Earnings ForecastHold rating maintained due to the lack of evidence of cognac stabilization, with FY25-26 earnings estimates cut by ~5% on average.
Market TrendsThe company's cognac value depletions were down by strong double-digits in 4Q24, indicating a significant downturn in the US market.
Stock ValuationDespite the share price halving over the last year, it is still too early to become more constructive on the stock, leading to a cut in Price Target to €105 from €110.