenure

Experienced Management: COCX.F's management team is considered experienced (3.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ernst Tanner
Executive Chairman of the Board of Directors25.8yrsCHF4.02m1.8% CHF337.1m
Antonio Bulgheroni
Non-Executive Director23.6yrsCHF188.00k0.43% CHF80.5m
Thomas Rinderknecht
Non-Executive Director3.6yrsCHF159.00kno data
Rudolf Sprüngli
Non-Executive Director31.8yrsCHF159.00k0.46% CHF86.5m
Elisabeth Gürtler
Non-Executive Director10.8yrsCHF157.00k0.0025% CHF474.5k
Silvio Denz
Non-Executive Director1.5yrsno data0.0047% CHF872.4k

17.2yrs

Average Tenure

69yo

Average Age

Experienced Board: COCX.F's board of directors are seasoned and experienced ( 17.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Chocoladefabriken Lindt & Sprüngli AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Chocoladefabriken Lindt & Sprüngli AG
  • Ticker: COCX.F
  • Exchange: OTCPK
  • Founded: 1845
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: CHF18.619b
  • Listing Market Cap: CHF18.681b
  • Shares outstanding: 235.76k
  • Website: https://www.lindt-spruengli.com

Number of Employees


Location

  • Chocoladefabriken Lindt & Sprüngli AG
  • Seestrasse 204
  • Kilchberg
  • Zurich
  • 8802
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LSPPMUN (Boerse Muenchen)Participation CertificatesDEEURJan 1992
LISPSWX (SIX Swiss Exchange)Participation CertificatesCHCHFJan 1992
LISNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
LDSV.FOTCPK (Pink Sheets LLC)Participation CertificatesUSUSDJan 1992
LSPPXTRA (XETRA Trading Platform)Participation CertificatesDEEURJan 1992
LSPNDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
COCX.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
LSPPDB (Deutsche Boerse AG)Participation CertificatesDEEURJan 1992
0QP1LSE (London Stock Exchange)Participation CertificatesGBCHFJan 1992
0QKNLSE (London Stock Exchange)YesRegistered SharesGBCHFJan 1992
LISP NBMV (Bolsa Mexicana de Valores)Participation CertificatesMXMXNJan 1992

Biography

Chocoladefabriken Lindt & Sprüngli AG, together with its subsidiaries, manufactures and sells chocolate products worldwide. The company sells its products under the Lindt, Ghirardelli, Russell Stover, Whitman’s, Pangburn’s, Caffarel, Hofbauer, and Küfferle brand names. It serves customers through a network of distributors, as well as in approximately 400 own shops. Chocoladefabriken Lindt & Sprüngli AG was founded in 1845 and is headquartered in Kilchberg, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/10 23:58
End of Day Share Price2019/08/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.