Morningstar

Barry Callebaut AG BARN

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Company Report

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Barry Callebaut's Wide Moat Supports Growth Story, but Execution in Strategy Reset Is Key

Ioannis Pontikis

We think Barry Callebaut's dominant position in the global chocolate industry affords the business significant cost advantages, making it one of the lowest-priced manufacturers and an important outsourcing partner for its customers. Outsourcing is a long-term trend, and it will likely continue to be a primary driver of above-average organic growth for the company in the years to come. We see a clear path to increased profitability through an improved customer and geographic mix over time.

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Price vs Fair Value

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BARN is trading within a range we consider fairly valued.
Price
CHF 1,533.00
Fair Value
CHF 8,395.00
Uncertainty
Low
1-Star Price
CHF 2,244.70
5-Star Price
CHF 3,427.00
Economic Moat
Rcdbn
Capital Allocation
Vzbkqsf

Bulls Say, Bears Say

Bulls

Barry Callebaut is the largest global player in the outsourced chocolate market with a strong presence in emerging markets and a cost advantage versus the average client.

Bears

Barry Callebaut is operating in a commoditized space with moderate operating margins and returns on capital.

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Trading Information

Previous Close Price
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Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
26.78
Price/Sales
0.94
Dividend Yield (Trailing)
1.89%
Dividend Yield (Forward)
1.89%
Total Yield
1.89%

Company Profile

Barry Callebaut is a significant manufacturer and supplier of cocoa and chocolate ingredients, employing over 13,000 people. Customers include food and beverage makers as well as craftspeople, chocolatiers, pastry chefs, and bakers who utilize chocolate professionally. Barry Callebaut is vertically integrated from raw material (cocoa bean) procurement through chocolate manufacture, while not owning any cocoa farms. The firm produces around 40% of the world's industrial chocolate (open market), and its products are used in approximately 20% of the world's chocolate and cocoa goods. Barry Callebaut's sustainability endeavors are reflected in the fact that the company's Sustainalytics ESG Risk Rating is one of the lowest in its subcategory and first among its peers.
Sector
Consumer Defensive
Industry
Confectioners
Stock Style Box
Mid Core
Total Number of Employees
13,615
Website
https://www.barry-callebaut.com

Competitors

Valuation

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Metric
BARN
NSRGY
KYGA
Price/Earnings (Normalized)
 26.7817.7420.22
Price/Book Value
 2.906.952.43
Price/Sales
 0.942.492.02
Price/Cash Flow
 15.3614.7517.35
Price/Earnings
BARN
NSRGY
KYGA

Financial Strength

Metric
BARN
NSRGY
KYGA
Quick Ratio
 0.370.490.98
Current Ratio
 1.320.851.54
Interest Coverage
 5.398.3010.47
Quick Ratio
BARN
NSRGY
KYGA

Profitability

Metric
BARN
NSRGY
KYGA
Return on Assets (Normalized)
 5.45%9.83%6.74%
Return on Equity (Normalized)
 15.29%36.95%12.41%
Return on Invested Capital (Normalized)
 10.76%14.65%9.24%
Return on Assets
BARN
NSRGY
KYGA

Confectioners Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Mondelez International Inc Class A
MDLZ
LglghvmPvmc$95.1 Bil
 The Hershey Co
HSY
RbgcqzyztYlwkm$38.6 Bil
 Chocoladefabriken Lindt & Spruengli AG ADR
CHLSY
—Yrx$28.9 Bil
 Chocoladefabriken Lindt & Spruengli AG
LDSVF
—Hhn$28.9 Bil
 Barry Callebaut AG
BYCBF
—Zxv$10.0 Bil
 Barry Callebaut AG ADR
BRRLY
—Xjw$10.0 Bil
 Tootsie Roll Industries Inc Class B
TROLB
—Pwjsdg$2.2 Bil
 Tootsie Roll Industries Inc
TR
—Ycdnm$2.2 Bil
 Ulker Biskuvi Sanayi AS ADR
UELKY
—Lkg$1.4 Bil
 Cloetta AB Class B
CLOEF
—Lnqd$685.4 Mil

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