Remy Cointreau : A confident message but valuation strained. Neutral maintained with a new target price of €110
>2017-18 results close to expectations, with organic EBIT growth of +14.1% topping the consensus estimate of +12.9% - 2017-18 underlying EBIT is in line at € 236.8m (vs € 237.7m and the consensus € 235.5m). The forex impact is slightly more marked than expected at -€ 18.5m. Organic growth of +14.1%, which is higher than estimated (consensus forecast: +12.9%), boosted by cognac +18.8% (vs consensus forecast: +17%). EBIT for liqueurs and spirits is down -16.4% on an org...Remy Cointreau is an operator in the global wines and spirits market. Co. produces, markets and distributes Cognac, Liquors and Spirits and other non-group brand alcoholic beverages. Co.'s primary cognac brand is Remy Martin, produced from Petite Champagne and Grande Champagne eaux-de-vie. Co.'s principal liquor and spirits include the following brands: Cointreau, Passoa, Metaxa, St Remy, and Mount Gay. Co. also operates a distribution network that handles products from partners and third-party companies. Major non-group products distributed by Co. include Scotch Whiskies (Edrington brand), Champagne (Piper-Heidsieck and Charles Heidsieck brands) and Vodka.
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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