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

Virginie Roumage

PERNOD RICARD: Asia to continue to drive growth | NEUTRAL | EUR169(+6%)

PERNOD RICARD - NEUTRAL | EUR169(+6%) Asia to continue to drive growth Outlook very favourable for Asia India: to grow low double digit in the mid term China: Martell to continue to grow high single digit in volume

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...

Philip Gorham

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...

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 : T3 en ralentissement, mais potentiel d’amélioration opérationnelle intact

>Le groupe peut faire mieux que ses guidances - Le groupe publiera son T3 le 18 avril. Au-delà du ralentissement du T3, nous pensons que le groupe a la capacité de faire mieux que ses guidances, notamment du fait de la forte rentabilité de la filiale US. Nous attendons désormais une marge opérationnelle groupe de 30% en 2021/22. Le groupe devrait égrener les bonnes nouvelles au cours des 18 mois à venir. Compte tenu de l’amélioration attendue des performances opératio...

1 director bought

A director at Pernod-Ricard bought 2,000 shares at 163.697EUR and the significance rating of the trade was 84/100. 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 – COMMENTAIRES DETAILLES 11/04/2019

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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...

Pernod Ricard

Pernod Ricard

Pernod Ricard

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

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

Coffee, Croissants & Credit/Nestle, Unilever, Pernod, Deutsche Bank

Nestlé (NESNVX) reported sales that beat estimates this morning. Revenue for the group came in at CHF22,183m (consensus: CHF22.1bn) Organic growth was 3.4% against consensus of 2.8% and FY18 growth of 3.0%. Real internal growth (RIG), i.e. volumes, were up 2.2% (cons.: 1.7%), while pricing added 1.2% on the back of increases in Brazil and the US. Guidance for the year ahead was confirmed with a continued improvement in organic sales growth. The underlying trading operating margin is expected to grow towards the 2020 target of 17.5-18.5% (FY18: 17.0%). We view today's announcement as neutral fo...

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

Coffee, Croissants & Credit/Pernod Ricard, UniCredit and Vattenfall

Pernod Ricard (RIFP) issued a strong report card with 5% growth in sales to €5,185m with organic growth of 7.8%, the difference stemming from FX headwinds. The Americas recorded organic growth of +4% while Europe was stable. Profit from recurring operations (PRO) grew 10.6% to €1,654m on the back of 12.8% organic growth with a 148bp higher PRO margin. Both the level of PRO and the organic growth rate were ahead of consensus. Net debt, as reported by Pernod, increased €260m to €7,223m. Net debt/EBITDA (company calculated) declined further, however, to 2.6x from 2.9x.

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.

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Castle Brands Inc. - Strategy, SWOT and Corporate Finance Report

Castle Brands Inc. - Strategy, SWOT and Corporate Finance Report Summary Castle Brands Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Castle Brands Inc. (Castle Brands) develops and markets alcoholic beverages. The company’s product portfolio comprises whisky, rum, vodka, tequila, wine, ginger beer, ready-to-drink cocktails and liqueur. It also sells cert...

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...

Expert Corporate Governance Service (ECGS)

Pernod Ricard - 2018, november 21

ITEM 5 to 8 Board composition is still a problem this year: - Combined CEO/Chairman without Lead Independent Director; - Only 35.71% of directors are independent; - Over-representation of the Paul Ricard shareholder agreement: 5 directors affiliated with Paul Ricard SA and Rafaël Conzalez-Gallarza (36% of the board while they hold only 15% of the capital); -Over-representation of GBL: 2 directors (14% of the board while they own only 7.5% of the capital); Moreover, Proxinvest draw shareholders’ attention on the compensation policy of Alexandre Ricard for the next year. His fixed comp...

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 ...

Etude de l'AG du 09/11/2017

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 29% de membres libres d'intérêts et de 42% de femmes (seulement 36% en prenant en compte les administrateurs représentants des salariés). Alors que la société propose le renouvellement de trois de ses membres, Proxinvest aurait préféré qu'elle propose davantage de candidatures féminines et indépendantes. De plus, les deux premiers actionnaires sont surreprésent...

Charles Pinel

Etude de l'AG du 17/11/2016

Il est proposé de renouveler le mandat d'Alexandre Ricard, Président-Directeur général de la société. Au regard de la non-séparation des fonctions de Président du Conseil et de Directeur général, nous recommandons l'opposition d'autant que la société n'a pas mis en place de contre-pouvoirs tels qu'une majorité de membres libres d'intérêts au conseil et un vice-président indépendant. Elle ne respecte d'ailleurs pas la recommandation 10.4 du code Afep-Medef puisqu'il n'est pas prévu de réunion formelle des administrateurs non exécutifs hors la présence d'Alexandre Ricard, ce qui constitue une pr...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Matthieu DRIOL

Short term view - PERNOD-RICARD : Overbought stochastics

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €129.18.

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.

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