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

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...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2018

Finalement, un accord a été trouvé. Le plus dur commence maintenant pour le PM britannique puisqu’il faudra trouver une majorité parlementaire pour le valider. A ce stade c’est une autre histoire. Qu’attendre en cas de vote positif du parlement ? 1/ une hausse des rendements du Gilt (baisse du prix de l’obligation souveraine) - 2/ une appréciation de la livre vs USD et EUR. Privilégier les financières, la construction, la distribution et les dépenses liées à la confiance du consommateu...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Good year now on the cards

>We are downgrading from Buy to Neutral - Following the stock’s favourable performance in one month (+12% since 15 October), we are adopting a Neutral recommendation without modifying our target price of € 150. As our target price is now close (+3%) a Buy recommendation can no longer be maintained.Over 12 months, the stock’s market performance has been the best in the sector (see chart) reflecting how the stock has made up ground on its peers, notably Diageo. The...

Fatma Agnès Hamdani ...
  • Olivier Lebrun

Pernod Ricard : Une bonne année déjà intégrée dans le cours de Bourse

>Nous passons d'Achat à Neutre - A la suite de la bonne performance du titre en un mois (+12% depuis le 15 octobre), nous adoptons une opinion Neutre sans modifier notre objectif de cours de 150 €, qui est désormais proche (+3%) et qui ne permet plus de conserver une recommandation Achat.Sur 12 mois, la performance boursière du titre est la meilleure (voir graphique) du secteur, reflétant le rattrapage du titre par rapport à ses pairs et notamment par rapport à ...

Virginie Roumage

PERNOD RICARD Growth accelerating on the back of China and India

Growth accelerating on the back of China and India Asia: India/China to grow ahead of their mid-term targets this year Americas: normalizing from Q2 Europe: improving slightly in the remainder of the year Buy reiterated

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/19/2018

Lowering breakeven is imperative given the industrialisation of the sector. A cost-income ratio below 65% (74% in H1 2018) assumes radical decisions on costs, the US, and structural weaknesses. Target price of € 23.9 based on forecasts below the consensus. Neutral recommendation pending rapid inflections. - Cf. Equity report published last evening. - ...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/10/2018

La baisse du point mort est impérative face à l’industrialisation du secteur. Un Cost/Income inférieur à 65% (S1 2018 = 74%) suppose des décisions radicales sur les coûts, les Etats-Unis et les faiblesses structurelles. OC de 23.9 € sur la base de prévisions inférieures au consensus. Recommandation Neutre dans l’attente d’inflexions rapides. Cf. étude publiée hier soir. - ...

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...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2018

Finalement, un accord a été trouvé. Le plus dur commence maintenant pour le PM britannique puisqu’il faudra trouver une majorité parlementaire pour le valider. A ce stade c’est une autre histoire. Qu’attendre en cas de vote positif du parlement ? 1/ une hausse des rendements du Gilt (baisse du prix de l’obligation souveraine) - 2/ une appréciation de la livre vs USD et EUR. Privilégier les financières, la construction, la distribution et les dépenses liées à la confiance du consommateu...

Olivier Lebrun

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2018

...

Olivier Lebrun

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/10/2018

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Manuel Martin
  • Olivier Lebrun
  • Sven Edelfelt
  • Thomas Effler
  • Vincent Maulay
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2018

A number of recent indicators in France have disappointed and the upturn in Legrand’s activity there (16% of sales) has not been as robust as hoped, prompting concerns about underlying difficulties. But we think Legrand’s business in France is in line with market trends and, importantly, the group has found alternative sources of growth. We reiterate our Buy recommendation. Cf. report published today. - - ...

Pernod Ricard

Pernod Ricard

Pernod Ricard

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PERNOD-RICARD sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of PERNOD-RICARD (FR), active in the Distillers & Vintners industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date September 14, 2018, the closing price was EUR 134.80 and its target price was estimated at EUR 127.35.

Pernod Ricard

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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.

Anaïs Dudout

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...

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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