Campari collapses on the stock market, dropping 15% after the quarterly accounts released yesterday. Deutsche Bank has cut the target price of the retail giant spirits to 8.5 euros from 9.7; Barclays dropped it from 8.4 to 7.8 euros while JP Morgan reduced it to 6 euros from 7.80.
The company closed the January-September period with increasing net revenues but the adjusted gross operating margin fell from 601.3 million to 590.7 million euros (-1.8%) and consequently, the margin went from 27.3% to 25.9%.
In the first 9 months, adjusted pre-tax profit was 452.1 million euros, down 4.6% compared to the 473.8 million recorded in the same period of the previous year. The accounting profit before taxes also fell, amounting to 423 million euros. Furthermore, the choice of the new CEO following the resignation of Matteo Fantacchiotti is expected by the first half of 2025.