Campari : Slowdown in Europe: a structural risk specific to Campari
The flagging growth in Europe that has started in 2024 is, in our view, more structural than cyclical for Campari. The slowdown is due above all to the erosion of the penetration potential for liqueurs & aperitifs (L&A), the group’s main long-term growth driver. We are thus lowering our long-term growth forecasts in Europe (4% vs 5.2%) and our target price to € 4.5 (vs € 6.0). We maintain our Underperform rating on a stock that is still showing a premium (18x P/E NTM) vs Diageo and Pernod Ricard (18x and 14x) while its profile is moving increasingly closer to theirs (diversified global players with growth potential in line with the market).
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