Davide Campari-Milano NV: Margin outlook appears conservative

研报英文原文证据摘录

Davide Campari-Milano NV: Margin outlook appears conservative

Powered by Lab Global31 JulyResearch2026ab Evidence UBS YES

Davide Campari-Milano NV Equities

ItalyMargin outlook appears conservative

Distillers & Brewers

12-month rating Neutral

Reassuring top-line beat while margin outlook may be conservative: Campari's

Q2 organic sales +2.5% was slightly ahead of expectations, as it continues to

12m price target €6.10

outperform a weak industry backdrop, but is also grappling with weaker sell-out trends

in the US and Europe relative to Q1. Against the backdrop, the pivot to innovating across

new formats is timely, and we think Campari's Aperitifs portfolio has a right to line Price (30 Jul 2026) €5.98

extend into Ready-to-Drink/Ready-to-Serve and Tap formats relative to most other RIC: CPRI.MI BBG: CPR IM

brands in the industry. Margins came in well ahead of expectations (+8% EBIT beat),

and and the H2 outlook seems quite conservative, which alongside the potential for Trading data and key metrics

tariff refunds could set-up for further upside. 52-wk range €6.75-5.33

Market cap. €7.18b/US$8.28b

Shares o/s 1,200m (ORD)

Priority brands / new launches to drive growth in H2: Q2 organic growth of +2.5%

was ahead of cons +1.7% and more in line with group FY26 guidance of +3% org. sales Free float 46%

growth that was reaffirmed. In the US, Campari continues to outperform the industry Avg. daily volume ('000) 8,081

when factoring in all channels, in particular the on-premise, however its own sell-out Avg. daily value (m) €45.2

trends have weakened in Q2 versus Q1, driven by SKYY, Wild Turkey, Grand Marnier and Common s/h equity (12/26E) €4.06b

Courvoisier as per our tracker (link). In Europe, Germany is likely to remain soft amidst a P/BV (12/26E) 1.8x