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

RÉMY COINTREAU

(RCO)
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Remy Cointreau : sees second-half rebound helped by U.S. cocktail campaign

10/20/2020 | 06:57am EST
FILE PHOTO: A bottle of Remy Cointreau is seen in this illustration picture

PARIS (Reuters) - Remy Cointreau said on Tuesday its first-half core profit would fall less than expected as a rise in sales to U.S. households and strong mid-Autumn celebrations in China offset a slump in travel retail sales caused by the coronavirus crisis.

The Paris-based maker of Remy Martin cognac and Cointreau liqueur, which posted better-than-expected sales in its second quarter ending Sept. 30, said it was confident the key U.S. and mainland China markets would fuel a strong rebound in the second half of its 2020/2021 financial year.

Finance Chief Luca Marotta told analysts U.S. demand for premium cognac, tequila and single malt whisky was benefiting as "people spend less on travel and leisure outdoors and want to upgrade inside their home."

He said a U.S. campaign to attract new customers with a focus on pairing cocktails with barbecue occasions at home was achieving "excellent results".

The group teamed up with a chef to propose barbecue cocktail recipes using Remy Martin, VSOP or 1738 Accord Royal cognac.

Second quarter sales reached 280.8 million euros ($330.8 million), down 4% at constant exchange rates and excluding the effect of acquisitions or disposals.

But it still beat forecasts for a 5.9% fall in the second quarter following a 33.2% slump in the April-to-June period.

Cognac sales, which make up 74% of group sales, fell 2.5% in the second quarter, less than the 4.9% slide forecast.

The spirits maker expects current operating profit for the six months to Sept. 30 to be down 25% to 30% on a like-for-like basis, against a drop of 35% to 40% forecast in July.

U.S. and Mainland China saw double-digit sales growth in the second quarter, with Remy Martin cognac and Scottish single malt whiskies in strong demand.

Remy Cointreau shares rose by over 3% in early trade before erasing gains to trade down 2% at 154.1 euros by 1006 GMT.

"The worst appears to be behind and H2 should improve with shipment catch-up and benefit of pricing," Jefferies analysts said in a note, adding that the good news in the United States and China "both in the near term and longer term priced in."

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Sherry Jacob-Phillips)

By Dominique Vidalon


© Reuters 2020
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Financials
Sales 2021 1 011 M 1 222 M 1 222 M
Net income 2021 130 M 158 M 158 M
Net Debt 2021 438 M 529 M 529 M
P/E ratio 2021 57,9x
Yield 2021 0,87%
Capitalization 7 304 M 8 804 M 8 830 M
EV / Sales 2021 7,66x
EV / Sales 2022 6,91x
Nbr of Employees -
Free-Float 42,4%
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Mean consensus UNDERPERFORM
Number of Analysts 22
Average target price 133,77 €
Last Close Price 145,40 €
Spread / Highest target 12,1%
Spread / Average Target -8,00%
Spread / Lowest Target -27,8%
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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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