Rémy Cointreau S.A.

Fair Value Summary

Current Price	$36.98
5Y Range	43.78 – 101.66
5Y Selected	72.72
(-) Safety Margin	85.30%
5Y Buy Price	$13.42
Upside (to Buy Price)	-63.72%
10Y Range	46.05 – 101.82
10Y Selected	73.94
(-) Safety Margin	85.30%
10Y Buy Price	$13.64
Upside (to Buy Price)	-63.11%

Company Predictability & Safety

Metric	Value
Revenue R2 (5Y)	0.0134
Revenue R2 (10Y)	0.0871
Net Income R2 (5Y)	0.0305
Net Income R2 (10Y)	0.2297
EBITDA R2 (5Y)	0.0170
EBITDA R2 (10Y)	0.3282
FCF R2 (5Y)	0.4628
FCF R2 (10Y)	0.0928

Safety Score	0.1845

DA 10-Year Projection

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035
% Growth	1.76%	2.01%	2.26%	2.51%	2.76%	3.01%	3.25%	3.50%	3.75%	4.00%
Revenue	1,001.95	1,022.11	1,045.20	1,071.42	1,100.96	1,134.05	1,170.95	1,211.97	1,257.44	1,307.73
EBITDA	292.81	298.70	305.45	313.11	321.74	331.41	342.20	354.18	367.47	382.17
D&A	-28.94	-29.52	-30.19	-30.95	-31.80	-32.76	-33.82	-35.01	-36.32	-37.77
EBIT	263.87	269.18	275.26	282.16	289.94	298.66	308.38	319.18	331.15	344.40
Pro forma Taxes	-78.76	-80.34	-82.16	-84.22	-86.54	-89.14	-92.04	-95.27	-98.84	-102.79
NOPAT	185.11	188.83	193.10	197.95	203.40	209.52	216.33	223.91	232.31	241.60
Capital Expenditures	-42.09	-42.94	-43.91	-45.01	-46.25	-47.64	-49.19	-50.91	-52.82	-54.94
NWC Investment	-10.63	-12.34	-14.15	-16.06	-18.10	-20.27	-22.61	-25.13	-27.85	-30.81
(+) D&A	28.94	29.52	30.19	30.95	31.80	32.76	33.82	35.01	36.32	37.77
Free Cash Flow	161.33	163.07	165.23	167.82	170.86	174.36	178.36	182.88	187.95	193.63
Diluted Shares Outstanding	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75	51,262,108.75

Discounting Periods

Metric	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33	Mar-34	Mar-35
Period Start	3/31/25	4/1/26	4/1/27	4/1/28	4/1/29	4/1/30	4/1/31	4/1/32	4/1/33	4/1/34
Period End	3/31/26	3/31/27	3/31/28	3/31/29	3/31/30	3/31/31	3/31/32	3/31/33	3/31/34	3/31/35
Mid-Point	9/29/25	9/30/26	9/30/27	9/30/28	9/30/29	9/30/30	9/30/31	9/30/32	9/30/33	9/30/34
Time (t)	0.10	0.70	1.70	2.70	3.70	4.70	5.71	6.71	7.71	8.71
Valuation Date	1/17/26

Base Case Projected Flows

WACC: 6.26%Terminal Growth: 2.04%

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	TV (5y)	TV (10y)
Discount Factor	0.99	0.96	0.90	0.85	0.80	0.75	0.71	0.67	0.63	0.59
PV UFCF	160.35	156.29	149.03	142.45	136.49	131.08	126.12	121.70	117.71	114.12	Raw: 4,137.17 3,206.18	Raw: 4,688.54 2,680.76

Base Case Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	3,950.80	4,036.11
(-) Net Debt	750.84	750.84
Equity Value	3,199.97	3,285.27
(/) Shares Out	51.26	51.26
Fair Value	$62.42	$64.09
(-) Safety Margin	85.30%	85.30%
Buy Price	$9.18	$9.42
Current Price	$36.98	$36.98
Upside (to Buy Price)	-75.19%	-74.52%

Conservative Projected Flows

WACC: 7.26%Terminal Growth: 1.54%

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	TV (5y)	TV (10y)
Discount Factor	0.99	0.95	0.89	0.83	0.77	0.72	0.67	0.62	0.58	0.54
PV UFCF	160.20	155.27	146.68	138.90	131.84	125.44	119.55	114.28	109.51	105.18	Raw: 3,036.19 2,262.19	Raw: 3,440.84 1,804.75

