Remy Cointreau: Oddo still says 'Reduce' after results
(CercleFinance.com) - Oddo BHF maintains its "reduce" rating on the Rémy Cointreau share with a target price of 95 euros after the group announced H1 underlying operating income of 138.
3 million euros, 3.5% below the consensus.
It says that the unpleasant surprise mainly comes from holding costs that are well above expectations. This increase is due to the non-recurrence of a provision writeback that was made last year and costs relating to organisational changes.
The analyst also notes that the wines and spirits group now expects a stable underlying OP at the group level in 2019/20, against a previous forecast for growth.
In mid-afternoon trading on Thursday the share is down slightly over 3%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
3 million euros, 3.5% below the consensus.
It says that the unpleasant surprise mainly comes from holding costs that are well above expectations. This increase is due to the non-recurrence of a provision writeback that was made last year and costs relating to organisational changes.
The analyst also notes that the wines and spirits group now expects a stable underlying OP at the group level in 2019/20, against a previous forecast for growth.
In mid-afternoon trading on Thursday the share is down slightly over 3%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.