Bryan, Garnier & Co's News

Campari: The wind in its sails

BUY vs. SELL, Fair Value EUR8,4 vs. EUR7,1 (+12%)
News published on
March Wednesday 2, 2016


We think that Campari currently has the wind in its sails thanks to its portfolio. In 2016, this should enable the group to continue to post strong organic sales growth (+4.3% expected after +3% in 2015) and EBIT margin improvement (+70bps to 20.8%). In addition, its deleverage makes big acquisitions possible. We have upgraded our EPS estimates by 8% on average for the next three years and lifted our Fair Value from EUR7.1 to EUR8.4

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