Laurent-Perrier : H1 2022-23 expected to remain robust with growth underpinned by price revaluations and volumes
>Outperform maintained with a target price of € 125 - Laurent Perrier's H1 2022-23 publication should once again confirmed the solidity of the group. We maintain our Outperform rating on the stock. Despite uncertainty on the champagne market in 2023, we think that Laurent Perrier has advantages (high-end positioning, less sensitive to the economic context) and the agility to protect profitability, as demonstrated during the Covid crisis. The valuation remains relative...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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