Degroof and Kepler cut Lotus Bakeries to 'hold' post strong growth now 'priced in'

Chocoladefabriken Lindt & Spruengli AG

09/02/2026 12:36

** Both Degroof Petercam and Kepler Cheuvreux downgrade Belgian snack producer Lotus Bakeries LOTB.BR to "hold" from "buy", stating the stock's valuation now fully reflects its strong growth prospects after a significant share price run

** Kepler highlights the implied valuation of Biscoff, the global brand name for the company’s iconic caramelised speculoos biscuits, is now almost double that of peer Lindt & Sprüngli LISN.S, suggesting the market has already priced in its superior growth trajectory

** Meanwhile, Degroof notes the stock trades at very high levels, offering limited further upside

** "We argue that at this stage, the exceptionalism of Lotus Bakeries is priced in", Kepler Cheuvreux said, with Degroof adding the valuation offers "limited manoeuvring space"

** The moves follow excellent H2 results where Biscoff's organic growth of around 15% prompted both brokerages to raise their future earnings estimates by about 4-5%

** Out of 11 analysts that cover Lotus Bakeries, five rate the stock "strong buy" or "buy," ​five rate "hold" and one rates the stock "sell" - LSEG data

 (Reporting by Clement Martinot)

 ((Clement.Martinot@thomsonreuters.com;))