Remy Cointreau : Q1 at +105% l-f-l with cognac 30% > the pre-COVID situation
>Momentum holding up - Our Underperform rating is based on a valuation level (P/E 2022: 60x and EV/EBITDA 2022 >30x) that looks very excessive despite the quality of the fundamentals and the widespread re-rating observed in the last two years for stocks positioned on premium and super premium consumption.The Q1 release should nonetheless offer support for the share since on a l-f-l basis sales in the quarter were 37% higher than the pre-COVID situation with +30%...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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