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

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/15/2019

...

Olivier Lebrun

ODDO : Cognac: poursuite de la décélération en Asie, légère reprise aux USA

>Croissance des volumes globalement stable en janvier - A fin janvier, les expéditions mondiales de cognac en volumes ont crû de 3,6% à 572 041 hl d’alcool pur sur 12 mois glissants. Cela se compare à une progression de 3,5% à fin décembre. En valeur, on note une légère accélération à +2,9% à 3 222,4 M€ versus +1,9% à fin décembre.Par segment, il y a une nette divergence entre le haut de gamme/Asie, qui ralentit et l’entrée de gamme/Amérique, qui marque une petit...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/02/2019

Et si le Royaume-Uni et l’Union européenne ne parvenaient pas à s’entendre pour organiser le Brexit en douceur... Telle est l’hypothèse de travail de cette étude. Au Royaume-Uni, le pays perdant d’un coup tous les avantages commerciaux existants, il s’en suivrait une chute brutale du commerce, une désorganisation des chaînes de production, un stress financier majeur, bref une sévère récession. Le choc pèserait aussi, mais à un degré moindre, sur le reste de l’Europe. On examine ici le...

Olivier Lebrun

ODDO : Cognac: continued slowdown in Asia, slight upturn in the US

>Volume growth broadly stable in January - At end-January, global cognac shipments in volumes rose by 3.6% to 572,041 hl of pure alcohol over 12 months rolling. This compares with growth of 3.5% at end-December. In value terms, we note a slight acceleration to +2.9% to € 3,222.4m versus +1.9% at end-December.By segment, there is a marked divergence between the upmarket segment/Asia, which is slowing and the entry-level/North America, which reflected a slight acce...

Philip Gorham

Morningstar | Very Strong First Half by Pernod Not Likely Sustainable but Shows Company Firing on All Cylinders

Pernod Ricard beat our estimates in the first half of fiscal 2019 thanks to better-than-expected sales growth in Asia and a strong performance on cost control. Although this strong performance was boosted by technical factors, not least the timing of the Chinese New Year, and growth will likely normalize in the second half, management has raised guidance on EBIT growth for the rest of the year. We have nudged our fiscal 2019 estimate of operating profit slightly higher, based on a higher gross margin estimate, and we are raising our fair value estimate to EUR 134 per share from EUR 124. This i...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/15/2019

...

Olivier Lebrun

ODDO : Cognac: poursuite de la décélération en Asie, légère reprise aux USA

>Croissance des volumes globalement stable en janvier - A fin janvier, les expéditions mondiales de cognac en volumes ont crû de 3,6% à 572 041 hl d’alcool pur sur 12 mois glissants. Cela se compare à une progression de 3,5% à fin décembre. En valeur, on note une légère accélération à +2,9% à 3 222,4 M€ versus +1,9% à fin décembre.Par segment, il y a une nette divergence entre le haut de gamme/Asie, qui ralentit et l’entrée de gamme/Amérique, qui marque une petit...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/02/2019

Et si le Royaume-Uni et l’Union européenne ne parvenaient pas à s’entendre pour organiser le Brexit en douceur... Telle est l’hypothèse de travail de cette étude. Au Royaume-Uni, le pays perdant d’un coup tous les avantages commerciaux existants, il s’en suivrait une chute brutale du commerce, une désorganisation des chaînes de production, un stress financier majeur, bref une sévère récession. Le choc pèserait aussi, mais à un degré moindre, sur le reste de l’Europe. On examine ici le...

Olivier Lebrun

ODDO : Cognac: continued slowdown in Asia, slight upturn in the US

>Volume growth broadly stable in January - At end-January, global cognac shipments in volumes rose by 3.6% to 572,041 hl of pure alcohol over 12 months rolling. This compares with growth of 3.5% at end-December. In value terms, we note a slight acceleration to +2.9% to € 3,222.4m versus +1.9% at end-December.By segment, there is a marked divergence between the upmarket segment/Asia, which is slowing and the entry-level/North America, which reflected a slight acce...

Philip Gorham

Morningstar | Very Strong First Half by Pernod Not Likely Sustainable but Shows Company Firing on All Cylinders

Pernod Ricard beat our estimates in the first half of fiscal 2019 thanks to better-than-expected sales growth in Asia and a strong performance on cost control. Although this strong performance was boosted by technical factors, not least the timing of the Chinese New Year, and growth will likely normalize in the second half, management has raised guidance on EBIT growth for the rest of the year. We have nudged our fiscal 2019 estimate of operating profit slightly higher, based on a higher gross margin estimate, and we are raising our fair value estimate to EUR 134 per share from EUR 124. This i...

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...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/08/2019

In the face of macroeconomic turbulence, office and retail real estate investment companies are “safe haven” stocks due to the durability of their dividends and their capacity to create value via their project pipelines. We particularly appreciate stocks which have adapted/clarified their strategies to fit new trends in the market. As such, we confirm our Buy recommendations on Gecina, Klépierre and Carmila and have upgraded Icade and Unibail-Rodamco-Westfield to Buy. Cf. report publi...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/02/2019

Face à quelques turbulences macroéconomiques, les foncières de bureaux et de commerce constituent des valeurs de refuge par la pérennité de leurs dividendes et leur capacité à créer de la valeur à travers leur pipeline. Nous privilégions plus particulièrement les valeurs qui ont anticipé / clarifié leur stratégie face aux nouvelles tendances de marché. Ainsi, nous confirmons notre opinion Achat sur Gecina, Klépierre et Carmila et passons à l’Achat sur Icade et Unibail-Rodamco-Westfiel...

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

...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/01/2019

...

Jeremy Garnier ...
  • Laurence Hofmann
  • Nicolas Thorez
  • Olivier Lebrun

ODDO BHF Small & MIDCAP MORNING NEWS - 01/17/2019

...

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

Pernod Ricard

Pernod Ricard

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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.

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...

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.

Matthieu DRIOL

Medium term view - PERNOD-RICARD : The recent fall is getting more vigorous.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €121.50. A break below €121.50 would challenge the trend.

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