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Remy Cointreau RCO

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Stock XPAR Rating as of
€90.00 +0.20 (0.22%)
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Company Report

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Remy Well Positioned for Long-Term Growth but Portfolio Concentration Is a Risk

Philip Gorham

Outside of the Chinese baijiu makers, we think Remy Cointreau possesses the most premium portfolio among our global beverages coverage. In particular, Louis XIII, the firm’s ultrapremium cognac brand, can sell at retail prices well into four figures, while Remy Martin XO retails at around $200 per 75 centiliter bottle. Together, these two brands accounted for 72% of Remy's 2022 revenue. Other parts of the portfolio also sell in premium price segments, including The Botanist gin and some of the line extensions of Bruichladdich, Remy's Islay whisky.

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Price vs Fair Value

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RCO is trading at a 22% discount.
Price
€92.25
Fair Value
€128.00
Uncertainty
Medium
1-Star Price
€553.56
5-Star Price
€36.10
Economic Moat
Lyxlwl
Capital Allocation
Yqdcgmp

Bulls Say, Bears Say

Bulls

Remy’s premium portfolio should allow the firm to benefit from the strong growth dynamics in high-end category spirits, which have consistently outpaced the broader category.

Bears

Remy’s focus on luxury spirits makes its business more cyclical than its more diversified Western peers.

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Trading Information

Previous Close Price
€89.80
Day Range
€89.00–91.45
52-Week Range
€87.40–180.35
Bid/Ask
€90.00 / €90.10
Market Cap
€4.58 Bil
Volume/Avg
20,397 / 88,930

Key Statistics

Price/Earnings (Normalized)
23.00
Price/Sales
3.44
Dividend Yield (Trailing)
2.23%
Dividend Yield (Forward)
2.23%
Total Yield
4.38%

Company Profile

Remy Cointreau is the world’s second-largest distiller of cognac by volume, with a 15.8% global volume share in 2022, according to Euromonitor. Cognac represented 72% of Remy's sales and 90% of EBIT in the same year. The remainder of Remy’s portfolio is made up of much smaller group-owned brands, including Cointreau orange liqueur, Metaxa Greek spirit, Mount Gay rum, Bruichladdich single malt scotch, The Botanist gin, Hautes Glaces French whiskey, and Westland American whiskey. The company also distributes third-party brands and, in 2023, entered the fragrance business. Remy is controlled by the Andromede family, which owns 41% equity interest and consolidates the business in the Andromede Group. The Cointreau family owns a further 27%, and 41% of the equity is free float.
Sector
Consumer Defensive
Industry
Beverages - Wineries & Distilleries
Stock Style Box
Mid Core
Total Number of Employees
2,021
Website
https://www.remy-cointreau.com

Competitors

Valuation

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Metric
RCO
RI
DGE
Price/Earnings (Normalized)
 23.0017.1519.07
Price/Book Value
 2.572.228.08
Price/Sales
 3.443.133.80
Price/Cash Flow
 25.2915.7016.05
Price/Earnings
RCO
RI
DGE

Financial Strength

Metric
RCO
RI
DGE
Quick Ratio
 0.570.660.65
Current Ratio
 2.501.911.58
Interest Coverage
 14.118.505.60
Quick Ratio
RCO
RI
DGE

Profitability

Metric
RCO
RI
DGE
Return on Assets (Normalized)
 5.55%5.39%9.16%
Return on Equity (Normalized)
 10.40%12.64%42.99%
Return on Invested Capital (Normalized)
 8.19%7.92%14.78%
Return on Assets
RCO
RI
DGE
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