End of coverage

From 7th January 2025 we will no longer include in our coverage:Rémy Cointreau

Rémy Cointreau: we lower our FY24/25 EBIT as China confirms higher tar...

Following yesterday's decision by the Chinese government to impose higher tariffs on cognac in China and ahead of an expected poor Q2 sales release, we cut our FY 2024/25 earnings by almost 10%. FY sales are likely to fall 7% with a 10% EBIT decline. We remain at Neutral on the stock with a new EUR

On the shelves now: Consumer weekly #32

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we take a fresher look at the (still ongoing) Red Sea freight crisis. Happy reading!

Rémy Cointreau: still low visibility on US final demand

Following Rémy Cointreau's FY23/24 results release yesterday, we remain cautious on the stock due to ongoing uncertainty on the timing of a rebound in the US where end-demand for cognac remains weak. Rémy Martin is also facing an aggressive promotional environment with competitors, and depletions a

Rémy Cointreau: Growth in cognac outweighed by weak outlook

Following the recent FY23/24 sales release, we remain cautious on the stock due to ongoing uncertainty on the timing of a rebound in the US where end-demand for cognac is clearly weak. We leave our Neutral recommendation unchanged given the current lack of visibility, even if the worst is probably

Short-term visibility still too weak!

Following the recent Q3 sales release, we are more cautious in view of ongoing uncertainty due to a lack of visibility on the timing of a rebound in the US. We are more cautious on FY 2024-25 sales momentum and lower our earnings estimates by 7%. We leave our Neutral recommendation unchanged even i

Still some uncertainties on Rémy Cointreau

Rémy Cointreau released poor H1 results yesterday, although in line with market expectations: EBIT tumbled 47% to EUR169m, implying a 10.3 points profitability erosion. Uncertainties remain both for H2 FY 23/24 and also for FY 24/25 due to the timing of the potential recovery in the US. We maintain

Rémy Cointreau: model update

While FY 22-23 earnings were globally in line with market expectations with a 230bp EBIT margin gain, poor expectations for FY 23-24 lead us to revise down our earnings by 7%. We maintain our Neutral recommendation with a new EUR168 PT vs EUR180 previously.

Bryan, Garnier & Co Consumer Daily | Groupe SEB, Rémy Cointreau, Royal...