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

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.

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…

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...

Fatma Agnès Hamdani ...
  • Vincent Baron

Rémy Cointreau : Preview résultats FY 2017/18e attendus solides. La rentabilité 2018/19e reste sujette à l’évolution du dollar

>Une croissance organique d’EBIT estimée à +12.6% vs cons. +12.9% - Rémy Cointreau publiera ses résultats FY 2017/18 (avril 2017 à mars 2018) le 7 juin avant marché. Une conférence call est programmée à 10H30 heure de Paris (+33 1 76 77 22 74 ou +44 330 336 9105 -code 2448093).Pour un CA déjà publié de 1127M€ (+2.9% en publié et +7.2% en organique), nous anticipons un EBIT courant 2017/18 de 237.7M€ en hausse de 5.1%, pénalisé par un effet de change négatif de ...

Fatma Agnès Hamdani ...
  • Vincent Baron

Remy Cointreau : Preview of FY 2017-18 results which are expected to be solid. 2018-19e profitability remains subject to trends in the dollar

>Organic EBIT estimated at +12.6% vs consensus +12.9% - Rémy Cointreau is due to publish its 2017-18 results (April 2017 to March 2018) on 7 June before the market opens. A conference call is scheduled for 10.30 a.m. CET (+33 1 76 77 22 74 or +44 330 336 9105 -code 2448093).On the back of sales (already reported) of € 1,127m (+2.9% reported and +7.2% on an organic basis), we are forecasting underlying 2017-18 EBIT of € 237.7m, up 5.1%, penalised by a negative f...

Bruno Cavalier ...
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Matthias Desmarais
  • Vincent Maulay
  • Vincent Baron
  • Youssef Abdelaziz Balti

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/06/2018

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Bruno Cavalier ...
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Matthias Desmarais
  • Vincent Maulay
  • Vincent Baron
  • Youssef Abdelaziz Balti

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/04/2018

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Virginie Roumage

Rémy Cointreau: 2019/20 guidance upgraded following strong cognac performance

Rémy Cointreau: (NEUTRAL, Fair Value EUR120 (-5%)) 2019/20 guidance upgraded following strong cognac performance Rémy Cointreau unveiled strong FY 2017/18 results with a current EBIT growing ahead of expectations (+14.1% organically vs. 12.9% expected by the consensus). Cognac was the main driver given the strong performance in China and in the US, which improved mix effect, and price hikes. Net debt/EBITDA ratio strongly sharply to 1.5x from 1.8x. Given the 130bp improvement (at constant FX and scope) in current EBIT margin in 2017/18, Rémy Cointreau upgraded its 2019/2020 guidance from 80-18...

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...

Alfred Glaser ...
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Henning Steinbrink
  • Nicolas David
  • Vincent Baron

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/06/2018

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Alfred Glaser ...
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Henning Steinbrink
  • Nicolas David
  • Vincent Baron

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/08/2018

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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...

Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Bruno Hareng
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Henning Steinbrink
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/07/2018

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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...

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...

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...

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

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.

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…

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...

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...

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.

Louis-Clément AZAIS d'UHART

Short term view - REMY COINTREAU : The 62% retracement is causing the bounce.

Our previous opinion was neutral. We turn positive with a target at 80 € and an invalidation level at 73,3 €. Prices are close to a support evel, they may bounce. Arguments : - The 62% retracement is causing the bounce.

Louis-Clément AZAIS d'UHART

Analyse court terme - REMY COINTREAU : Le retracement de 62% est atteint, il cause le rebond.

Notre précédent avis était neutre. Nous sommes maintenant positif avec un objectif à 80 € et un niveau d'invalidation à 73,3 €. Les prix sont proches de supports et peuvent rebondir. Arguments : - Le retracement de 62% est atteint, il cause le rebond.

Louis-Clément AZAIS d'UHART

Analyse court terme - REMY COINTREAU : Le MACD a croisé en hausse.

Notre précédent avis était neutre. Nous sommes maintenant positif avec un objectif à 80 € et un niveau d'invalidation à 72,8 €. La tendance haussière reprend après la consolidation. Arguments : - La résistance est dépassée. - Le MACD a croisé en hausse. - Les prix...

Louis-Clément AZAIS d'UHART

Short term view - REMY COINTREAU : The MACD is rising.

Our previous opinion was neutral. We turn positive with a target at 80 € and an invalidation level at 72,8 €. The bullish trend resumes after the consolidation. Arguments : - The resistance has been passed. - The MACD is rising. - Prices are breaking above the moving...

Laurent ALBIE

Medium term view - REMY COINTREAU : The moving average is supporting prices.

The trend has been momentarily interrupted by a correction. Prices just bounced on the support, it is probably resuming. The next target is at €84.53. The invalidation level is below €68.40.Arguments :- The major support has been reached, it causes the bounce.- The moving...

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