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The argument has long been made that venturing beyond America’s borders will offer investors higher yields. Many foreign companies do pay attractive dividends, but they lack consistency and predictable growth—factors that have kept us from investing overseas.
But in this episode, we break the mold and head to the vineyards of France. Greg explores the under-the-radar story of Rémy Cointreau ($REMYY), the cognac maker behind the iconic Rémy Martin brand. What makes this story remarkable isn’t just the 3% dividend yield or the potential for earnings to normalize. It’s the value hiding in plain sight: aging inventory that becomes more valuable with time. With a wide moat and one of the most unique inventory structures we’ve seen, Rémy stands out as a compelling value play with rare downside protection. Markets are mostly efficient—but every now and then, a story slips through the cracks.
Topics Covered:
01:46 Exploring Foreign Dividend Opportunities
02:40 Discovering Remy: A Value Play
03:31 A First Look at Rémy’s Dividend and Valuation
06:01 Performance History and the Power of Modest Growth
08:11 Understanding the Cognac Market
11:29 How Cognac Is Made and Why It Matters
16:07 What Is Wrong with Remy?
18:38 Cash Flow, EBIT History, and Financial Strength
22:28 The Inventory Advantage
25:18 Future Growth Potential and Valuation Scenarios
27:49 Three Catalysts for Re-Rating
33:32 Final Thoughts and Takeaways
Disclaimer: This discussion is for educational purposes only and not investment advice.
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