Laurent-Perrier : Greater resilience for the group anticipated. Buy reiterated
>A market down -2%, including -6% in France at end-September 2019 - According to the CIVC, global champagne shipments were down by around 2% for the first nine months of the year. However, this decline is all the greater when we exclude shipments destined for precautionary stock building in the UK due to Brexit (pushed back three times) and the increase in trade tariffs in the US, which for the time being have not included champagne. The French market (49% of shipment...Laurent-Perrier is a holding company. Through its subsidiaries, Co. is engaged in the production and distribution of champagne. Its products are sold through four main brands, which are Laurent-Perrier, Salon, Delamotte and Champagne de Castellane. Co.'s vineyards are held either directly by Co. or jointly with other growers through various real-estate companies. Co. organizes its business activities under three different types of legal entities: Champagne houses, Distribution subsidiaries, and Vineyards. For most of its export markets, Co.'s products are sold through specialized distribution networks such as cafes, hotels and restaurants, wine merchants and direct sales.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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