Remy Cointreau : Uncertainties on China largely priced in by the market
Based on our analysis of the MOFCOM report, following the launch of anti-dumping investigations into cognac on 5 January 2024, we model three scenarios for Rémy Cointreau. The most likely, as we see it, points to only a slight easing of long-term growth for cognac in China to 6% (vs 7.5%). This does not call into question the fundamentals. We maintain our Outperform rating with a target price of € 125 (vs € 129). Bull case at € 140 (45% upside), bear case at € 77 (20% downside). - ...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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