Remy Cointreau S.A.

Remy Cointreau is an operator in the global wines and spirits market. Co. produces, markets and distributes Cognac, Liquors and Spirits and other non-group brand alcoholic beverages. Co.'s primary cognac brand is Remy Martin, produced from Petite Champagne and Grande Champagne eaux-de-vie. Co.'s principal liquor and spirits include the following brands: Cointreau, Passoa, Metaxa, St Remy, and Mount Gay. Co. also operates a distribution network that handles products from partners and third-party companies. Major non-group products distributed by Co. include Scotch Whiskies (Edrington brand), Champagne (Piper-Heidsieck and Charles Heidsieck brands) and Vodka.
  • TickerRCO
  • ISINFR0000130395
  • ExchangeEuronext Paris
  • SectorBeverages
  • CountryFrance

Analysts

Virginie Roumage

RÉMY COINTREAU: A lot of positives in yesterday’s release | BUY Coverage initiated | EUR130 vs. EUR126 (+8%)

RÉMY COINTREAU - BUY | EUR130 vs. EUR126 (+8%) A lot of positives in yesterday’s release Cognac: 2019/20 to be another strong year Liqueurs & Spirits: expected to accelerate to +5% this year Partner Brands: more distribution terminations to come Mid-term guidance likely to be upgraded Fair Value raised to EUR130 – Buy confirmed

Nikolaas Faes ...
  • Virginie Roumage

Spirits Top Picks for Q2 2019: Rémy Cointreau and ABI

Spirits Top Picks for Q2 2019: Rémy Cointreau and ABI Looking back at Q1: beer +4.9% vs spirits +3.3% (vs DJ Stoxx) What we see for Q2: Q1 releases expected to show a slowdown Conclusion: Rémy Cointreau… …and ABI are preferred

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2019

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Fatma Agnès Hamdani ...
  • Olivier Lebrun

Remy Cointreau : Slowdown in Q4 in sight

>Narrowing growth differential with peers - The group's top-line growth should dip from 8% in 2018-19 to 6% in 2019-20 due to the deceleration in cognac. This trend is expected to continue over the next few years. At 32 times 2019-20e P/E and 21 times EV/EBITDA, the stock is still trading at a premium of around 40% vs Pernod Ricard (ratios of 22x and 16x respectively), while the differential in top-line growth between both groups has narrowed significantly (2019-20 to...

Anthony Giret

1H17/18 - Solid results driven by cognac and ongoing luxury strategy

Rémy Cointreau has released solid results for 1H17/18 (period ended 30 September 2017), broadly in line with the Bloomberg consensus. As commented following the early sales release on 17 October, the group’s brands posted good organic sales growth in Q2 (+7.6%) and H1 (9.6%). This was especially driven by APAC (28% of sales) and more specifically Greater China, while the group’s other two regions EMEA (30% of sales) and Americas (41%), also performed well with Russia, UK and Travel Retail. Rémy Martin (cognac), the most profitable division representing 82% of EBIT, continued outperforming. Thi...

Virginie Roumage

RÉMY COINTREAU: A lot of positives in yesterday’s release | BUY Coverage initiated | EUR130 vs. EUR126 (+8%)

RÉMY COINTREAU - BUY | EUR130 vs. EUR126 (+8%) A lot of positives in yesterday’s release Cognac: 2019/20 to be another strong year Liqueurs & Spirits: expected to accelerate to +5% this year Partner Brands: more distribution terminations to come Mid-term guidance likely to be upgraded Fair Value raised to EUR130 – Buy confirmed

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Remy Cointreau : Slowdown in Q4 in sight

>Narrowing growth differential with peers - The group's top-line growth should dip from 8% in 2018-19 to 6% in 2019-20 due to the deceleration in cognac. This trend is expected to continue over the next few years. At 32 times 2019-20e P/E and 21 times EV/EBITDA, the stock is still trading at a premium of around 40% vs Pernod Ricard (ratios of 22x and 16x respectively), while the differential in top-line growth between both groups has narrowed significantly (2019-20 to...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Rémy Cointreau : Ralentissement au T4 en vue

>Le différentiel de croissance se résorbe avec ses pairs - La croissance top line du groupe devrait passer de 8% en 2018/19 à 6% en 2019/20 du fait de la décélération du cognac, tendance qui devrait se poursuivre sur les exercices suivants. A 32x le PE 2019/20 et 21x en VE/EBITDA, le titre affiche toujours une prime de près de 40% par rapport à Pernod Ricard (ratios de 22x et 16x respectivement), alors que le différentiel de croissance topline s’est significativement ...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Remy Cointreau : Stabilisation in cognac growth as of Q4

