The Q1 beat with impressive +27% organic sales growth and a confident tone regarding China are the two main positives. The valuation now seems more interesting, with 37× 2023 P/E, which looks low if we compare it with its Italian peer Campari and given the near-term risk/reward which is skewing positively.

26 Jul 2022
(Almost) flawless

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(Almost) flawless
- Published:
26 Jul 2022 -
Author:
Laura Parisot -
Pages:
3 -
The Q1 beat with impressive +27% organic sales growth and a confident tone regarding China are the two main positives. The valuation now seems more interesting, with 37× 2023 P/E, which looks low if we compare it with its Italian peer Campari and given the near-term risk/reward which is skewing positively.