Bryan Garnier - Remy Cointreau SA (RCOP.PA) RÃ‰MY COINTREAU: Below market expectations due to Liqueurs Spirits | BUY | EUR130

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Bryan Garnier

Virginie Roumage

RÃ‰MY COINTREAU: Below market expectations due to Liqueurs & Spirits | BUY | EUR130

RÃ‰MY COINTREAU - BUY | EUR130(+2%)
Below market expectations due to Liqueurs & Spirits

Sales going into negative territory
Cognac: destocking in the US
Liqueurs & Spirits: penalising technicalities
Partner Brands: end of distribution agreements

18/07/2019 3 EN

Underlying

Remy Cointreau SA

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Provider

Bryan Garnier

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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Analysts

Virginie Roumage

Other Reports on these Companies

Bryan Garnier

RÉMY COINTREAU | NEUTRAL | EUR210 VS. EUR205 Short term upside into Q1 sales

Remy Cointreau enjoys many positive catalysts. Beyond underlying growth in the spirits markets, Remy Cointreau is well positioned through its high-end brand portfolio enabling it to outperform the premium sprits segment. We are optimistic for Q1 2022/23 sales growth as we anticipate a 20% organic revenue increase, driven by a positive effect from both volumes and value. Remy Martin (72% of group sales) should lead this growth. Furthermore, given recent weakness in the EUR, FX is set to provide be a clear tailwind for Q1 and probably for FY 2022/23. We are also quite confident in FY 2022/23 sal...

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RÉMY COINTREAU: Confidence of the management for the current year | NEUTRAL | EUR205

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RÉMY COINTREAU NEUTRAL | EUR197 FY sales in line with expectations. Strong growth in FY EBIT not quantified at this stage

º Q4 sales in line with expectations FY 21/22 EBIT set to “grow very strongly”, but management has provided no precise figures Neutral recommendation reiterated

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RÃ‰MY COINTREAU: Below market expectations due to Liqueurs & Spirits | BUY | EUR130

RÉMY COINTREAU | NEUTRAL | EUR210 VS. EUR205 Short term upside into Q1 sales

RÉMY COINTREAU: Confidence of the management for the current year | NEUTRAL | EUR205

RÉMY COINTREAU NEUTRAL | EUR197 FY sales in line with expectations. Strong growth in FY EBIT not quantified at this stage

Fastned: H1 results, GM recovery, roll-out acceleration expected in H2

Avantium: financing package update

Valneva : Strong H1 - Key Lyme vaccine catalyst ahead in Q4

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