Most remarkable of all was organic growth, which reached 10.1% and was entirely due to successful price increases. Clearly, cognac represents an unsuspected hedge against inflation.

Proof of this uncommon pricing power, Rémy Cointreau sells some of its spirits at up to EUR80,000 a bottle. Until recently, this led to its shares trading at between x40 and x50 earnings; persistent rumours of a takeover by LVMH undoubtedly helped sustain this record valuation.

But times change, and so does investor risk appetite. Stock market valuations have recently fallen below the threshold of x30 earnings, and even below x25 earnings anticipated by analysts in two years' time.

This cooling of ardor has not spared Campari, the French group's direct comparable. Ultra-diversified behemoths such as Diageo and Pernod Ricard are also deflating, with valuations deflating by an average of x35 to x20 earnings.

Under the leadership of Eric Vallat, a former Richemont employee, Rémy Cointreau is clearly positioning the cursor on the luxury segment - as evidenced by the details of its strategic objectives to be achieved by 2029-2030. This is the most profitable option, and the only way to stand out in an ultra-saturated liqueur market.

Cognac has gone out of fashion in Europe, but it continues to be a hit in the United States and especially in China. Sales growth over the long cycle - 2013-2023 - is modest, but by dint of price increases, Rémy Cointreau has more than doubled its profits.

This performance is impressive, even if it raises the question of the sustainability of the model. To answer this question, the group has embarked on a diversification program, for example in whisky with the acquisition of Domaine des Hautes Glaces, in champagne with that of J. De Telmont, or in gin with The Botanist.

The outlook is encouraging: organic growth in these segments - which, admittedly, account for only 11.5% of sales - has reached 18.1%, outstripping that of the cognac segment. If the management team performs as well in these new outlets as it has with cognac, the best may be yet to come.

On the downside, because there has to be a downside, we note that the Group is chronically suffering from cash generation compressed by investments in production facilities and working capital requirements.

The corollary of this dynamic is a balance sheet inventory of EUR1.8 billion, the value of which rises - or is expected to rise - over the years.