Remy Cointreau S.A.

Remy Cointreau is an operator in the global wines and spirits market. Co. produces, markets and distributes Cognac, Liquors and Spirits and other non-group brand alcoholic beverages. Co.'s primary cognac brand is Remy Martin, produced from Petite Champagne and Grande Champagne eaux-de-vie. Co.'s principal liquor and spirits include the following brands: Cointreau, Passoa, Metaxa, St Remy, and Mount Gay. Co. also operates a distribution network that handles products from partners and third-party companies. Major non-group products distributed by Co. include Scotch Whiskies (Edrington brand), Champagne (Piper-Heidsieck and Charles Heidsieck brands) and Vodka.
  • TickerRCO
  • ISINFR0000130395
  • ExchangeEuronext Paris
  • SectorBeverages
  • CountryFrance
Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/22/2020

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Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/07/2020

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Fatma Agnès Hamdani ...
  • Samantha Jeary

Remy Cointreau : Confidence on the rebound in sales but caution on the conversion to EBIT

>Recap on Q1 2020 sales published yesterday - Rémy Cointreau yesterday published Q1 2020-21 (April-June 2020) sales reflecting an organic contraction of 33.2% (-32.7% reported). This decline is the result of the combination of a sharp drop in consumption in a number of markets (mainly due to the closure of on-trade networks and the collapse of air traffic) and destocking effects.The group’s cognac (Rémy Martin) division reported Q1 sales of € 98.7m, reflecting a...

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...

Matthieu DRIOL

Short term view - REMY COINTREAU : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €97.62. The background trend would be questioned should prices rise above €125.30.

Matthieu DRIOL

Analyse court terme - REMY COINTREAU : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 97,62 €. La tendance de fond serait remise en cause en cas de franchissement de 125,30 €.

Matthieu DRIOL

Short term view - REMY COINTREAU : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €97.62. The background trend would be questioned should prices rise above €125.30.

Matthieu DRIOL

Analyse court terme - REMY COINTREAU : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 97,62 €. La tendance de fond serait remise en cause en cas de franchissement de 125,30 €.

Fatma Agnès Hamdani ...
  • Samantha Jeary

Remy Cointreau : Confidence on the rebound in sales but caution on the conversion to EBIT

>Recap on Q1 2020 sales published yesterday - Rémy Cointreau yesterday published Q1 2020-21 (April-June 2020) sales reflecting an organic contraction of 33.2% (-32.7% reported). This decline is the result of the combination of a sharp drop in consumption in a number of markets (mainly due to the closure of on-trade networks and the collapse of air traffic) and destocking effects.The group’s cognac (Rémy Martin) division reported Q1 sales of € 98.7m, reflecting a...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Rémy Cointreau : Confiance sur le rebond des ventes mais prudence sur la traduction en EBIT

>Retour sur les ventes T1 2020/21 publiées hier - Rémy Cointreau a publié hier 150.1 M€ de CA T1 (avril-juin 2020), en baisse organique de 33.2% (-32.7% en publié). Cette baisse résulte de la combinaison entre une forte baisse de la consommation dans certains marchés (due principalement aux fermetures des réseaux on-trade et à l’effondrement du trafic aérien) et des effets de déstockage.La division cognac (Rémy Martin) affiche un CA T1 de 98.7 M€, en baisse orga...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Remy Cointreau : Q1 2020-21 sales well above forecasts and guidance for H1 raised

>Organic decline in Q1 sales far more limited than expected - This morning, Rémy Cointreau published Q1 2020-21 sales (April-June 2020) of € 150.1m, down 33.2% on an organic basis (-32.8% reported), well above the consensus (€ 128.7m). For the group’s own brands, Q1 sales were € 144.8m, down 33.5% organic (the consensus forecast -42.8%) and -33.1% reported. Group brands Q1 sales were 16.5% higher than forecast by the consensus. We think that this outperformance w...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Rémy Cointreau : Des ventes T1 2020-21 largement supérieures aux attentes et une guidance S1 relevée

