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Spirits: Better than expected organic sales growth for the sector in Q2
SpiritsBetter than expected organic sales growth for the sector in Q2
All spirits companies published Q2 organic sales growth above expectations, fuelled by dynamic emerging markets and improving trends in the United States. From an EBIT margin standpoint, the bag was mixed, with savings on the one hand but increasing COGS (glass, agave…) on the other. The outlook is definitively positive. Note that Q3 should be helped by the earlier timing of the Mid-Autumn festival in China and easy comps in India. Within the sample, we have a Buy recommendation on Pernod Ricard (FV: EUR154) and Rémy Cointreau (FV: EUR127).
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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.
Virginie Roumage
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