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

Expert Corporate Governance Service (ECGS)

Pernod Ricard- AGM 8 November 2019

ITEMS 6 and 7: On December 2018, Elliott announced holding 2.5% of the capital of Pernod Ricard and, among other things, was asking for an improvement of the Group’s governance. Since their announcement, the following changes happened: Patricia Barbizet, Chairwoman of the French High Committee of Governance (“Haut Comité de Gouvernement d’Entreprise”) became Lead Independent Director in January 2019 The company proposes the election of 2 independent directors to this 2019 AGM. These elections allow for a better independence rate of the Board and allow for a decrease of the overrepresentati...

Jehanne Leroy

Pernod Ricard- Assemblée Générale des actionnaires du 8 novembre 2019

GOUVERNANCE Depuis l’arrivée du fonds activiste Elliott au capital de la société, les changements suivants ont été faits en termes de gouvernance : - Patricia Barbizet, Présidente du Haut Comité de Gouvernement d’Entreprise, a été nommée Administratrice référente en janvier 2019- La société propose à la présente assemblée la nomination de 2 administrateurs indépendants, ce qui aura pour effet de porter le taux d’indépendance à près de 43% selon Proxinvest (contre 36% l’an dernier).- Ces nominations ont également pour effet de faire baisser légèrement la surreprésentation du Concert au conseil...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Solid 2018-19 results. Dividend increased and launch of a € 1bn share buyback programme

>Q4 organic sales growth higher than expected at 5% - Pernod Ricard has published 2018-19 sales of € 9,182m, up 5.3% on a reported basis and 6% organic. This reflects higher-than-anticipated organic growth in Q4 of +5% vs the consensus estimate of +4%. The Asia and rest of the world zone drove growth in Q4 with sales up +14%, underpinned by China and India. Sales in South Korea were still penalised by the outsourcing of the distribution for the whisky brand Imperial, ...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Résultats 2018/19 solides. Augmentation du dividende et lancement d’un programme de rachat d’actions de 1 Md€

>Une croissance organique du CA T4 plus élevée qu’attendu à 5% - Pernod Ricard a publié un CA 2018/19 de 9 182 M€, en hausse de 5.3% en publié et de 6% en organique. Cela se traduit par une croissance organique plus élevée qu’attendu au T4 à 5% vs cons +4%e. La zone Asie/reste du monde tire la croissance du T4 avec un CA à +14%, soutenue par la Chine et l’Inde. Les ventes en Corée sont encore pénalisées par l’externalisation de la distribution du whisky Imperial dont ...

Pernod Ricard

Pernod Ricard

Pernod Ricard

1 director sold

A director at Pernod-Ricard sold 319 shares at 164.900EUR and the significance rating of the trade was 54/100. 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 board me...

Alexandre Iatrides ...
  • Fatma Agnès Hamdani
  • Olivier Lebrun

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2019

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Alexandre Iatrides ...
  • Fatma Agnès Hamdani
  • Olivier Lebrun

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/08/2019

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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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Pernod Ricard

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.

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.

MarketLine Department

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E. & J. Gallo Winery - Strategy, SWOT and Corporate Finance Report Summary E. & J. Gallo Winery - 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 E. & J. Gallo Winery (Gallo) is a family-owned company that produces and markets wines and spirits. The company offers a range of table and sparkling wines, malt beverage products, dessert wines and distilled spirits su...

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 ...

MarketLine Department

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...

Expert Corporate Governance Service (ECGS)

Pernod Ricard- AGM 8 November 2019

ITEMS 6 and 7: On December 2018, Elliott announced holding 2.5% of the capital of Pernod Ricard and, among other things, was asking for an improvement of the Group’s governance. Since their announcement, the following changes happened: Patricia Barbizet, Chairwoman of the French High Committee of Governance (“Haut Comité de Gouvernement d’Entreprise”) became Lead Independent Director in January 2019 The company proposes the election of 2 independent directors to this 2019 AGM. These elections allow for a better independence rate of the Board and allow for a decrease of the overrepresentati...

Jehanne Leroy

Pernod Ricard- Assemblée Générale des actionnaires du 8 novembre 2019

GOUVERNANCE Depuis l’arrivée du fonds activiste Elliott au capital de la société, les changements suivants ont été faits en termes de gouvernance : - Patricia Barbizet, Présidente du Haut Comité de Gouvernement d’Entreprise, a été nommée Administratrice référente en janvier 2019- La société propose à la présente assemblée la nomination de 2 administrateurs indépendants, ce qui aura pour effet de porter le taux d’indépendance à près de 43% selon Proxinvest (contre 36% l’an dernier).- Ces nominations ont également pour effet de faire baisser légèrement la surreprésentation du Concert au conseil...

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 ...

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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