Rémy Cointreau : T1 à +105% en lfl avec le Cognac 30% supérieur à la situation pré-COVID
>Le momentum se maintient - Notre recommandation à Sous-performance repose sur un niveau de valorisation (PE 22 : 60x et VE/EBITDA 22 >30x) qui nous semble très excessif malgré la qualité des fondamentaux et le mouvement généralisé de rerating qui est observé depuis 2 ans sur les valeurs positionnées sur la consommation premium et super premium.La publication du T1 devrait néanmoins rester un soutien pour le titre dès lors qu’en lfl, ce trimestre affiche un CA 3...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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