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CONSUMER CYCLICALS: Remy Cointreau reports rough results

CONSUMER CYCLICALS
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The Cognac name has cut FY (to April 2025) guidance from a "gradual recovery over the course of the year" to a double digit sales decline. 1H sales were -18% in Cognac and -12% in other spirits, led by US (-23%) and EMEA (-19%). APAC/China holding better (-8%) for now. It sees recovery only early next year in US, none in EMEA and for APAC to deteriorate. Margin guidance has gone from stable to deterioration.

Credit issuer comps (Campari, Diageo & Pernod) equities are holding flat this morning. We hope above gives some context on why we still see Campari as relative outperformer - even after rough Q3 results (some of it one one-offs) it has outperformed peers YTD. Guidance from it is LSD organic growth and EBIT margin contraction of ~less than 200bps this year. Unrated 27s trade at B+165/Z+139/3.5%.

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The Cognac name has cut FY (to April 2025) guidance from a "gradual recovery over the course of the year" to a double digit sales decline. 1H sales were -18% in Cognac and -12% in other spirits, led by US (-23%) and EMEA (-19%). APAC/China holding better (-8%) for now. It sees recovery only early next year in US, none in EMEA and for APAC to deteriorate. Margin guidance has gone from stable to deterioration.

Credit issuer comps (Campari, Diageo & Pernod) equities are holding flat this morning. We hope above gives some context on why we still see Campari as relative outperformer - even after rough Q3 results (some of it one one-offs) it has outperformed peers YTD. Guidance from it is LSD organic growth and EBIT margin contraction of ~less than 200bps this year. Unrated 27s trade at B+165/Z+139/3.5%.