(News Bulletin 247) – Credit Suisse maintains its Underperformance recommendation on the Remy Cointreau share and lowers its price target from 165 to 160E.
‘Remy’s lack of geographic and product diversification may necessitate an acquisition,’ the analyst suggests.
‘ We are reducing FY23 EPS by approximately 3% to account for a less favorable foreign exchange rate. Our new price target of E160 (from E165) is based on a 2-year PER of 26x, implying a 30% premium to DGE/Pernod. ‘
For Credit Suisse, Remy Cointreau is trading on the basis of a 12-month PER of 28x, a premium of around 40% compared to large caps in the sector.
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