Davide Campari-Milano is engaged in manufacturing spirits industry with an extensive product portfolio in three business lines: spirits, which includes internationally brands such as Appleton, Campari, Carolans, SKYY vodka and Wild Turkey, as well as brand in local markets including Aperol, Cabo Wabo, Cynar, Frangelico, GlenGrant, Ouzo 12, X-Rated Fusion Liqueur, Zedda Piras, and Brazilian brands Dreher, among others; wines, which main regional brands are Liebfraumilch, Mondoro, Odessa, Riccadonna, Sella&Mosca and Teruzzi&Puthod; and soft drinks, which covers the extended ranges of Crodino and Lemonsoda. Co. operates in 190 countries with registred positions in Europe and the Americas.
  • TickerCPR
  • ISINIT0005252207
  • SectorBeverages
  • CountryItaly

Analysts

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Louis AZAIS

Medium term view - DAVIDE CAMPARI-MILANO SPA : All-time-high

The trend is still bullish, the invalidation level is below €5.800. The target is at €7.600.Arguments :- Prices made a new all-time-high, this confirms the strength of the trend.- The moving average is supporting prices.

Louis AZAIS

Analyse moyen terme - DAVIDE CAMPARI-MILANO SPA : Plus haut historique

La tendance est toujours haussière, son niveau d'invalidation est sous 5,800 €. L'objectif est à 7,600 €.Arguments :- Les cours font un nouveau plus haut historique, ce qui témoigne de la force de la tendance.- La moyenne mobile sert de support.

Louis AZAIS

Analyse court terme - DAVIDE CAMPARI-MILANO SPA : Support majeur réintégré.

Le niveau d'invalidation a été à peine enfoncé, nous attendons un peu avant de prendre en compte ce signal.Arguments :- Le support majeur a été enfoncé, mais il est réintégré. Les prix peuvent rebondir.- La moyenne mobile sert de support.

Louis AZAIS

Short term view - DAVIDE CAMPARI-MILANO SPA : Major support reinstated

The invalidation level has barely been broken. We wait a little before taking this signal into account.Arguments :- The major support has been shortly breached, but it is now reinstated. Prices can bounce.- The moving average is supporting prices.

Olivier Lebrun

ODDO : Bière plutôt que spiritueux !

>Un arbitrage en faveur des brasseurs - Après deux ans de sous-performance prononcée des titres de bière au sein du secteur des boissons, le contexte est redevenu plus favorable aux brasseurs. A l’inverse, les spiritueux, désormais très chers, apparaissent sensibles à des facteurs de risque alors que l’accélération de leur croissance est désormais intégrée par le marché. Ainsi, nous sommes à l’Achat sur les trois valeurs de la bière. Cependant, en termes de valorisati...

Olivier Lebrun

ODDO : We’d rather have a beer!

>Advantage brewers - After two years of sharp underperformance for beers stocks within the beverages sector, the environment has turned more positive for brewers. In contrast, spirits, now trading on very demanding multiples, look exposed to a number of risk factors and their faster pace of growth now looks priced in. On this basis, we are at Buy on the three beer stocks. Valuation-wise, ABI seems to offer the most upside in the short term. ABI (Buy, TP €...

Virginie Roumage

Campari: Downgraded to Neutral on valuation grounds

Campari: (NEUTRAL vs. BUY, Fair Value EUR7 (-4%)) Downgraded to Neutral on valuation grounds The fundamentals of the group remain excellent, with Aperol accelerating further and Grand Marnier recovering. Over the past month, the stock rose by 12.3% on an absolute basis and 13.7% vs DJ Stoxx. We think this strong share performance has been partly helped by the group’s low exposure to imported spirits in the US. They represent an estimated 30% of its US sales vs 99% for Rémy Cointreau, 80% for Pernod Ricard and 70% for Diageo. The stock is now trading on an EV/EBIT of 24.9x in 2018 vs 21x for th...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Campari : H1 result better than expected, Aperol still buoyant

>H1 figures above the consensus expectations - The group reported H1 sales of € 778m (€ 769m for the consensus), reflecting organic sales growth of 5.4% (versus +5% for the consensus). EBIT reached € 160.5m above expectations (€156.1m est.) with organic growth of +9.5% and a margin expansion of 80bp l-f-l. Net profit increased by 11.6% in adjusted terms to € 104.4m. Gross profit and adjusted EBIT growth (+7.5% and 9.5% respectively) were completely offset by an advers...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Campari : H1 result better than expected, Aperol still buoyant

>H1 figures above the consensus expectations - The group reported H1 sales of € 778m (€ 769m for the consensus), reflecting organic sales growth of 5.4% (versus +5% for the consensus). EBIT reached € 160.5m above expectations (€156.1m est.) with organic growth of +9.5% and a margin expansion of 80bp l-f-l. Net profit increased by 11.6% in adjusted terms to € 104.4m. Gross profit and adjusted EBIT growth (+7.5% and 9.5% respectively) were completely offset by an advers...

1 director bought

A director at Davide Campari bought 40,000 shares at 8.625EUR and the significance rating of the trade was 86/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2018

Le marché sera tenté de jouer un dégonflement de 40 pb (soit 5% de potentiel) de la prime de risque lié à l’apaisement temporaire des craintes relatives au risque politique en Europe et à la guerre commerciale. Privilégier 1/ le secteur pétrolier, via les pétrolières intégrées, dont la croissance 2018 est visible (+39%e), en accélération et la valorisation raisonnable (P/CF 5,9x) et 2/ des segments « défensifs » oubliés lors de la phase de stress du marché : alimentation et bière don...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2018

The market will be tempted to play a 40bp contraction (i.e. 5% on the basis of share prices on 6 July) in the risk premium linked to the temporary allaying of concerns about political risk in Europe and a trade war. Opt for 1/ the oil sector, via integrated oil companies, for which 2018 growth is visible (+39% estimated), accelerating and for which the valuation remains reasonable (P/CF 5.9x) and 2/ “defensive” segments overlooked during the period of market stress: food and beer for...

Olivier Lebrun

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/10/2018

...

Olivier Lebrun

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2018

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2018

L’économie italienne avait ralenti au premier semestre. Elle a stagné au T3. En octobre, certains indicateurs laissent craindre une rechute en récession. Depuis six mois, la situation se dégrade au plan politique (relations Rome-Bruxelles) et financier (hausse de la prime de risque). Le renchérissement des coûts de financement risque d’évincer la demande privée. La relance budgétaire aggrave donc les problèmes au lieu de les résoudre. Pour lever le climat d’attentisme, il est urgent d...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

DAVIDE CAMPARI MILANO sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of DAVIDE CAMPARI MILANO (IT), active in the Distillers & Vintners industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date June 28, 2019, the closing price was EUR 8.62 and its target price was estimated at EUR 7.83.

Expert Corporate Governance Service (ECGS)

Davide Campari April 16th, 2019

In item 2, the AGM is called to appoint the members of the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of Campari's share capital. Two slates of nominees have been submitted: by Lagfin SCA (64.3% of votes with 51.0% of shares), and a group of institutional investors (0.7% of votes with 1.0% of shares), including 9 and 1 nominees respectively. One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note tha...

Louis AZAIS

Medium term view - DAVIDE CAMPARI-MILANO SPA : All-time-high

The trend is still bullish, the invalidation level is below €5.800. The target is at €7.600.Arguments :- Prices made a new all-time-high, this confirms the strength of the trend.- The moving average is supporting prices.

Louis AZAIS

Analyse moyen terme - DAVIDE CAMPARI-MILANO SPA : Plus haut historique

La tendance est toujours haussière, son niveau d'invalidation est sous 5,800 €. L'objectif est à 7,600 €.Arguments :- Les cours font un nouveau plus haut historique, ce qui témoigne de la force de la tendance.- La moyenne mobile sert de support.

Louis AZAIS

Analyse court terme - DAVIDE CAMPARI-MILANO SPA : Support majeur réintégré.

Le niveau d'invalidation a été à peine enfoncé, nous attendons un peu avant de prendre en compte ce signal.Arguments :- Le support majeur a été enfoncé, mais il est réintégré. Les prix peuvent rebondir.- La moyenne mobile sert de support.

Louis AZAIS

Short term view - DAVIDE CAMPARI-MILANO SPA : Major support reinstated

The invalidation level has barely been broken. We wait a little before taking this signal into account.Arguments :- The major support has been shortly breached, but it is now reinstated. Prices can bounce.- The moving average is supporting prices.

Louis AZAIS

Analyse court terme - DAVIDE CAMPARI-MILANO SPA : La résistance majeure est atteinte, elle cause le repli.

Le précédent creux significatif ayant été enfoncé, la tendance est maintenant neutre. Si les cours réintégraient rapidement ce niveau, nous serions alors confrontés à un faux signal.Arguments :- Le support majeur est enfoncé.- La résistance majeure est atteinte, elle cause le repli.- La moyenne mobile sert de résistance.

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