Davide Campari-Milano N.V.

Business description

A leading premium spirits company with global distribution in over 190 countries, focused primarily on the aperitifs category.

Key financials

• Net Sales (2025): EUR 3.05 billion
• A&P to Net Sales Ratio: 17.9%
• Target Price: EUR 6.50 (12-month)
• Implied P/E (2026): 19.1x

Competitive moat

Strong dominance in the aperitifs category (Aperol, Campari), which provides a stable foundation but creates high concentration risk.

Recent developments

• Strategic Pivot: Implemented the "House of Brands" operating model in 2025 to enhance brand planning and innovation.
• Diversification Efforts: Acquired Courvoisier for USD 1.20 billion in 2024 to expand beyond aperitifs.
• AI Visibility Struggle: Ranked lowest in GEO visibility tests, indicating an execution gap in converting brand ownership into AI-driven discovery.

Investment risks / red flags

• Concentration Risk: Heavy reliance on aperitifs for a significant portion of net sales.
• GEO Lag: Poor visibility in GenAI platforms for its non-aperitif offerings.

H-Score signals

TBI multi factor score: Not available

Theme exposure

[[European Distillers and Vintners]]

Related

[[Pernod Ricard SA]], [[European Distillers and Vintners]]