Conservative Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	2,995.08	3,111.59
(-) Net Debt	750.84	750.84
Equity Value	2,244.24	2,360.76
(/) Shares Out	51.26	51.26
Fair Value	$43.78	$46.05
(-) Safety Margin	85.30%	85.30%
Buy Price	$6.44	$6.77
Current Price	$36.98	$36.98
Upside (to Buy Price)	-82.60%	-81.69%

Aggressive Projected Flows

WACC: 5.26%Terminal Growth: 2.54%

Metric	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	TV (5y)	TV (10y)
Discount Factor	0.99	0.96	0.92	0.87	0.83	0.79	0.75	0.71	0.67	0.64
PV UFCF	160.50	157.33	151.45	146.14	141.35	137.04	133.11	129.67	126.61	123.92	Raw: 6,455.05 5,205.14	Raw: 7,315.34 4,563.26

Aggressive Valuation

	5-Year Horizon	10-Year Horizon
	UFCF	UFCF
Enterprise Value	5,961.91	5,970.38
(-) Net Debt	750.84	750.84
Equity Value	5,211.07	5,219.54
(/) Shares Out	51.26	51.26
Fair Value	$101.66	$101.82
(-) Safety Margin	85.30%	85.30%
Buy Price	$14.94	$14.97
Current Price	$36.98	$36.98
Upside (to Buy Price)	-59.59%	-59.53%

Reverse DCF: Market Implied Growth

Current Price$36.98

WACC Used6.3%

IMPLIED REVENUE GROWTH94.32%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	4,233.73	8,227.14	15,987.29	31,067.11	60,370.76	117,314.71	227,970.32	443,000.43	860,854.96	1,672,845.47
Constant Implied Growth	94.32%	94.32%	94.32%	94.32%	94.32%	94.32%	94.32%	94.32%	94.32%	94.32%
Implied Free Cash Flow	0.42	0.82	1.60	3.11	6.04	11.73	22.80	44.30	86.09	167.28
Discount Factor	0.99	0.90	0.85	0.80	0.75	0.71	0.67	0.63	0.59	0.55
Present Value of Implied FCF	0.42	0.74	1.36	2.48	4.54	8.30	15.17	27.74	50.74	92.79

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2020	2020-03-31	$99.65	-2.03%	$-4.71	-104.72%
2019	2019-03-31	$117.30	6.82%	$-3.37	-102.88%
2018	2018-03-31	$115.80	8.47%	$57.12	-50.67%
2017	2017-03-31	$91.77	2.72%	$24.52	-73.28%
2016	2016-03-31	$66.72	-1.39%	$12.06	-81.93%
2015	2015-03-31	$68.50	-0.38%	$-7.28	-110.63%
2014	2014-03-31	$58.25	2.37%	$-23.42	-140.21%
2013	2013-03-31	$90.07	1.11%	$28.80	-68.02%
2012	2012-03-31	$76.20	-2.57%	$22.12	-70.97%
2011	2011-03-31	$53.14	-1.25%	$38.10	-28.30%
2010	2010-03-31	$38.25	1.54%	$10.86	-71.61%
2009	2009-03-31	$17.85	7.16%	$-52.31	-393.06%
2008	2008-03-31	$42.60	11.55%	$41.43	-2.75%
2007	2007-03-31	$50.52	5.24%	$83.03	64.35%
2006	2006-03-31	$41.16	1.00%	$26.84	-34.80%
2005	2005-03-31	$32.33	-1.68%	$6.12	-81.06%
2004	2004-03-31	$26.30	1.59%	$23.77	-9.61%
2003	2003-03-31	$24.41	3.11%	$11.36	-53.45%
2002	2002-03-31	$29.60	-1.27%	$6.63	-77.61%
2001	2001-03-31	$32.75	-4.70%	$20.52	-37.36%

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$70.04

Median
$64.48

10th Percentile
$46.07

90th Percentile
$99.87

Fair Value Distribution

$28.22 - $45.97	99
$45.97 - $63.73	387
$63.73 - $81.48	289
$81.48 - $99.24	122
$99.24 - $116.99	46
$116.99 - $134.74	31
$134.74 - $152.50	13
$152.50 - $170.25	4
$170.25 - $188.00	4
$188.00 - $205.76	1
$205.76 - $223.51	1
$223.51 - $241.27	1
$241.27 - $259.02	1
$259.02 - $276.77	0
$276.77 - $294.53	0
$294.53 - $312.28	0
$312.28 - $330.04	0
$330.04 - $347.79	0
$347.79 - $365.54	0
$365.54 - $383.30	1

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