Davide Campari-Milano is engaged in manufacturing spirits industry with an extensive product portfolio in three business lines: spirits, which includes internationally brands such as Appleton, Campari, Carolans, SKYY vodka and Wild Turkey, as well as brand in local markets including Aperol, Cabo Wabo, Cynar, Frangelico, GlenGrant, Ouzo 12, X-Rated Fusion Liqueur, Zedda Piras, and Brazilian brands Dreher, among others; wines, which main regional brands are Liebfraumilch, Mondoro, Odessa, Riccadonna, Sella&Mosca and Teruzzi&Puthod; and soft drinks, which covers the extended ranges of Crodino and Lemonsoda. Co. operates in 190 countries with registred positions in Europe and the Americas.
  • TickerCPR
  • ISINIT0005252207
  • SectorBeverages
  • CountryItaly
Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2020

Faced with uncertainty as to what shape the next recovery cycle may take, we have attempted to build a sector allocation approach based on three pillars: 1/ buy sectors offering an EY - Bund spread higher than the long-term average) 2/ minimise the risk on earnings expectations by favouring sectors for which the speed of revision is higher than that achieved at the same time stage of the crisis in 2008-2009 3/ favour sectors whose price performance is more severe than the decline in e...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Campari : Q1 2020: sharp drop in EBIT driven by Italy, but sales hold up thanks to off-trade channels

>Q1 2020 results - Campari reported its Q1 2020 results yesterday. Revenue came in at € 360.2m, down 2.7% as reported and 5.3% organically. In organic terms, the drop is attributable to the 23% drop in sales in the SEMEA division (Southern Europe, Middle East and Africa), with Italy in particular down 24.4% in Q1. For the other regions, organic sales performances in Q1 are as follows: -0.9% for Americas driven by Latam, whereas the US was up 1.1%, +6.6% for NCEE (Nort...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2020

Face à l’incertitude que représente la forme du prochain cycle de reprise, nous avons tenté de bâtir une allocation sectorielle fondée sur trois piliers : 1/ achat de secteurs offrant un spread EY – Bund supérieur à la moyenne de long terme, 2/ minimisation du risque sur les résultats en favorisant les secteurs dont la vitesse de révision est supérieure à celle atteinte, au même stade temporel de la crise, en 2008-09, 3/ favoriser les secteurs dont la performance prix est plus sévère ...

Virginie Roumage

CAMPARI: Covid-19 and comps impacting Q1 | NEUTRAL | EUR6.5 vs. EUR8,7 (-6%)

CAMPARI - NEUTRAL | EUR6.5 vs. EUR8,7 (-6%) Covid-19 and comps impacting Q1 Q1 organic sales down 5.3% due to Southern Eur/Middle East/Afr

Fatma Agnès Hamdani ...
  • Samantha Jeary

Campari : T1 2020 : forte baisse de l’EBIT tirée par l’Italie mais les ventes résistent grâce aux canaux off-trade

>Retour sur les résultats T1 2020 - Campari a publié hier en journée ses résultats T1 2020. Le CA ressort à 360.2 M€, soit une baisse de 2.7% en publié et de 5.3% en organique. En organique, la baisse est due à la chute de 23% des ventes dans la division SEMEA (Europe du Sud, Moyen-Orient et Afrique) avec notamment l’Italie en baisse de 24.4% au T1. Pour les autres régions, l’évolution des ventes en organique au T1 est la suivante : -0.9% pour Americas tirée par le La...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EM in early stages of bottoming Our overall global outlook remains cautious and continued downward pressure on global equities remains our expectation. This belief is supported in part by the absence of bottoming price action for broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE), which are still making lower highs and lower lows. However, one bright spot is EM (more on this below), which continues to give us hope that global equities can bottom out. • Emerging Markets. We began highlighting the MSCI EM index as leadership on a relative basis back in November, so continued outper...

Matthieu DRIOL

Short term view - DAVIDE CAMPARI-MILANO SPA : Overbought stochastics

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €6.319.

Matthieu DRIOL

Analyse court terme - DAVIDE CAMPARI-MILANO SPA : Stochastiques en zone de surachat.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 6,319 €.

Fatma Agnès Hamdani ...
  • Samantha Jeary

Campari : Q1 2020: sharp drop in EBIT driven by Italy, but sales hold up thanks to off-trade channels

>Q1 2020 results - Campari reported its Q1 2020 results yesterday. Revenue came in at € 360.2m, down 2.7% as reported and 5.3% organically. In organic terms, the drop is attributable to the 23% drop in sales in the SEMEA division (Southern Europe, Middle East and Africa), with Italy in particular down 24.4% in Q1. For the other regions, organic sales performances in Q1 are as follows: -0.9% for Americas driven by Latam, whereas the US was up 1.1%, +6.6% for NCEE (Nort...

