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

Virginie Roumage

CAMPARI: No upward revision to full year guidance | NEUTRAL | EUR8.7 vs. EUR8.2 (+5%)

CAMPARI - NEUTRAL | EUR8.7 vs. EUR8.2 (+5%) No upward revision to full year guidance Organic sales growth decelerating… …due to Americas and Asia Pacific Aperol remains the growth driver Neutral maintained due to valuation

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 1 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 October 18, 2019, the closing price was EUR 8.09 and its target price was estimated at EUR 7.42.

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/31/2019

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Fatma Agnès Hamdani ...
  • Olivier Lebrun

Campari : Good H1 results. More cautious forecast for the EBIT margin trend

>Robust organic Q2 sales growth of 6.9% vs 4.5% for the consensus - Q2 sales came in at € 478.1m, up 8.1% including a forex effect of 2.1%. Organic growth was 6.9%, well ahead of consensus expectations (+4.5%). The Americas zone (44% of sales), southern Europe and MENA (28% of sales) came in well above forecasts with organic growth of, respectively, 6.9% and 8.6%. As was the case in Q1, sales in the US grew by close to 11%%, driven by the performance of the tequila b...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2019

...

Virginie Roumage

CAMPARI: No upward revision to full year guidance | NEUTRAL | EUR8.7 vs. EUR8.2 (+5%)

CAMPARI - NEUTRAL | EUR8.7 vs. EUR8.2 (+5%) No upward revision to full year guidance Organic sales growth decelerating… …due to Americas and Asia Pacific Aperol remains the growth driver Neutral maintained due to valuation

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Campari : Good H1 results. More cautious forecast for the EBIT margin trend

>Robust organic Q2 sales growth of 6.9% vs 4.5% for the consensus - Q2 sales came in at € 478.1m, up 8.1% including a forex effect of 2.1%. Organic growth was 6.9%, well ahead of consensus expectations (+4.5%). The Americas zone (44% of sales), southern Europe and MENA (28% of sales) came in well above forecasts with organic growth of, respectively, 6.9% and 8.6%. As was the case in Q1, sales in the US grew by close to 11%%, driven by the performance of the tequila b...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Campari : Bons résultats S1. Perspectives plus prudentes sur l’évolution de la marge d’EBIT

>Forte croissance organique du CA T2 de 6.9% vs cons. 4.5% - La CA T2 s’établit à 478.1 M€ en hausse de 8.1% dont 2.1% d’effet de change. La croissance organique s’élève à 6.9%, largement au-dessus des attentes du consensus (+4.5%). Les zones Amériques (44% du CA) et Europe du Sud & MENA (28% du CA) ressortent bien au-dessus des estimations avec une croissance organique de respectivement 6.9% et 8.6%. Comme au T1, les ventes aux US croient de près de 11%%, tirées par...

Virginie Roumage

CAMPARI | NEUTRAL, FV EUR8.2 vs. EUR7.5 | Aperol still making Campari’s fortunes

The US turning orange. In Italy, which is a historical market, per capita consumption of Aperol was 0.27 litres in 2018, compared with 0.2 litres for Germany, 0.1 litres for France and 0.05 litres for the US. The US is the most significant growth source for Aperol over the medium term (the bottle retails at USD25 in the country vs USD17 in Europe). Given these low penetration rates for Aperol, we think we may have been too cautious on the brand’s prospective global growth. Our 2019 estimate is now for +30% (vs +25% previously).

Virginie Roumage

CAMPARI: A very strong start to the year | NEUTRAL | EUR7.5(-15%)

CAMPARI - NEUTRAL | EUR7.5(-15%) A very strong start to the year Organic sales accelerating in Q1 thanks to easy comps All regions improved except Asia Pacific Aperol up 26.8% in Q1 EBIT margin up 140bp in Q1 Outlook

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...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/31/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2019

...

Jeremy Garnier ...
  • Laurence Hofmann
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 01/17/2019

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Jeremy Garnier ...
  • Laurence Hofmann
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 17/01/2019

Une année 2018 chahutée, une forte décollecte PEA/PME sur le S2, des attentes encore élevées en dépit de la correction, nous incitent toujours à la prudence pour le début de l’année 2019 au sein de l’univers des Small caps. Visibilité et résilience seront encore les mots clés pour ce S1 2019 : nous intégrons dans la liste Compagnie des Alpes, ID Logistics, Visiativ et HighCo ; nous maintenons Chargeurs et Esker. - ...

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 – DETAILED COMMENTS 11/07/2018

Italy’s economy had slowed down in the first half of the year. It stagnated in Q3. In October, some indicators raise fears of a slide back into recession. Over the past six months, the situation has deteriorated both politically (Rome-Brussels relations) and financially (increase in the risk premium). Rising financing costs may crowd out private demand. Fiscal stimulus is therefore aggravating problems rather than resolving them. To dispel the “wait-and-see” sentiment, it is urgent t...

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 1 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 October 18, 2019, the closing price was EUR 8.09 and its target price was estimated at EUR 7.42.

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...

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...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EM in early stages of bottoming Our overall global outlook remains cautious and continued downward pressure on global equities remains our expectation. This belief is supported in part by the absence of bottoming price action for broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE), which are still making lower highs and lower lows. However, one bright spot is EM (more on this below), which continues to give us hope that global equities can bottom out. • Emerging Markets. We began highlighting the MSCI EM index as leadership on a relative basis back in November, so continued outper...

Matthieu DRIOL

Short term view - DAVIDE CAMPARI-MILANO SPA : Overbought stochastics

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €6.319.

Matthieu DRIOL

Analyse court terme - DAVIDE CAMPARI-MILANO SPA : Stochastiques en zone de surachat.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 6,319 €.

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