UBS reiterates its buy recommendation on Remy Cointreau and leaves its price target unchanged at 162 E following the announcement of the company's results for the 1st half of 2023-2024. This target represents a potential upside of 49% compared with the share price.

' The decline in organic EBIT is broadly in line with consensus: this could be enough to meet investors' expectations' says UBS.

Group share of net income came in at €113.0m, down -49.5% as reported (+17.8% organically vs. 2019-20), giving a net margin of 17.7%, down -8.1 points as reported.

Group share of EPS, which came in at 2.24E, was down -49.1% as reported vs. first-half 2022-23.

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