Virginie Roumage

CAMPARI: Covid-19 and comps impacting Q1 | NEUTRAL | EUR6.5 vs. EUR8,7 (-6%)

CAMPARI - NEUTRAL | EUR6.5 vs. EUR8,7 (-6%) Covid-19 and comps impacting Q1 Q1 organic sales down 5.3% due to Southern Eur/Middle East/Afr

Fatma Agnès Hamdani ...
  • Samantha Jeary

Campari : T1 2020 : forte baisse de l’EBIT tirée par l’Italie mais les ventes résistent grâce aux canaux off-trade

>Retour sur les résultats T1 2020 - Campari a publié hier en journée ses résultats T1 2020. Le CA ressort à 360.2 M€, soit une baisse de 2.7% en publié et de 5.3% en organique. En organique, la baisse est due à la chute de 23% des ventes dans la division SEMEA (Europe du Sud, Moyen-Orient et Afrique) avec notamment l’Italie en baisse de 24.4% au T1. Pour les autres régions, l’évolution des ventes en organique au T1 est la suivante : -0.9% pour Americas tirée par le La...

Samantha Jeary

ODDO : In the spirits sector, it’s COVID-19 that’s raising its glass!

In a crisis that is set to affect the earnings and cash of spirits groups, we choose to focus on the resilience of sector leaders. We have upgraded to Buy on Diageo, which could be the best placed to offset the EBIT and cash impacts of the current crisis. We maintain our Buy rating on Pernod Ricard. We are still cautious on Rémy Cointreau but also on Campari, which could suffer from its significant on-trade exposure. - >Leading players’ relative valuation does not reflect ...

Samantha Jeary

ODDO : Au sein des spiritueux, c’est le COVID qui trinque !

Dans un contexte de crise qui n’épargnera pas les résultats et le cash des spiritueux, nous privilégions la résilience des leaders. Nous passons à l’Achat sur Diageo, qui pourrait être plus à même d’atténuer les impacts EBIT et cash de la crise actuelle. Nous restons à l’Achat sur Pernod Ricard. Nous sommes prudents sur Rémy Cointreau mais aussi sur Campari, qui risque de souffrir de son exposition importante au on-trade. - >La valorisation relative des leaders ne reflète ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2020

Faced with uncertainty as to what shape the next recovery cycle may take, we have attempted to build a sector allocation approach based on three pillars: 1/ buy sectors offering an EY - Bund spread higher than the long-term average) 2/ minimise the risk on earnings expectations by favouring sectors for which the speed of revision is higher than that achieved at the same time stage of the crisis in 2008-2009 3/ favour sectors whose price performance is more severe than the decline in e...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2020

Face à l’incertitude que représente la forme du prochain cycle de reprise, nous avons tenté de bâtir une allocation sectorielle fondée sur trois piliers : 1/ achat de secteurs offrant un spread EY – Bund supérieur à la moyenne de long terme, 2/ minimisation du risque sur les résultats en favorisant les secteurs dont la vitesse de révision est supérieure à celle atteinte, au même stade temporel de la crise, en 2008-09, 3/ favoriser les secteurs dont la performance prix est plus sévère ...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/21/2020

Three fundamental conclusions can be drawn from our research, which has been conducted on a model recast with a view to capturing the latest governance trends: (i) Eurazeo and Plastic Omnium have the best scores based on our analysis model, with a very clear lead for Eurazeo; (ii) France is trying (possibly too hard) to protect itself against activist funds; and (iii) the Covid-19 crisis is threatening the organisation of AGMs and calling into question the principle of shareholder val...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/04/2020

3 éléments fondamentaux sont à retenir de notre étude dont le modèle a été refondu pour capter les dernières tendances de gouvernance : 1/ Eurazeo et Plastic Omnium disposent de la meilleure notation, sur la base de notre modèle d’analyse, la première se détachant très nettement 2/ la France cherche (trop ?) à se protéger contre les activistes 3/ La crise du COVID-19 menace la tenue des AG et provoque une remise en question du principe de la valeur actionnariale. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Johanna Jourdain
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/07/2020

Given its strategic nature in the COVID-19 crisis, food retail has regained a defensive status, which seems justified in our view. This means we have only cut our 2020 forecasts by 3.2%. There are no financial issues in the sector. The valuations remain attractive. We are not changing our sector hierarchy. Ahold Delhaize is still our Top Pick, but we are steering clear of Metro (Reduce vs Neutral). - ...

DAVIDE CAMPARI MILANO sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of DAVIDE CAMPARI MILANO (IT), active in the Distillers & Vintners industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date February 25, 2020, the closing price was EUR 8.04 and its target price was estimated at EUR 7.64.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Davide Campari - Milano - AGM 27 March 2020

In item 3.1, shareholders are called to a binding vote on the remuneration policy. Overall remuneration amounts are reasonable: the CEO's fixed remuneration is 99% of the median at European peers, and 88% of the median at large Italian companies. However, we strongly regret that the stock option plan (subject to a vote in item 4) is not based on any performance conditions, and the maximum annual bonus (180% of the base salary) exceeds our voting policy limit of 150% of the fixed remuneration. Therefore, we recommend opposition. In item 3.2, shareholders are called to an annual advisory vote o...

Expert Corporate Governance Service (ECGS)

Davide Campari April 16th, 2019

In item 2, the AGM is called to appoint the members of the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of Campari's share capital. Two slates of nominees have been submitted: by Lagfin SCA (64.3% of votes with 51.0% of shares), and a group of institutional investors (0.7% of votes with 1.0% of shares), including 9 and 1 nominees respectively. One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note tha...

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