Remy Cointreau: Jefferies maintains 'underperform' rating
(CercleFinance.com) - Jefferies has reaffirmed its 'underperform' rating on Rémy Cointreau with an adjusted price target of E125 to E130, as the broker sees " Favourable Med-term Outlook But Expensive Valuation" pour le groupe de spiritueux.
"With c.90% of profits in brown spirits, Remy is well-positioned to benefit from favourable category trends and price/ mix tailwinds," the broker says.
"However, at 41.6x cal 2022 PE, we see good news is priced in, and we prefer investment in cheaper spirits names Diageo et Pernod Ricard", it adds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"With c.90% of profits in brown spirits, Remy is well-positioned to benefit from favourable category trends and price/ mix tailwinds," the broker says.
"However, at 41.6x cal 2022 PE, we see good news is priced in, and we prefer investment in cheaper spirits names Diageo et Pernod Ricard", it adds.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.