Remy Cointreau

RCO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€956.00	Mdyjv	Yfnzclpg

Remy Cointreau Earnings: Light Results Does Not Rock Long-Term Confidence

Verushka Shetty

Sep 3, 2024

Narrow-moat Remy Cointreau reported its first fiscal quarter trading update with results that missed our forecasts. The firm continues to face headwinds across territories, including inventory destocking in the United States along with unfavorable consumer trends in Southeast Asia. Still, we hold our long-term thesis that Remy has an attractive runway for growth as key markets undergo premiumization, and we thereby view the current slowdown as transitory. With this, we maintain our EUR 119 fair value estimate, which assumes a recovery in the second half of the fiscal year followed by mid-single-digit revenue growth in fiscal 2026 and beyond.

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