>Une baisse organique des ventes au T1 bien moindre qu’attendu - Rémy Cointreau a publié ce matin un chiffre d’affaires T1 2020-21 20 (avril-juin 2020) de 150.1 M€, en baisse de 33.2% en organique (-32.8% en publié), significativement supérieur au consensus (128.7 M€). Pour les marques propres, le CA T1 atteint 144.8 M€, en baisse organique de 33.5% (le consensus attendait -42.8%) et -33.1% en publié. Ce CA T1 des marques propres est 16.5% supérieur aux attentes du co...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anthony Dick
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau

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

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Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 28/11/2019 - Atlantia- FR

Atlantia (Conserver) : Le gouvernement italien devrait prendre une décision la semaine prochaine sur la concession italienne Vienna Insurance (Achat) - 9M-19 : Résultat avant impôts de €376m (+6,8%) Deutsche Bank (Vente) : Cède un bloc d’actifs émergents d’une valeur nominal de £40mds Selecta (Achat) - Exercice 2018/19 : EBITDA de €198m (+11,4%) Loxam (Achat) - 9M-19 : EBITDA de €430m (+15,7%) Merlin Properties (Achat) : Emission d'une obligation de €500m 15Y ms+165pbs Imerys (Achat) : Pourrait céder ses filiales nord-américaines de talc ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 21/10/2019 - Thyssenkrupp - EN

TP ICAP - Europe - Morning CreditUpdate 21/10/2019 - Thyssenkrupp - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 21/10/2019 - Thyssenkrupp - FR

ThyssenKrupp (Achat) : Vers une cession du pôle ascenseurs pour environ €15 mds Wirecard (Achat) : Demande un audit indépendant Eurofins (Achat) : Finalisation du refinancement de €300m de dette hybride Fnac Darty (Achat) - 9M-19 : Revenus de €5,1 mds (+3%, +2,3% en comparables) Ineos (Achat) - T3-19 : EBITDA de €514m (vs. €631m l’an dernier) Bolloré (Conserver) - 9M-19 : CA de €17,9 mds (+9% en publié, +4% en organique) Solocal (Vente) -T3-19 : Revenus de €142m (-11,1%)

Anthony Giret

1H17/18 - Solid results driven by cognac and ongoing luxury strategy

Rémy Cointreau has released solid results for 1H17/18 (period ended 30 September 2017), broadly in line with the Bloomberg consensus. As commented following the early sales release on 17 October, the group’s brands posted good organic sales growth in Q2 (+7.6%) and H1 (9.6%). This was especially driven by APAC (28% of sales) and more specifically Greater China, while the group’s other two regions EMEA (30% of sales) and Americas (41%), also performed well with Russia, UK and Travel Retail. Rémy Martin (cognac), the most profitable division representing 82% of EBIT, continued outperforming. Thi...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/22/2020

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Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/07/2020

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Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/21/2020

We are providing an update on our conviction that Nexi is set to acquire its fellow Italian group SIA in the next few months. Looking beyond the appeal in financial terms (synergies of € 100m) and strategically (insourcing of processing and international expansion) for Nexi, we think that the Italian government (which owns 83% of SIA) is unlikely to pass up the opportunity to create a national champion in electronic payment, as in France with Worldline/Ingenico. Based on our simulatio...

Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/07/2020

Nous revenons sur notre conviction que Nexi va racheter son compatriote SIA dans les mois qui viennent. Au-delà de l’intérêt financier (synergies de 100 M€) et stratégique (internalisation du processing et ouverture à l’international) pour Nexi, le gouvernement italien (qui détient 83% de SIA) ne devrait pas manquer la possibilité de créer un champion national du paiement, comme en France avec Worldline/Ingenico. Notre simulation (prix payé, type de financement) fait ressortir un bull...

