Barry Callebaut

Zurich based Barry Callebaut (BC) trades and manufactures cocoa based ingredients for sweets, pastries, drinks-out-of-vending-machines, ice creams and desserts as well as actually making some of those products.

by Sir John Royden

Head of Research

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CHF 1932
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52 Week High-Low
CHF 2318—CHF 1763
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Net Yield
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Hist / Pros Per
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Equity Market Cap
CHF 10,286

They are a business to business company which is why you may well not have heard of them.  BC has 13,000 employees and is responsible for buying 20% of the world’s cocoa crop.

Asia’s wealth is growing and with it comes greater demand for BC’s Gourmet & Specialities. Emerging markets demand is also rising, as is more outsourcing to specialists like BC.  BC’s recession proof-ness is observed through an historic ability to grow through recessions; driven by its consumer staples orientated food manufacturing customers. Risks include a question-mark over the widespread adoption of chocolate by emerging markets, geopolitical risk from dealing with Russia and from a price / earnings (PE) ratio which still looks elevated, relative to history suggesting the stock is expensive. Being significantly exposed to one commodity (cocoa) is also a significant risk. 

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Winter Issue Forty One