DVDCF - Davide Campari-Milano: Resilient Business But Expensive Valuation Warrants A Hold
2024-06-04 12:46:50 ET
Summary
- Lower net debt evolution. We lack visibility on Courvoisier inventory, and challenges are ahead in the APAC region, combined with potential promotional activities in Europe.
- The strength of aperitifs, particularly Campari and Aperol, and the momentum of Espolòn tequila in the US continue to support the business.
- The group's outlook for 2024 remains unchanged. Still, Campari's valuation looks full.
Following our update on Diageo ' Low Beta And Economic Moat Mean Long Upside ,' today we are back to comment on Davide Campari-Milano N.V. ( OTCPK:DVDCF ). Since our last update (FY 2023 results comment and Courvoisier bolt-on acquisition), Campari stock's price has been down by approximately 4.67%. As a reminder, the company has undergone significant changes with a new CEO after 18 years of Bob Kunze-Concewitz....
Davide Campari-Milano: Resilient Business But Expensive Valuation Warrants A Hold