Davide Campari Milano NV DVCMY

Consumer StaplesBeveragesItaly

Last close 6.87 USD on Nov 1, 2026, +8.2% year to date

Quant rating

Quant rating C Rank 89 of 174 in Consumer Staples

Growth C 100 of 174
Valuation C 120 of 174
Quality C 96 of 174
Revisions B 39 of 174
Momentum C 100 of 174

Wall Street consensus Buy (2.26)Average target 8.12 USD +18.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.6B
Enterprise value: 10.8B
52-week range: 6.00 – 8.00
3-year range: 5.26 – 11.64
Dividend yield: 1.70%
Beta (5 years): 0.45
Shares outstanding: 1,231M
Next earnings: Mar 4, 2027

About the company

Davide Campari Milano NV, incorporated in the Netherlands, is a company active in the branded spirits industry. It owns an extensive and varied product portfolio of over 50 brands, including Aperol, Appleton Estate, Campari, Grand Marnier, SKYY Vodka and Wild Turkey. It operates through four geographical segments: Americas; Southern Europe, Middle East and Africa; Northern, Central and Eastern Europe; Asia-Pacific. The Company is a global distribution reach, trading in over 190 nations around the world with a focus on Europe and the Americas. It has 21 production plants and its own distribution network in 20 countries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,584	3,178	3,221	2,887	2,470	–
Revenue growth	12.8%	−1.3%	11.6%	16.9%	14.1%	10.6%
EPS (basic, normalized)	0.37	0.33	0.38	0.36	0.31	–
EPS growth	13.0%	−13.2%	4.9%	18.5%	–	–
Gross margin	60.3%	58.4%	58.3%	58.9%	59.7%	59.1%
Net margin	11.3%	6.6%	11.3%	12.3%	13.1%	10.9%
ROE	9.0%	5.9%	11.8%	13.2%	13.0%	10.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,584	+12.8%	3.0x	913	+22.1%	11.8x	0.37	+13.0%	18.5x
2026	3,435	−4.2%	3.1x	855	−6.4%	12.6x	0.35	−5.1%	19.5x
2027	3,579	+4.2%	3.0x	923	+8.0%	11.7x	0.39	+11.4%	17.5x
2028	3,756	+4.9%	2.9x	982	+6.4%	11.0x	0.43	+8.6%	16.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,435	+0.4%	+0.6%	+0.2%	0.35	+0.1%	+0.4%	+1.4%
2027	3,579	+0.7%	+0.7%	−0.1%	0.39	+0.7%	+0.8%	+0.6%
2028	3,756	+0.6%	+0.7%	−0.2%	0.43	+0.1%	−0.1%	−0.7%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	664	860	754	793	666	862	753	770	643	869
Sales mean (mil)	661	845	814	740	687	859	763	767	640	840
Surprise	+0.3%	+1.7%	−7.4%	+7.2%	−3.1%	+0.4%	−1.4%	+0.5%	+0.5%	+3.4%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	0.29	–	–	–	0.29	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DVCMY Davide Campari Milano NV	8.6B	–	11.3%	2.84x	19.5x	17.5x	12.6x	11.7x
BDWBY Budweiser Brewing Company APAC Ltd	9.9B	−1.43x	8.5%	1.01x	73.8x	66.7x	5.2x	5.1x
STBFY Suntory Beverage & Food Ltd	9.3B	−0.11x	5.2%	1.08x	–	–	–	–
TSGTY Tsingtao Brewery Co Ltd	8.7B	–	–	–	–	–	–	–
TBVPY Thai Beverage Public Company Limited	8.3B	4.66x	7.6%	1.89x	1,035.2x	976.4x	10.0x	9.8x
CRHKY China Resources Beer Holdings Co Ltd	8.2B	–	–	–	–	–	–	–
Mean		1.04x	8.2%	1.70x	376.1x	353.5x	9.3x	8.8x
Median		−0.11x	8.0%	1.49x	73.8x	66.7x	10.0x	9.8x

