date:Jan 16, 2014
at 20.5 times forecast earnings, above Nestle's 18.6 times, according to Thomson Reuters data.
The stock was down 1.0 percent to 1,106 francs by 1015 GMT, underperforming Europe's food and beverages index .SX3P.
Outsourcing Deals
Outsourcing, such as a 2012 deal with Unilever to supply chocolate for ice creams such as Magnum, has helped Barry Callebaut to outpace generally sluggish growth in the global chocolate market in recent years.
Some analysts have suggested that growth from outsourcin