Rémy Cointreau: FY25 Results (Quick Note)

Company Update (RCO FP) (Downgrade to Neutral): This is a “beaten down” stock with high risk / high reward, but too speculative as an investment.

Rémy Cointreau (“RCO”) released their full FY25 results on Wednesday (June 4). Shares finished up 4% that day, but have since given back this gain, and are currently 44% lower than a year ago and 78% lower than at 2021 year-end:

RCO Share Price (Last 5 Years)

Source: Google Finance (06-Jun-25).

RCO has been a significant mistake on our part, though one with little financial impact. We first wrote about it with a Buy rating in December 2019 (at €115), and eventually initiated a <1% position in April 2023 (at ~€163). We exited this at a large percentage loss on Thursday (June 5) morning, before Brown-Forman announced its FY25 results.

RCO is a “beaten down” stock and can deliver massive upside if/when global Cognac sales return to growth. A bullish view here is supported by Cognac’s centuries-long history, though not by recent results and near-term expectations. RCO would also be a major beneficiary in the event of both U.S.-China and Europe-China trade disputes being resolved. The situation is one of high risk / high reward, but too speculative as an investment. We downgrade our rating to Neutral.

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