Rémy Cointreau: Oddo BHF still a buyer, trims TP

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Rémy Cointreau shares, trimming its target price of E129 to E125, reflecting the central scenario modeled for the spirits group, with a bull case at E140 and a bear case at E77.


On the basis of the MOFCOM report, following the opening of an anti-dumping investigation into cognac on 5 January, the broker believes that the most likely scenario would result in only a slight slowdown in the long-term growth of cognac in China to +6%.

Visibility remains low on the timing of a favourable momentum reversal, but multiples are more than attractive for a group that is capable of delivering average annual EBIT and EPS growth in excess of 10% in 2023-33, the analyst adds.


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