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Rémy Cointreau: Oddo BHF still a seller, cutting target pric

(CercleFinance.com) - Oddo BHF reinstates its "reduce" rating on the Rémy Cointreau share, having shaved two euros from its target price of 87 euros to 85 euros, prior to the publication of the group's annual results on 4 June, which will be provide the group's new CEO with the opportunity to detail the strategic direction that he intends to follow.


The broker believes that the outperformance in terms of organic growth over the past 10 years, as well as the improvement in its operating margin, should tail off over the medium term.

Analysts say that this expected downturn makes the share's current 15% valuation premium in terms of 2021e EV/EBIT "unjustified" compared with the average of the four spirit groups it tracks.


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