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.

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