Davide Campari-Milano NV Az nom Post Frazionamento
CPR: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€6.00 | Fhhdx | Kztvpftsp |
Campari Earnings: Top-Line Resilience Despite Continued Headwinds
No-moat Davide Campari-Milano reported results for the first half of 2024 that were above our expectations for revenue and profitability. We remain impressed with the firm’s continued revenue outperformance against larger peers amid a weak consumer spending environment. Even with encouraging results, we maintain our EUR 9 fair value estimate as our long-term estimates remain unchanged. We prefer wide-moat-rated Diageo and Pernod Ricard, which trade at discounts to our fair value estimates and have broader portfolios.