REMYY - Campari Stands Out As An Odd Duck In The Liquor Pond

• Despite its exposure to mature markets, its heavier reliance on on-premise consumption, and its relatively lower skew of premium brands, Campari sales have held up better than its peers.
• Campari has a demonstrated knack for rejuvenating lagging brands, and management has shown its marketing acumen by steering consumers to more at-home consumption of cocktails.
• With a relatively clean balance sheet, I expect Campari to be on the hunt for M&A candidates, and I see longer-term opportunities to improve the premium/super-premium mix.
• Even with above-average organic revenue growth and solid margin improvement prospects, Campari screens as uncommonly expensive.

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