First Read Remy Cointreau Q1 topline beat largely anticipated,

研报英文原文证据摘录

First Read Remy Cointreau Q1 topline beat largely anticipated,

Global Research

29 July 2026ab

First Read

EquitiesRemy Cointreau

Q1 topline beat largely anticipated, France

Distillers & Brewers

12-month rating Neutral

UBS View: The +2% organic sales growth ex Partner Brands is ahead of

expectations broadly in line with buyside expectations, as a big beat in Cognac 12m price target €44.00

is offset by a miss in L&S. Although value depletions in China Cognac (+LSD%

but underperforming MH) and US Cognac (-MSD%, seq improving) are

Price (28 Jul 2026) €48.50encouraging, it is unclear the extent to which group value depletions are

actually growing, which might temper the stock after the recently rally. RIC: RCOP.PA BBG: RCO FP

Inventories in in US and EMEA have improved, China remains healthy.

Trading data and key metrics

52-wk range €56.60-34.88

Q1 organic sales inline: Q1 organic sales +1.3% came in above company compiled

Market cap. €2.47b/US$2.81b

consensus +0.2%, with strong beat in Cognac but steeper decline in Liqueurs & Spirits

Shares o/s 51.0m (ORD)

and Partner Brands than expected.

Free float 44%

Avg. daily volume ('000) 72.4

Cognac (+7.7% vs cons +1.3%), benefited from APAC growing strongly driven by rest

Avg. daily value (m) €3.1

of Asia and GTR lapping cognac ban in Chinese duty free. Mainland China was also

Common s/h equity (03/26E) €1.93b

relatively resilient with a limited decline in the -LSD% despite a market environment still

P/BV (03/26E) 1.3x

challenged and regulatory restrictions on alcohol consumption. This was partly

supported by strong execution during the 618 festival noting good trends on VSOP to Net debt to EBITDA (03/26E) 3.3x

which Remy over indexes which suggests share gains. Group still points out tough EPS (UBS, diluted) (EUR)