Rémy Cointreau: Strong momentum confirmed
Rémy Cointreau: (BUY, Fair Value EUR127 (+7%))Strong momentum confirmed
Friday’s release did not drive any upward revision of forecasts but confirmed the group’s very strong momentum. Despite the negative phasing impact, organic sales were up 5.9% in the first quarter of the year. This remained driven by cognac which saw double digit growth of volume depletions both in China and the US. But Liqueurs & Spirits also renewed growth thanks to the end of the impact from the deconsolidation of Passoa and the new marketing campaign for Cointreau. We maintain our buy recommendation and our Fair Value of 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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