Technical analysis

1M+2.1%
3M+3.6%
1Y+8.5%
3Y−40.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Davide Campari Milano NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,584	3,178	3,221	2,887	2,470	2,164
Cost of revenue	1,422	1,322	1,345	1,187	996	911
Gross profit	2,161	1,856	1,876	1,700	1,474	1,253
Selling, general & administrative expenses	1,364	1,168	1,151	1,049	940	818
Research & development	31.2	26.3	–	–	–	–
Depreciation/amortization	58.4	47.8	46.2	41.5	40.0	41.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	111	220	72.8	53.2	25.2	88.5
Other operating expenses	0.2	0	0	8.5	13.3	22.3
Operating income	597	394	606	548	456	282
Net interest income (expense)	−28.8	−121	−80.0	−28.7	−9.1	−43.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−27.4	−8.3	−11.1	−11.1	−5.2	16.9
Net income before taxes	541	265	515	508	442	256
Provision for taxes	150	65.2	148	154	120	27.7
Minority interest	15.5	9.3	−2.2	1.6	2.0	1.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	407	209	365	356	324	229
Extraordinary items	–	–	–	–	–	–
Net income	407	209	365	356	324	229
EBIT, normalized	707	613	679	601	481	371
EBITDA, normalized	882	745	800	695	569	466
Basic EPS, normalized	0.37	0.33	0.38	0.36	0.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Davide Campari Milano NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	842	698	703	482	915	671
Receivables	470	535	529	398	383	396
Total inventory	1,981	1,763	1,366	1,075	844	802
Prepaid expenses	48.2	41.4	43.9	13.3	18.0	13.2
Other current assets	140	5.1	24.9	15.3	11.5	15.4
Total current assets	3,481	3,042	2,666	1,984	2,171	1,897
Property, plant & equipment	1,810	1,571	1,162	928	734	687
Goodwill	2,623	2,506	2,043	2,010	1,610	1,657
Intangibles	1,446	1,437	1,337	1,322	1,170	1,220
Long-term investments	43.8	105	56.5	59.6	30.6	32.6
Note receivable	–	0	−0.1	4.1	9.3	13.4
Other long-term assets	121	122	103	130	65.0	55.8
Total assets	9,525	8,783	7,367	6,438	5,790	5,564
Liabilities
Accounts payable	839	696	575	580	449	392
Payable/accrued	–	–	–	–	–	–
Accrued expenses	276	234	210	165	171	147
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	342	319	493	130	297	315
Other current liabilities	112	35.7	70.9	116	157	65.6
Total current liabilities	1,570	1,286	1,349	991	1,074	920
Long-term debt	2,666	2,645	1,995	1,800	1,445	1,568
Minority interest	1.8	1.3	1.8	1.5	3.4	2.2
Other liabilities	752	860	794	781	571	634
Total liabilities	4,990	4,793	4,139	3,574	3,094	3,125
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	43.2	38.1	39.8	19.6	20.8	22.3
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	4,794	3,977	3,269	2,863	2,873	2,808
Treasury stock	–	–	–	–	–	–
Other equity	−301	−24.6	−80.5	−18.6	−198	−392
Total equity	4,537	3,990	3,228	2,864	2,696	2,438
Total liabilities & shareholders' equity	9,527	8,783	7,367	6,438	5,790	5,564

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Davide Campari Milano NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	667	406	596	547	456	283
Depreciation, depletion & amortization	174	132	122	96.9	90.6	95.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	0.4	136	53.2	3.7	96.1	47.1
Changes in working capital	−33.5	19.7	−598	−241	−92.4	−93.2
Cash from operations	808	694	173	407	550	332
Investing activities
Capital expenditures	−352	−476	−348	−380	−166	−103
Other investing cash flows	167	−1,182	37.7	−482	−8.4	−205
Cash from investing	−184	−1,658	−310	−862	−174	−308
Financing activities
Financing cash flow items	−101	−180	−83.0	−30.5	−29.9	−21.6
Cash dividends paid	−91.6	−80.9	−74.5	−72.3	−70.0	−76.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−368	1,277	514	144	−31.5	−72.2
Cash from financing	−561	1,016	356	40.9	−131	−171
Foreign exchange effects	−18.9	−4.6	−14.8	33.7	32.2	−44.5
Net change in cash	43.5	47.6	204	−381	276	−191
Free cash flow	456	218	−175	26.9	384	229

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.