Pernod Ricard S.A.

Pernod Ricard produces and distributes wines and spirits. Co. produces aniseed products, vodka, whisky, cognac, rum, gin, liqueurs, champagnes and wines. Co.'s activity is organized around families of products built around brands. Its brands portfolio includes: ABSOLUT vodka, Ricard pastis, Ballantine's, Chivas Regal and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Kahlua and Malibu liqueurs, Mumm and Perrier-Jouet champagnes as well as Jacob's Creek and Brancott Estate wines. Co. is structured into four segments constituted by the following geographic regions: France, Europe (excluding France), Americas, Asia/Rest of the World.
  • TickerRI
  • ISINFR0000120693
  • ExchangeEuronext Paris
  • SectorBeverages
  • CountryFrance

Analysts

Philip Gorham

Morningstar | Pernod Still Performing Well, but 3Q Miss Shows Frothiness of Expectations Already Priced In

After three quarters of the fiscal year, narrow-moat Pernod Ricard is performing almost exactly in line with our expectations, with year-to-date organic growth of 6.3%. Third-quarter organic growth of just 2.5%, however, fell short of consensus expectations, although weakness in France and channel inventory corrections in the US were both known events. We are reiterating our full-year estimate of 6.2% organic sales growth because it is possible  fourth-quarter growth will normalize if commercial disputes in Europe are resolved. We regard 6% organic growth as a respectable performance, especial...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/11/2019

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Philip Gorham

Morningstar | Pernod Still Performing Well, but 3Q Miss Shows Frothiness of Expectations Already Priced In

After three quarters of the fiscal year, narrow-moat Pernod Ricard is performing almost exactly in line with our expectations, with year-to-date organic growth of 6.3%. Third-quarter organic growth of just 2.5%, however, fell short of consensus expectations, although weakness in France and channel inventory corrections in the US were both known events. We are reiterating our full-year estimate of 6.2% organic sales growth because it is possible  fourth-quarter growth will normalize if commercial disputes in Europe are resolved. We regard 6% organic growth as a respectable performance, especial...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Slowdown in Q3, but potential for operating improvements is intact

>The group can beat its guidance - The group is due to report its Q3 sales on 18 April. Beyond the slowdown in Q3, we believe that the group can beat its guidance, due notably to the strong profitability of its US subsidiary. We now expect a group operating margin of 30% in FY 20211e22. The group is likely to produce a stream of good news over the next 18 months. Given the expected improvement in the group’s operating performances and returns to shareholders generally,...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Pernod Ricard opens up its capital further to employees

>A step that is both progressive and protectionist - Hitherto fairly limited, the presence of the group’s employees in Pernod Ricard’s capital is set to increase significantly in the medium term. This measure, which points to an increased share for employees in the company’s profits, is not devoid of interest for the group against the backdrop of the acquisition of a stake by activist fund Eliott (2.5% of the capital).Pernod Ricard will propose that 75% o...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Ouverture accrue du capital de Pernod Ricard aux salariés

>Une mesure à la fois progressiste et protectionniste - Jusqu’à présent assez limitée, la présence des salariés du groupe au capital de Pernod Ricard devrait s’accroitre dans des proportions significatives à moyen terme. Cette mesure qui va dans le sens d’une participation accrue des salariés aux fruits de l’entreprise n’est pas non plus dénuée d’intérêt pour le groupe dans le contexte d’entrée au capital du fonds activiste Eliott (2.5% du capital).Pernod...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Stephane Houri
  • Steven Gould
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/18/2019

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1 director bought

A director at Pernod-Ricard bought 1,000 shares at 142.454EUR and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/11/2019

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Bruno Cavalier ...
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Corby
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/08/2019

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Bruno Cavalier ...
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Corby
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/04/2019

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Alfred Glaser ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Sylvain Goyon
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2019

