Remy Cointreau : Solid 2018-19 results. Disappointment on FCF and guidance for 2019-20
>2018-19 results a shade above forecasts - Underlying EBIT for 2018-19 (pro forma) was up 11.3% to € 263.6m, i.e. 1% above consensus forecasts. The forex impact was slightly better than expected at -€ 7m. Organic EBIT growth was robust at +14.2% (vs 13.6% for the consensus) boosted by cognac (+17.9%, with sales up 11.9%) whilst liqueurs and spirits were down 6% due to the increase in A&P investment. The EBIT margin was up by 70bp on a reported basis and +130bp organic...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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