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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Rémy Cointreau    RCO   FR0000130395

RÉMY COINTREAU

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Remy Cointreau : Lockdown cocktails soften virus blow for Remy Cointreau

07/21/2020 | 06:14am EST
FILE PHOTO: A bottle of Cointreau is displayed at the Carre Cointreau in the Cointreau distillery in Saint-Barthelemy-d'Anjou

First-half earnings at Remy Cointreau will fall less than feared as a rise in cocktail drinking at home helps to offset a collapse in demand from travel retail and events in the coronavirus pandemic, the premium spirits maker said on Monday.

The maker of Remy Martin cognac and Cointreau liqueur said underlying sales plunged 33% in the three months ended June 30.

But that was better than analysts' average forecast for a 43% drop, as some drinkers in Britain, Germany and the United States in particular sought to liven up their coronavirus lockdowns by mixing drinks at home.

Cointreau's margarita cocktail, which combines the orange liqueur with tequila and lime juice, was a particular hit in the United States, the French company said.

It now expects core earnings for the six months ended Sept. 30 to fall 35-40%, compared with a drop of 45-50% previously.

While U.S. and Asian wholesalers cut inventories and travel retail collapsed in the first quarter, Remy also said its deluxe CLUB cognac and single-malt whiskies performed well in China.

Finance chief Luca Marotta flagged strong investment in the coming quarters, notably in Cointreau liqueur and branding.

"We need a strong rebound," he said, as the company forecast double-digit growth in China and the United States for the current quarter.

Analysts at Bryan Garnier, however, pointed to the weakness in travel retail and warned cash-strapped consumers could trade down from premium brands as economies suffer deep recessions.

In the first quarter, House of Remy Martin - which makes the group's high-end Louis XIII and Remy Martin cognacs and last year brought in the bulk of sales - was the worst hit, while its liqueurs and spirits division proved more resilient.

The company, whose upscale spirits can cost thousands of dollars per bottle with custom engravings, plans further price hikes in the autumn as it moves upmarket.

By Sarah Morland


© Reuters 2020
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Financials
Sales 2021 1 011 M 1 208 M 1 208 M
Net income 2021 130 M 156 M 156 M
Net Debt 2021 438 M 523 M 523 M
P/E ratio 2021 59,4x
Yield 2021 0,85%
Capitalization 7 485 M 8 945 M 8 948 M
EV / Sales 2021 7,84x
EV / Sales 2022 7,07x
Nbr of Employees -
Free-Float 42,4%
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Technical analysis trends RÉMY COINTREAU
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 22
Average target price 133,77 €
Last Close Price 149,00 €
Spread / Highest target 9,40%
Spread / Average Target -10,2%
Spread / Lowest Target -29,5%
EPS Revisions
Managers
NameTitle
Eric Vallat Chief Executive Officer
Marc Hériard-Dubreuil Chairman
Patrick Marchand Operations Director
Luca Calogero Pietro Marotta Chief Financial Officer
Jacques-Étienne de T'Serclaes Independent Director
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