La probabilité d’occurrence des risques majeurs identifiés par le marché (guerre commerciale, hard landing chinois, resserrement monétaire) a effectivement reculé. Le début d’année très dynamique des indices reconnait cet état de fait avec des niveaux qui flirtent avec nos objectifs de fin d’année (Stoxx 600 revu à 379 points). Dans ce contexte, favoriser les secteurs qui combinent : rerating des PE inférieurs à celui du marché, résilience des prévisions de BPA 2019e et 2020e non refl...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Laurence Hofmann
  • Olivier Lebrun
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/18/2019

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PERNOD-RICARD sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of PERNOD-RICARD (FR), a company active in the Distillers & Vintners industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 8, 2019, the closing price was EUR 150.55 and its potential was estimated at EUR 158.08.

Pernod Ricard

Pernod Ricard

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Pernod Ricard

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Casino, Pernod Ricard and Stedin

Casino's (COFP) FY18 results were released this morning, which we view as positive. We expect bonds to tighten on the back of today's release. The group recorded consolidated trading profit (incl. tax credits) of €1,209m, flat YoY in reported terms and in line with consensus. This metric grew 9.8% in organic terms or 18% when excluding tax credits. The growth rates are well above Casino's targets of >0% and 10% respectively. Trading profit in France increased 8.4% organically to €579m. This includes €518m for the retail business, which increased by 18.4% set against a target of 10%. Organic gr...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Pernod, Telefónica and January credit rally

Elliott Advisors has issued a statement following yesterday's 1H18/19 earnings release by Pernod Ricard (RIFP), saying that these confirmed Pernod's strong growth potential. Nevertheless, it views the company's 3yr strategic plan, which envisages organic top line growth in the 4% to 7% range, €100m in cost savings and an annual increase in the operating margin of 50-60bp, as lacking ambition, given the 5ppt operating margin discrepancy with Diageo. The plan also needs to be more clear and specific, according to Elliott. Yesterday's earnings release did not seem to suggest any measures to fend ...

ING
Job Veenendaal

Pernod Ricard/Lower leverage, ready for upgrade

Pernod Ricard showed solid organic growth in both sales and profit from recurring operations in FY18. Deleveraging continued at a healthy pace. We calculate a decline in net adjusted leverage to 3.0x from 3.5x in the prior year. Free cash flow as calculated by the company increased 10% to €1.4bn. Management proposed a 17% increase in the dividend per share, in line with its new (to be approved) policy. We view the results as a mild positive for Pernod's bonds and believe that a rating upgrade at S&P could be on the cards.

MarketLine Department

Distell Group Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Distell Group Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Distell Group Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advanta...

MarketLine Department

United Spirits Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's United Spirits Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by United Spirits Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. K...

MarketLine Department

Heineken NV - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Heineken NV Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Heineken NV since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights ...

Pernod Ricard – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Pernod Ricard - 21/11/2018

La composition du conseil d'administration pose encore problème cette année, en raison de la non séparation des fonctions entre le Président et le Directeur Général (sans administrateur référent indépendant), de la présence de seulement 35,71% de membres libres d'intérêts. Alors que la société propose le renouvellement de trois de ses membres et la nomination d’un nouveau membre, Proxinvest aurait préféré qu'elle propose davantage de candidatures indépendantes. De plus, les actionnaires siégeant au conseil sont surreprésentés au conseil, le pacte composé de la société Paul Ricard SA et Rafaël ...

Matthieu DRIOL

Analyse court terme - PERNOD-RICARD : Stochastiques en zone de surachat.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 129,18 €.

Matthieu DRIOL

Analyse court terme - PERNOD-RICARD : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 129,18 €. La tendance de fond serait remise en cause en cas de franchissement de 146,66 €.

Matthieu DRIOL

Short term view - PERNOD-RICARD : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €129.18. The background trend would be questioned should prices rise above €146.66.

Matthieu DRIOL

Analyse moyen terme - PERNOD-RICARD : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 121,50 €. La tendance serait remise en cause par la rupture de 121,50 €.

Jérôme VINERIER

Short term view - PERNOD-RICARD : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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