Campari: Bryan Garnier downgrades 'buy' rating
(CercleFinance.com) - While maintaining its fair value at seven euros, Bryan Garnier has downgraded its rating on Campari from "buy" to "neutral," largely for valuation reasons, with a 2018 EV/EBIT multiple of 24.
6x, against 21 for the sector.
The group's fundamentals remain excellent, with Aperol continuing to accelerate and Grand Marnier recovering, the broker said in its report on the Italian alcoholic beverages company.
The broker points out the share's strong stockmarket performance over the last month (+12.8% on an absolute basis), which it says has been partially helped by the group's limited exposure to spirits imported into the US.
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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.
6x, against 21 for the sector.
The group's fundamentals remain excellent, with Aperol continuing to accelerate and Grand Marnier recovering, the broker said in its report on the Italian alcoholic beverages company.
The broker points out the share's strong stockmarket performance over the last month (+12.8% on an absolute basis), which it says has been partially helped by the group's limited exposure to spirits imported into the US.
Copyright (c) 2018 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.