Remy Cointreau: UBS still on hold

(CercleFinance.com) - UBS confirms its Neutral rating on the stock, with an unchanged target price of E65, following H1 2024-25 results.


Although H1 EBIT was 10% above consensus, the outlook for FY25 implies a -8% to -17% reduction in the current EBIT consensus, with medium-term targets unchanged, UBS says.

The share price reaction is driven by positive comments on the recovery after sequential exhaustion, the broker adds.

In 2024-25 Rémy Cointreau anticipates an organic sales decline of -15% to -18%, and a current operating margin of between 21% and 22%, in organic terms.

The group reiterates its financial targets for 2029-30: i.e. a gross margin of 72% and a current operating margin of 33% (based on 2019-20 exchange rates and consolidation scope).


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