Rémy Cointreau S.A. (RCO.PA)

Industry: Beverages - Wineries & Distilleries Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0ROY.L	11	Davide Campari-Mil	7,114	13.15	11.70	6.96	6.14	6.56	8.11
600809.SS	12	Shanxi Xinghuacun	5,333	19.25	14.27	13.59	10.18	14.53	10.14
000568.SZ	13	Luzhou Laojiao Co.	4,261	15.34	13.06	9.86	8.29	10.55	8.44
BF-A	14	Brown-Forman Corpo	3,889	15.89	16.31	12.53	12.73	12.30	14.60
TWE.AX	15	Treasury Wine Esta	3,829	11.83	11.83	6.06	3.65	5.47	5.94
000596.SZ	16	Anhui Gujing Disti	2,971	17.94	14.94	11.04	9.06	69.76	9.38
002304.SZ	17	Jiangsu Yanghe Bre	2,761	49.45	63.84	23.77	27.77	-	36.11
RCO.PA	18	Rémy Cointreau S.	2,558	7.24	6.43	4.96	4.59	10.37	5.29
CUERVO.MX	19	Becle, S.A.B. de C	2,493	7.95	7.27	5.69	5.17	4.07	6.48
6979.HK	20	ZJLD Group Inc	1,856	7.06	7.06	3.58	3.58	4.39	3.70
000080.KS	21	HITEJINRO Co., Ltd	1,731	15.23	14.80	3.98	3.67	9.71	10.40
603369.SS	22	Jiangsu King's Luc	1,488	17.04	14.92	12.28	10.46	32.62	10.84
CONCHATORO.SN	23	Viña Concha y Tor	1,078	9.98	9.80	9.67	9.81	10.39	10.38
300755.SZ	24	VATS Liquor Chain	965	-	-	-	-	-	-
603198.SS	25	Anhui Yingjia Dist	901	15.72	13.16	11.77	9.98	17.22	10.28
ANORA.HE	26	Anora Group Oyj	792	21.40	25.07	6.08	5.63	16.22	12.89

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.28	13.11	8.32	7.21	10.39	9.76
Full Range Median Multiple	15.53	13.72	9.76	8.67	10.55	10.21
Industry Multiple	16.94	17.00	9.78	9.01	16.45	11.26
Market Implied Multiple	6.83	6.07	4.75	4.39	9.92	5.06
Company (RCO.PA) Multiple	7.24	6.43	4.96	4.59	10.37	5.29
(*) Net Income / EBITDA / Revenue	359	405	684	741	327	641
Winsorized Enterprise Value	N/A	N/A	5,689	5,343	3,403	6,262
Full Range Median Enterprise Value	N/A	N/A	6,680	6,423	3,455	6,550
(-) Net Debt	793	793	793	793	793	793
Winsorized Equity Value	5,493	5,307	4,895	4,550	2,610	5,468
Full Range Median Equity Value	5,581	5,553	5,887	5,630	2,662	5,757
(/) Shares Outstanding	60	60	60	60	60	60
Winsorized Fair Value	$91.06	$87.98	$81.15	$75.42	$43.26	$90.65
Full Range Median Fair Value	$92.51	$92.05	$97.58	$93.33	$44.12	$95.42
Current Price	$40.70	$40.70	$40.70	$40.70	$40.70	$40.70
Upside / Downside	123.73%	116.16%	99.38%	85.31%	6.28%	122.72%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$63.74	$61.58	$56.80	$52.79	$30.28	$63.45
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY