Remy Cointreau : FY 2024-25e: still little visibility on the recovery trajectory
>Outperform rating maintained; target price unchanged at € 105 - The Q1 2024-25 results were broadly in line with the consensus. As expected, they did not imply any sequential improvement in the group’s performance compared with H2 2023-24, despite a positive surprise in cognac, where organic sales were down 12%. The information provided to present the Q1 2024-25 sales during the conference call was vague, and we would urge caution. We are not revising either our FY 2...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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