UK: Campari coverage initiated by Goldman Sachs
Goldman Sachs has initiated coverage of Davide Campari-Milano shares. The broker has rated the shares "in-line" with a fair value of €6.6 on a discounted cash flow basis.
Goldman Sachs believes that Campari has an attractive spirits portfolio and geographic exposure, and that the management's delivery on acquisitions has been exemplary, it said in a note to clients. Recent very strong share price performance, however, reflects this and the attractions of the assets in a consolidating industry, it added.
The group is well-positioned in the attractive spirits markets and has significant exposure to some of the most attractive pockets of growth in international spirits, notably in premium vodka in the US, Goldman Sachs concluded.
The rum market may be dominated by white rum - and by one brand in particular - but Larry Watson, managing director, distribution division, at Jamaican rum producer, J Wray & Nephew, believes there is...
Flavoured vodkas have been a major success story in the US where they have prospered on the back of strong sector growth and premiumisation. With European markets also showing consistent growth and so...
The Campari Group has strengthened its wine presence with the acquisition of a Tuscan winery....
Davide Campari-Milano has posted a slight rise in net sales and profits for the first nine months of this year....
Davide Campari-Milano SpA has amassed a EUR500m war chest for acquisitions, according to the Italian company's CEO Enzo Visone....
Campari has had its rating cut....
Davide Campari-Milano S.p.A. has seen a 2.6% rise in sales drive growth across all profitability indicators in the first half of the year....
US investment house Citigroup Smith Barney has cut its rating on Italian drinks group Davide Campari-Milano SpA from "buy" to "hold"....
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