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Remy Cointreau: broker maintains buy rating

( - On Monday TP ICAP Midcap teams maintained their buy recommendation on Rémy Cointreau shares, with a target price of 245 euros.

With the spirits group set to publish its FY 2021/2022 sales on 29 April, the broker says it expects annual revenues to grow by 26% on an organic basis, including a 10.3% decline in Q4.

Recalling that the French group expects very strong organic growth in its underlying operating profit over the past financial year, the broker that is specialized in small and mid caps believes that health restrictions in China should nevertheless be monitored, especially if they were to continue beyond Q4 (January-March 2022).

The broker nevertheless points out that Rémy is approaching its 2022-2023 financial year with serenity, while final demand remains upbeat and stocks at retailers low.

The company is an extremely qualitative expression of luxury in the midcap segment, it concluded.

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