Davide Campari Milano NV: Preferred Spirits Play, But Not Topping Up Yet

Research evidence excerpt

Davide Campari Milano NV: Preferred Spirits Play, But Not Topping Up Yet

Idea

June 9, 2026 03:30 AM GMT

Morgan Stanley & Co. International plc+MDavide Campari Milano NV | Europe Tilly Eno

Equity Analyst

Preferred Spirits Play, But Not Tilly.Eno@morganstanley.comSarah Simon +44 20 7677-3662

Sarah.Simon@morganstanley.com +44 20 7425-6064

Topping Up Yet David J Roux

What’s Changed David.Roux@morganstanley.com +44 20 7425-1040

Chris Linford, CFA

Davide Campari Milano NV (CPRI.MI) From To Research Associate

Price Target €6.60 €6.10 Chris.Linford@morganstanley.com +44 20 7425-1639

Richard Li

We still see superior topline, earnings, and deleveraging ResearchRichard.Li@morganstanley.comAssociate +44 20 7425-1976

prospects for Campari vs Spirits peers, and valuation on FCF

Davide Campari Milano NV (CPRI.MI, CPR IM)

yield for CY27 and beyond looks relatively compelling. However,

Beverages | Italy

against a still-challenging spirits backdrop, we struggle to see a Stock Rating Equal-weight

catalyst to re-rate the shares for the time being. Industry View In-Line

Price target €6.10

Shr price, close (Jun 8, 2026) €5.52

Key Takeaways 52-WeekMkt cap, currRange(mn) €6.83-5.27€6,946

Net debt (12/26e) (mn)* €1,773

Campari's strategic efforts have shown encouraging signs in pockets of focus, for EV, curr (mn)* €8,942

example in outperformance in the US on-trade channel

* = GAAP or approximated based on GAAP

However, overall sell-out remains soft: US Nielsen/NABCA have slowed YTD, and Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Europe weakness appears to extend beyond countries impacted by the retailer EPS (€)** 0.31 0.31 0.34 0.38

Prior EPS (€)** - 0.31 0.35 0.40

issue EPS (€)§ 0.30 0.31 0.35 0.39

P/E** 18.1 17.9 16.1 14.3