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Davide Campari-Milano NV Az nom Post Frazionamento

CPR: XMIL (ITA)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
€6.00PynjvCcfchbm

Remy Cointreau and Campari: Recommend Waiting on the Sidelines for Better Risk/Reward

We are initiating coverage of European distillers Remy Cointreau and Davide Campari-Milano with fair value estimates of EUR 119 and EUR 9 per share, respectively. These valuations are quite close to the current market prices, and we believe both companies, as well as the group as a whole, are fairly valued. Despite the recent selloff in the stocks, we suspect there is more pain ahead, and we recommend investors wait for a more attractive market valuation before allocating capital to this group.

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