Rémy Cointreau (1K) | Buy | Taking control

研报英文原文证据摘录

Rémy Cointreau (1K) | Buy | Taking control

#EstimatesRevision

Release date: 09 June 2026

Company research

ESG profile BuyRémy Cointreau

France | Beverages Beta Profile: MCap: EUR2.3bn

Target Price: EUR53.00 Change in TP: 0.0 % Bloomberg: RCO FP Reuters: RCOP.PA

Current Price: EUR42.70 Change in Sales: -4.2% 27E/-4.3% 28E Free float 42%

Up/downside: 24.1% Change in Adj EBIT: -4.9% 27E/-2.3% 28E Avg. daily volume (EURm) 6.1

YTD abs performance 16.5% Market data: 08 June 2026 Change in Adj. EPS: -12.7% 27E/-9.8% 28E

52-week high/low (EUR) 62.35/34.88

Taking control Price

performance

Why this report?

We keep our Buy rating and TP at EUR53. Rémy Cointreau is developing many

different initiatives that should re-accelerate growth and reinforce market

share gains. We believe that a more autocratic leadership style in the current

phase of the company is helpful. It will probably take some time before these

initiatives start to have a more meaningful impact on growth. Hence, the

company will remain dependent on overall market trends in the near term.

We lower our estimates to reflect a later acceleration in sales growth.

Key findings

We expect cognac demand to recover cautiously in Rémy's fiscal 2027, but

shipments remain weak, especially in the US. China looks more promising as

alcohol trends improve, comparisons ease, and travel retail recovers. In the US,

inflation and soft spirits demand remain headwinds. FY to 31/03 (EUR) 03/27E 03/28E 03/29E

Rémy Cointreau’s RC Forward plan aims to restore volume-led growth, reduce Sales 959 1,026 1,097

EBITDA adj. 216 240 269 cyclicality and deliver EUR100m of gross value creation over three years. This EBIT adj. 168 188 214

would potentially support EBIT above EUR200m by 2029. Net profit adj. 87 103 121

Net financial debt 690 741 753