Rémy Cointreau: Model update after the release of 2017/18 results
Rémy Cointreau: (NEUTRAL, Fair Value EUR124 vs. EUR120 (+1%))Model update after the release of 2017/18 results
The group is increasing its exposure to exceptional spirits, which implies an acceleration in the top line and strong EBIT margin expansion. We factor into our forecasts the new guidance for 2019/20 which was communicated at the release of 2016/17 results on June 7th. Our new Fair Value of EUR124 implies no upside potential. We maintain our Neutral recommendation.
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.
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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