Davide Campari-Milano NV Az nom Post Frazionamento

CPR: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€5.00	Fshpb	Wpdpntgd

Campari Earnings: Top-Line Resilience Despite Continued Headwinds

Verushka Shetty

Sep 3, 2024

No-moat Davide Campari-Milano reported results for the first half of 2024 that were above our expectations for revenue and profitability. We remain impressed with the firm’s continued revenue outperformance against larger peers amid a weak consumer spending environment. Even with encouraging results, we maintain our EUR 9 fair value estimate as our long-term estimates remain unchanged. We prefer wide-moat-rated Diageo and Pernod Ricard, which trade at discounts to our fair value estimates and have broader portfolios.

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