Rémy Cointreau: we lower our FY24/25 EBIT as China confirms higher tariffs on cognac
Following yesterday's decision by the Chinese government to impose higher tariffs on cognac in China and ahead of an expected poor Q2 sales release, we cut our FY 2024/25 earnings by almost 10%. FY sales are likely to fall 7% with a 10% EBIT decline. We remain at Neutral on the stock with a new EUR
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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