Rémy Cointreau S.A. (RCO.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+2.8%

€53.72

vs €52.25 price

Levered DCF

-€4.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.42

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	24.36×	18.28×	25.48×	29.02×	44.42×	54.5×	46.35×	36.89×
P/B	0.99×	1.15×	2.55×	4.86×	5.68×	5.09×	3.54×	4.12×
P/S	2.05×	2.25×	3.94×	5.5×	7.18×	7.81×	4.84×	5.22×
EV / EBITDA	12.32×	11.6×	16.23×	19.6×	27.35×	30.36×	21.78×	21.14×
Gross margin	65.8%	70.6%	71.2%	68.6%	65.6%	64.0%	62.8%	63.1%
Operating margin	17.7%	21.4%	24.4%	28.3%	24.4%	23.5%	21.0%	23.4%
Net margin	8.4%	12.3%	15.5%	19.0%	16.2%	14.3%	11.1%	14.1%
Current ratio	3.16×	2.76×	2.5×	2.11×	2.3×	2.59×	2.2×	2.53×
Debt / equity	0.4×	0.39×	0.4×	0.35×	0.28×	0.33×	0.51×	0.36×
Interest coverage	4.86×	6.21×	9.17×	36.53×	30.56×	19.6×	16.94×	19.68×
Dividend yield	3.1%	1.9%	3.2%	1.3%	1.0%	0.1%	2.7%	0.2%
Payout ratio	74.8%	33.8%	82.6%	37.8%	44.1%	6.6%	116.4%	5.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.1%	6.3%	10.0%	16.7%	12.8%	9.3%	8.1%	11.2%
Return on invested capital	4.3%	5.5%	7.9%	12.8%	9.9%	7.2%	6.2%	9.1%
Return on assets	2.3%	3.5%	5.5%	9.2%	7.1%	5.2%	4.1%	6.1%
Free cash flow yield	2.8%	3.2%	0.3%	0.5%	1.0%	1.6%	0.3%	0.1%
Earnings yield	4.1%	5.5%	3.9%	3.4%	2.3%	1.8%	2.3%	2.7%
Enterprise value	€2.6B	€2.9B	€5.4B	€9.1B	€9.8B	€8.2B	€5.4B	€6.2B
Net debt / EBITDA	3.26×	2.71×	1.97×	1.15×	0.98×	1.16×	1.81×	1.16×
Cash conversion cycle (days)	1,878	1,994	1,502	939	877	1,047	1,028	867