Campari Group

: equity valuation

Abstract

The primary objective of this study is to determine the target share price of Davide Campari- Milano N.V., a leading company in the global alcoholic beverages industry, providing an investment recommendation, based on a comprehensive valuation analysis. This research evaluates Campari’s strategic positioning, industry trends, and key market dynamics that influence its financial performance. To estimate Campari's intrinsic value, this study applies a Discounted Cash Flow (DCF) model, discounting future cash flows using the Cost of Equity, capturing the intrinsic value from an equity-holder perspective, reaching a target share price of EUR 6,95. A Relative Valuation approach is also performed to benchmark Campari9s valuation implicit multiples against those of its industry peers. Comparing the target price to the market value as of March 18, 2025 (EUR 5,97), our estimated valuation of EUR 6,95 is located beyond the +10% minimum limit for a BUY recommendation. Comparatively, Jefferies' equity research report from March 7, 2025, sets a target price of EUR 6,60. While their estimate is slightly lower than this study, the difference is marginal, and both valuations fall within a similar range. Overall, the valuation study suggests the market is underestimating the intrinsic value of Campari Group.

Date of Award	30 Jun 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)