Campari reported robust H1 results which were driven by pricing. However, investors, who have become accustomed to outstanding performances in recent quarters, were disappointed by these results. It must be noted that the expectations are exceedingly high for Campari, which, until today, was valued at 32.2x its FY23 earnings (according to our estimates), representing a premium of 32% within our coverage of spirits. We believe the company has the potential to surprise positively by outperfo ....