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Campari equity research: navigating tradition and innovation in the global spirits market
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| 2.97 MB | Adobe PDF |
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This thesis presents an equity research and valuation of Davide Campari-Milano, a global leader in the spirits industry. Founded in 1860 in Milan, Campari has expanded through strategic acquisitions, now operating in over 190 countries with flagship brands such as Aperol, Campari, Wild Turkey, and Grand Marnier. The analysis includes a strategic review of the Group’s global positioning, supply chain, and marketing strategy, with a focus on trends such as premiumization, digitalization, and changing consumer preferences. The financial section
compares Campari to key competitors—Diageo and Pernod Ricard—across profitability, liquidity, and leverage metrics. A DCF valuation was conducted using a WACC of 4.48% and a terminal growth rate of 2%, yielding an implied share price of €5.6, slightly below the market
price. A multiples-based valuation confirms that Campari trades at a premium to peers, likely due to its brand strength and growth expectations.
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Equity research Spirits Beverage Campari Valuation