Rémy Cointreau: Growth in cognac outweighed by weak outlook
Following the recent FY23/24 sales release, we remain cautious on the stock due to ongoing uncertainty on the timing of a rebound in the US where end-demand for cognac is clearly weak. We leave our Neutral recommendation unchanged given the current lack of visibility, even if the worst is probably
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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