Rémy Cointreau: Oddo BHF reduces its target price

(CercleFinance.com) - Oddo BHFmaintains its 'outperform' rating on Rémy Cointreau shares, with a price target lowered from €90 to €85.


The analyst believes that 'the group is best positioned to benefit from the recovery of the spirits market, which should be driven by the USA and/or China'.

Q2 24/25 sales were broadly in line with expectations at €317m, down 16.5% YoY and 16.1% organically.

Against this backdrop, the Group has adjusted its expectations for FY 24/25 sales, which it now expects to be down in double digits (vs. gradual resumption of growth), and for its EBIT margin (vs. protection of profitability).

For its part, Oddo BHF has revised its FY 24/25 sales forecast by -3.9%, mainly due to the higher organic decline expected for the year, to -12.1% vs. -8.7% previously.

Overall, we have reduced our EPS by 6.8% to 2.88 E vs. 3.09 E previously. We have also revised our FY 25/26 growth sequence and now expect +3% vs. +6% previously', concludes the analyst.

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