Campari: The wind in its sails

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