>Reduce recommendation due to tight restrictions on supply and the risk of a slowdown in demand - The major cognac operators have published double-digit performances, notably in Asia, a pace which we think will be difficult to sustain in the short and medium term for three main reasons: 1/ Cognac supply is limited due to the maximum utilisation of the vineyards (recent extensions will take eight years to produce cognac), the marked increase in demand over the past fou...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Rémy Cointreau : Stabilisation de la croissance du cognac dès le T4

>Opinion Alléger en raison de contraintes fortes sur l’offre et de risques de ralentissement de la demande - Les principaux opérateurs de cognac affichent des performances à 2 chiffres, notamment en Asie, rythme qui semble difficilement soutenable à court et moyen terme pour 3 raisons principales. 1/ L’offre de cognac est limitée en raison de l’utilisation complète du vignoble (les extensions récentes ne produiront du cognac que dans 8 ans), de la forte croissance de ...

1 director bought

A director at Remy Cointreau bought 33,282 shares at 99.380EUR and the significance rating of the trade was 100/100. 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 bo...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2019

...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/04/2019

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Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/23/2019

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REMY COINTREAU sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of REMY COINTREAU (FR), a company active in the Distillers & Vintners industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 5, 2019, the closing price was EUR 108.00 and its potential was estimated at EUR 113.96.

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...

Nikolaas Faes ...
  • Virginie Roumage

Spirits Top Picks for Q2 2019: Rémy Cointreau and ABI

Spirits Top Picks for Q2 2019: Rémy Cointreau and ABI Looking back at Q1: beer +4.9% vs spirits +3.3% (vs DJ Stoxx) What we see for Q2: Q1 releases expected to show a slowdown Conclusion: Rémy Cointreau… …and ABI are preferred

MarketLine Department

Pernod Ricard SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Pernod Ricard SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Pernod Ricard SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key H...

MarketLine Department

Remy Cointreau - Strategy, SWOT and Corporate Finance Report

Synopsis Remy Cointreau - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Summary - Detailed information on Remy Cointreau required for business and competitor intelligence needs - A study of the major internal and external factors affecting Remy Cointreau in the form of a SWOT analysis - An in-depth view of the business model of Remy Cointreau including a breakdown and examinat...

Expert Corporate Governance Service (ECGS)

Remy Cointreau S.A - Proxy report 24/07/2018

The company’s disclosure on remunerations did not improve since last year. It does not disclose annual bonus criteria weightings and achievement rates. This practice is now quite common among the SBF120 companies and the company should have drawn on it. This lack of disclosure is also quite obvious regarding the remuneration policy for 2018-2019: the company discloses no amount or structure at stake. This kind of behaviour, for such a large capitalisation company, is regrettable.

Expert Corporate Governance Service (ECGS)

Remy Cointreau S.A - Proxy report 24/07/2018

La communication de la société en termes de rémunérations ne s'est malheureusement pas améliorée. En effet, la société ne communique ni les poids de chacun des critères du bonus annuel, ni les taux de réalisation de ces critères alors même que la pratique s'est généralisée au sein du SBF120 (indice auquel la société appartient). Puisque la société tient son assemblée générale près de 2 mois après le pic des assemblées générales du SBF120 (en raison de sa clôture d'exercice décalé), elle aurait dû, a minima, s'inspirer des meilleures pratiques observées depuis plusieurs années maintenant. Ce m...

Jehanne Leroy

Etude de l'AG du 25/07/2017

La gouvernance mise en place par la société est appréciable : la société a veillé à respecter la séparation des fonctions, à maintenir un conseil en majorité indépendant (alors même que la société est contrôlée à 56%) et à éviter la surreprésentation du premier actionnaire (42% du conseil versus 56% du capital). Cependant, en termes de rémunérations, quelques efforts, notamment de transparence devraient être faits. En effet, la société ne communique pas les taux de réalisation des critères du bonus 2016-2017 alors même que la pratique s'est généralisée au sein du SBF120 (indice auquel la soci...

Etude de l'AG du 26/07/2016

​La présente assemblée générale est marquée par le renouvellement de quatre administrateurs et la nomination d'un nouveau membre au conseil. Malgré la non indépendance de la société Orpar nouvellement nommée, le conseil conserve une majorité de membres libres de conflit d'intérêt ce qui lui permet de se conformer au Code de gouvernance Afep/Medef qu'elle applique dans son intégralité…

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...

Matthieu DRIOL

Short term view - REMY COINTREAU : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €97.62. The background trend would be questioned should prices rise above €125.30.

Matthieu DRIOL

Analyse court terme - REMY COINTREAU : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 97,62 €. La tendance de fond serait remise en cause en cas de franchissement de 125,30 €.

Matthieu DRIOL

Short term view - REMY COINTREAU : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €97.62. The background trend would be questioned should prices rise above €125.30.

Matthieu DRIOL

Analyse court terme - REMY COINTREAU : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 97,62 €. La tendance de fond serait remise en cause en cas de franchissement de 125,30 €.

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