Remy Cointreau
Note: This is a daily stock update and the information stands true as of 28/11/24, 09:00 CET.
Company Update:
Expert Opinion:
We still have very limited visibility on the timing of the recovery. The prospects of a potential trade war with the US and China is a negative. On the back of our numbers (which will have to be adjusted down) the stock still trades on PE multiples that remain elevated with PE25 (march) at 20x down to 17.3x for 27 (march). With momentum set to remain negative for the time being, we see no reason to add to the stock.
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Company Update:
H1 results were slightly better than feared with operating profit down 17.6% to €169.1m, 3% better than expected.
However the guidance regarding the organic growth for FY25 (March) is a miss.
FY organic sales set to decline 15% - 18% with an operating margin in the 21% - 22% range. This is substantially below where consensus currently stands (13% org decline and op margin around 24%) and we expect a 15% cut to estimates should the consensus adjust on the guidance.
Expert Opinion:
We still have very limited visibility on the timing of the recovery. The prospects of a potential trade war with the US and China is a negative. On the back of our numbers (which will have to be adjusted down) the stock still trades on PE multiples that remain elevated with PE25 (march) at 20x down to 17.3x for 27 (march). With momentum set to remain negative for the time being, we see no reason to add to the stock.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach out to us at sales@alphavalue.eu
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Alphavalue Morning Market Tip
Solid start of 2025 with signs of recovery in key markets.