RÉMY COINTREAU: Strong sales and EBIT growth expected in H2 | BUY | EUR126 vs. EUR127 (+21%)
RÉMY COINTREAU - BUY | EUR126 vs. EUR127 (+21%)Strong sales and EBIT growth expected in H2
Price/mix contributed EUR21.8m to H1 2018/19 EBIT
H2 should continue to show a good momentum
We reiterate our Buy recommendation, with a new FV of EUR126
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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