RÉMY COINTREAU: Strong sales growth likely in FY22, but significant investments will limit margin expansion | SELL | EUR135 VS. EUR128 (-21%)
RÉMY COINTREAU - SELL | EUR135 VS. EUR128 (-21%)Strong sales growth likely in FY22, but significant investments will limit margin expansion
Recurring EBIT should be up 12% organically
2021/22 sales booming, driven by US
Slight EBIT margin in 2021/22, as A&P will be much stronger
Target Price from EUR128 to EUR135
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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