Rémy Cointreau: Recent decrease in the share price offering a buying opportunity
Rémy Cointreau: (BUY vs. NEUTRAL, Fair Value EUR127 vs. EUR124 (+12%))Recent decrease in the share price offering a buying opportunity
Rémy Cointreau should see another acceleration of organic sales growth in 2018/19 (+7.9% post +7.2% in 2017/18) due to continued double digit growth of Cognac (+12% estimated) and a steep improvement at Liqueurs & Spirits (+5% estimated post -1% last year). On top of that, the margin guidance for 2019/20 is very cautious. Post the very steep decline in the share price over the last month (-13.7% in absolute and -12.5% vs DJ Stoxx), we upgrade the stock to Buy. Our Fair Value is raised to EUR127.
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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