Remy Cointreau : Q3 2023-24e sales likely penalised by destocking in China
>Outperform maintained and target price unchanged at € 129 - We are sticking with our Outperform rating on Rémy Cointreau and our target price is unchanged at € 129. The valuation remains attractive in absolute (NTM P/E of 22x, -33% below its 10-year average) and relative terms (premium of +4% vs the staples universe and vs +40% for the past 10 years), whilst the significantly deteriorated momentum for 2023-24e has been priced in by the market and FY 2024-25e should s...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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