Remy Cointreau : No preliminary taxes then on cognac imports in China
>Outperform recommendation and target price of € 105m maintained - We maintain our Outperform recommendation and keep our target price unchanged at € 105. The lack of visibility in the USA and China, which account for over 60% of group sales, should continue to act as a drag on the share's performance. But with the pick-up in the cognac market and the group's ongoing strategy of diversifying into liqueurs & spirits (L&S), we continue to believe that a valuation at 19x...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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