Remy Cointreau : FY 2024-25e: a transition year; potential operating margin expansion on a reported basis
>Outperform rating maintained with an unchanged target price of € 125 - Reassuring results that beat expectations by 2.4% for FY 2023-24 current operating profit and 5% for FY 2023-24e EPS. Further indications provided on the trajectory of the recovery in FY 2024-25, a year of transition towards FY 2025-26e when the group should return to high-single digit growth. However, the tax rate is likely to rise by 50bp to 28% in FY 2024-25e and part of the surprise on COP is ...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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