February 03, 2025 15:46 GMT
CONSUMER STAPLES: Barry Callebaut; equity weakness continues
CONSUMER STAPLES
(BARY 29s; Baa3/BBB-; Stable) (equities -4%)
Trading at a 12x forward multiple (16-20x in recent years, Mondelez 17x) but equities are concerned here given earnings itself is not being affected (consensus at CHF420m, unch yoy). Cocoa is holding around £9k/t which leaves our assumptions below unch. Latest crop updates here, look small positive, we are still cautious ahead of 1H results which may trigger rating action.
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