Rémy Cointreau : Les incertitudes en Chine largement intégrées par le marché
A la lecture du rapport du MOFCOM, suite à l’ouverture d’une enquête anti-dumping sur le cognac le 5/01/24, nous modélisons 3 scenarii pour Rémy Cointreau. Le plus probable, selon nous, induirait seulement un léger ralentissement de la croissance de long terme du cognac en Chine de 6% (vs 7.5%). Pas de remise en cause fondamentale des fondamentaux donc. Surperformance maintenue avec un OC de 125 € (vs 129 €). Bull case à 140 € (upside de 45%), bear case à 77 € (downside de 20%. - ...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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