Laurent-Perrier : Solid interim results but which cannot be extrapolated to H2
>Neutral recommendation maintained with a target price of € 94 - The group reported a solid set of H1 2018-19 results. Laurent Perrier once again demonstrated the effectiveness of its value strategy. However, H1 results cannot be extrapolated to H2 due in particular to less favourable comparative bases and short-term uncertainties linked to social movements in France and to Brexit. We are maintaining our Neutral recommendation, with a target price of € 94. The stock i...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.
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