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Barry Callebaut AG

BARN: XSWX (CHE)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 1,774.00	Sryp	Kdbjrfgf

Barry Callebaut's Strategic Reset Needed, but Midterm Challenges Remain

Ioannis Pontikis

Sep 6, 2023

Business Strategy and Outlook

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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