RÉMY COINTREAU: A lot of positives in yesterday’s release | BUY Coverage initiated | EUR130 vs. EUR126 (+8%)
RÉMY COINTREAU - BUY | EUR130 vs. EUR126 (+8%)A lot of positives in yesterday’s release
Cognac: 2019/20 to be another strong year
Liqueurs & Spirits: expected to accelerate to +5% this year
Partner Brands: more distribution terminations to come
Mid-term guidance likely to be upgraded
Fair Value raised to EUR130 – Buy confirmed
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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