REMY COINTREAU: Q3 2012/13 continued ground for optimism
BUY, Fair Value EUR109 vs. EUR100 (+23%)
Rémy Cointreau published this morning an excellent set of 9m sales numbers which included a slight increase in Q3 sales despite a negative impact of the delayed Chinese New Year. Consensus was going for -9% to flat. We are increasing our earnings forecasts for this and following years by 6% and increase our fair value by 9% to EUR109.