Remy Cointreau : Slowdown in Q4 in sight
>Narrowing growth differential with peers - The group's top-line growth should dip from 8% in 2018-19 to 6% in 2019-20 due to the deceleration in cognac. This trend is expected to continue over the next few years. At 32 times 2019-20e P/E and 21 times EV/EBITDA, the stock is still trading at a premium of around 40% vs Pernod Ricard (ratios of 22x and 16x respectively), while the differential in top-line growth between both groups has narrowed significantly (2019-20 to...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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