Antoine Boivin-Champeaux ...
  • Fatma Agnès Hamdani
  • Martial Descoutures
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

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

2020 is set to be hard hit by the ongoing health crisis (sales down 10.1% LFL; ORFA down 39%) but this atypical year should not overshadow the group's capacity to turn in historically steady growth (sales up 5.5% cc per year on average since 2011) with strong FCF (€ 311m in 2021). The Chinese business alone is valued at € 80 per share, which implies for the rest of the group a discount close to 11% vs peers. The recent rise in the share price prevents us from returning to a Buy recomm...

REMY COINTREAU reduced its risk exposure resulting in an upgrade to Slightly Positive

REMY COINTREAU (FR), a company active in the Distillers & Vintners industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 13, 2020, the closing price was EUR 87.25 and its potential was estimated at EUR 113.96.

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...

Pierre-Antoine Bourgoin

Rémy Cointreau - Assemblée Générale des Actionnaires du 23 Juillet 2020

L'exercice 2019-2020 aura été marqué par le départ de Madame Valérie Chapoulaud-Floquet de la Direction Générale de la société le 30 novembre 2019. Celle-ci a été remplacée par Eric Vallat. La nomination du cabinet Mazars en remplacement du cabinet Auditeurs et Conseils Associés en qualité de commissaire nous semble opportune dans la mesure où le cabinet Auditeurs et Conseils Associés était commissaire aux comptes titulaire depuis 30 ans, ce qui excède largement notre maximum de 3 mandats successifs, visant à une meilleure rotation des commissaires aux comptes (résolution 10). Les politiques...

Expert Corporate Governance Service (ECGS)

Rémy Cointreau - AGM 23 July 2020

The 2019-2020 financial year will have been marked by the departure of Mrs. Valérie Chapoulaud-Floquet as Chief Executive Officer (CEO) on November 30, 2019. She has been replaced by Eric Vallat. Item 10: The appointment of Mazars to replace the firm Auditeurs et Conseils Associés as statutory auditor seems appropriate to us insofar as the firm Auditeurs et Conseils Associés had been the statutory auditor for 30 years, which greatly exceeds our maximum of 15 years (in France: 3 successive mandates, i.e. 18 years) aiming at a better rotation of statutory auditors. Items 11, 12 and 14: The rem...

Expert Corporate Governance Service (ECGS)

Rémy Cointreau, 24 July 2019

ITEM 13: The Company’s lack of disclosure is quite obvious regarding the remuneration policy for 2019-2020: it discloses neither amounts nor structure at stake. This kind of behaviour, for such a large capitalisation company, is regrettable. ITEM 15: The Company’s disclosure on remunerations did not improve. It still does not disclose annual bonus criteria weightings and achievement rates. This practice is now quite common among the SBF120 companies and the company should have drawn on it.

Pauline Delecourt

Rémy Cointreau, 24 Juillet 2019

La communication de la société en termes de rémunérations ne s’est malheureusement pas améliorée. En effet, la société ne communique ni les poids de chacun des critères du bonus annuel, ni les taux de réalisation de ces critères alors même que la pratique s'est généralisée au sein du SBF120 (indice auquel la société appartient). Puisque la société tient son assemblée générale près de 2 mois après le pic des assemblées générales du SBF120 (en raison de sa clôture d'exercice décalée), elle aurait dû, a minima, s'inspirer des meilleures pratiques observées depuis plusieurs années maintenant. Ce ...

Expert Corporate Governance Service (ECGS)

Remy Cointreau S.A - Proxy report 24/07/2018

The company’s disclosure on remunerations did not improve since last year. It does not disclose annual bonus criteria weightings and achievement rates. This practice is now quite common among the SBF120 companies and the company should have drawn on it. This lack of disclosure is also quite obvious regarding the remuneration policy for 2018-2019: the company discloses no amount or structure at stake. This kind of behaviour, for such a large capitalisation company, is regrettable.

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