Rankings Food, drinks & restaurants Campari
Campari
74
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- ROIC−4
- Capital allocation−4
- Quality of growth−3
Strengths
- Debt reduction+1
- Market share and margin uplift+1
- Raised earnings expectation+1
How the score is built
From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 6.42 EUR
- Median analyst target
- 7.20 EUR
- Upside to median
- +12.1%
- Analysts
- 21
- Target range
- 5.30 – 10.50 EUR
- 52-week change
- +6%
- P/E (trailing)
- 28.6
- Forward P/E
- 19.0
- PEG
- 1.98
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−13 of −30
- −4ROICROIC has fallen from 10.2% (2022) through 9.5%, 8.1% and 7.7% to 6.1% TTM – only just above the WACC of 5.5%; ROE 6.7% vs 13.1% in 2022.
- −4Capital allocationCourvoisier was bought for about EUR 1.1bn in 2024 and partly paid for with a share issue of EUR 649m (share count +9.8%) – in a cognac category that has since weakened. Non-priority brands are now being divested with write-downs of EUR 82m and brand impairments of EUR 10m in H1 2026.
- −3Quality of growthReported revenue is falling (3,070 m € in 2024, 3,051 in 2025, 3,035 TTM), and reported EPS is 0.22 € TTM vs 0.29 € in 2022–23; organic growth is only about 3%, and the operating margin has fallen from 20.7% (2023) to 18.1% TTM.
- −2Future segmentSpirits are under structural pressure: whiskey and vodka are declining in the US (Wild Turkey in decline), cognac is weak, and Germany suffers from low consumer confidence; growth is carried by a few brands (Aperol +3.3%, Espolón +8.2%).
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −2Multiples vs own historyForward P/E 17.7 vs 17.4–42.9 in 2021–25 and EV/EBITDA 13.8 vs 12.1–32.9 – at the bottom of its own history, but trailing P/E 26.4 (reported) is above the 2025 level of 19.2.
- −2Absolute price levelFCF after leases of €289m TTM gives about a 4.1% yield at a market cap of €7.1bn, and EV is €9.2bn incl. €2.1bn of net debt; dividend yield 1.7%. For about 3% organic growth it is not a clear discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −3DebtNet debt €2.0bn and leverage 2.6x by the company's measure (4.2x including leases per stockanalysis); interest cover 5.7 and Altman Z 2.4. FCF conversion was only 4% in H1 including working capital.
- −3Controlling shareholder and tax caseThe Guardia di Finanza seized Campari shares worth about €1.29bn at the controlling holding Lagfin (Garavoglia family) in an exit-tax case; the €405m settlement is paid over four years to 2029, which could pressure the family to sell or pledge shares. The holding company is also in the middle of a generational handover.
- −2Macro, tariffs and logisticsUS tariffs cost about EUR 20m in 2026, management expects rising logistics costs for the rest of the year, and the H2 margin is expected to be flat because H1's benefits (agave, tariffs) will not be repeated.
Plus
Only documented strengths. · 3 findings+3 of +15
- +1Debt reductionNet debt has been reduced from €2.3bn to €2.0bn in a year through disposals (including Averna, Trois Rivières, Cabo Wabo, Bisquit) and cash flow; financing costs fell from €51m to €44m in H1.
- +1Market share and margin upliftFifth quarter in a row of organic growth (+2.7% in H1) as the only listed spirits company; market share won in 95% of markets, gross margin +130bp and organic adjusted EBIT +8.5%.
- +1Raised earnings expectationThe expected tariff costs were lowered from €30m to €20m, so the expected organic EBIT margin has been raised by about €10m; revenue guidance of about 3% organic growth maintained.
Caveats
What the score does not capture, or where the data is weak.
Davide Campari-Milano N.V. (Dutch company, listed in Milan). Reported EPS (EUR 0.22 TTM) is depressed by write-downs and losses on divestments (EUR 82m in H1 2026 alone); adjusted net profit rose 4.7% in H1, and forward P/E is based on adjusted EPS. Stockanalysis' debt/EBITDA of 4.2 includes leases and uses reported EBITDA; the company's own leverage is 2.6x. Divestment of non-priority brands gives about −EUR 70m in revenue and −30m in adjusted EBIT in 2026 (perimeter effect). Lagfin's exact capital and voting share has not been verified. Q3 comes 28/10.
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