Campari Earnings: In Line With Forecasts as Campari Outperforms Larger Competitors

Davide Campari-Milano reported full-year 2023 results in line with our expectations. Top-line growth continues to be strong, and Campari is outperforming its larger peers, including Diageo and Pernod Ricard, thanks to the share gains of its categories. Next year promises to be another year of outperformance, albeit amid an environment of slowing consumer spending. We are reiterating our no-moat rating of Campari and our EUR 9 fair value estimate. With Campari trading around 9% above our valuation as at the close of trading on Feb. 27, we prefer wide-moat-rated Diageo and Pernod Ricard, which both trade at slight discounts to our fair value estimates and have broader portfolios.