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
Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2020

We are upgrading our rating on Publicis from Neutral to Buy with a target price of € 38 vs € 34 previously. The stock looks like an attractive vehicle to capitalise on an advertising catch-up over the end of the year. The valuation is still weak whilst structural risks are gradually subsiding under the effect of a more balanced relationship between advertisers and advertising agencies in the context of the pandemic. Our valuation factors in stability in the long term (+0.5% vs -0.5%) ...

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2020

Nous relevons notre recommandation sur Publicis de Neutre à Achat, avec un nouvel objectif de cours de 38 € contre 34 € précédemment. Le titre est un véhicule attractif pour profiter d’un rattrapage publicitaire sur la fin d’année. La valorisation est toujours aussi faible, alors que les risques structurels se dissipent progressivement, sous l’effet d’une relation annonceurs/agences plus équilibrée dans le contexte de la crise actuelle. Notre valorisation intègre une stabilité à long ...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : Conference call after full-year results: tone cautious yet sanguine

>Feedback on key figures from FY 2019-20 results - Pernod Ricard reported its FY 2019-20 results yesterday morning. Full-year sales came in at € 8,448m, down 9.5% in organic terms, implying an organic decline of 36% in Q4. The decline was led by the APAC division (-48% organic decline in Q4), while the Americas (-30%) and Europe (-26%) divisions were boosted by the resilience of off-trade networks in the US and Europe. Adjusted EBIT stood at € 2,260m for FY 2019-20, ...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : Un ton prudent mais serein lors de la conférence téléphonique post résultats annuels

>Retour sur les chiffres clés des résultats FY19-20 - Pernod Ricard a publié hier matin ses résultats annuels FY19-20. Le CA annuel ressort à 8 448 M€, en baisse organique de 9.5%, ce qui implique une baisse organique de 36% au T4. Cette baisse est tirée par la division APAC (-48% en organique au T4) alors que les divisions Amériques (-30%) et Europe (-26%) sont aidées par la résilience des réseaux off-trade aux USA et en Europe. L’EBIT ajusté ressort à 2 260 M€ sur F...

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.

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : Conference call after full-year results: tone cautious yet sanguine

>Feedback on key figures from FY 2019-20 results - Pernod Ricard reported its FY 2019-20 results yesterday morning. Full-year sales came in at € 8,448m, down 9.5% in organic terms, implying an organic decline of 36% in Q4. The decline was led by the APAC division (-48% organic decline in Q4), while the Americas (-30%) and Europe (-26%) divisions were boosted by the resilience of off-trade networks in the US and Europe. Adjusted EBIT stood at € 2,260m for FY 2019-20, ...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : Un ton prudent mais serein lors de la conférence téléphonique post résultats annuels

>Retour sur les chiffres clés des résultats FY19-20 - Pernod Ricard a publié hier matin ses résultats annuels FY19-20. Le CA annuel ressort à 8 448 M€, en baisse organique de 9.5%, ce qui implique une baisse organique de 36% au T4. Cette baisse est tirée par la division APAC (-48% en organique au T4) alors que les divisions Amériques (-30%) et Europe (-26%) sont aidées par la résilience des réseaux off-trade aux USA et en Europe. L’EBIT ajusté ressort à 2 260 M€ sur F...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : We have raised our FY 2019-20 estimates in line with the guidance upgrade

>FY 2019-20 underlying EBIT to decline by -15% on an organic basis vs -20% before - In the wake of the trading update issued by the group yesterday, we have increased our forecasts for sales and (particularly) EBIT in FY 2019-20. In the press release issued yesterday morning, the company said that off-trade distribution networks (i.e. at-home consumption) in the US and western Europe had fared better than it had anticipated at the time of the profit warning at end-Ma...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : Nous rehaussons nos estimations 2019/2020 en ligne avec le relèvement de guidance

>EBIT courant FY2019/20 en baisse organique de 15% vs -20% auparavant - Suite au trading update publié par le groupe hier, nous relevons nos estimations de ventes et (surtout) d’EBIT FY2019/20. Dans le communiqué, la société indique que la performance des réseaux de distribution off-trade (i.e. consommation à la maison) aux Etats-Unis et en Europe de l’Ouest est meilleure qu’anticipé lors du profit warning de fin mars et que celle-ci combinée aux mesures de réduction ...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : FY 2019-20 guidance upgraded

>The group now expects an organic decline of 15%e (vs 20%) in underlying EBIT - Pernod Ricard this morning issued a press release in which it upgraded its FY 2019-20 guidance regarding underlying EBIT: it now expects an organic decline in underlying EBIT for FY 2019-20 of -15% vs -20% previously.The group indicated that a more resilient showing from off-trade sales (i.e. at-home consumption) in the US and western Europe and the cost-cutting measures put in place ...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/BAWAG, RBI, Erste, Swedish banks, Pernod Ricard and Veolia

Financials: Austrian banks: Covid-19 has driven risk costs higher, outlooks for 2H20 differ. No dividends from Swedish banks this year

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Pernod Ricard, Telia and Orange

Consumers - Pernod Ricard enters into partnership with Ojo de Tigre – RIFP1.125 4/25 preferred. TMT - Telia: 2020 free cash flow guidance reiterated; TELIAS4 3/22 and TELIAS3.875 10/25 favoured Orange exploring sale of 50% of Polish fibre network

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/ECB, Swedbank, Pernod Ricard, Unilever, AT&T, Wolters Kluwer

Strategy: Fallen angels benefit, more could follow

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Covid-19 measures, LVMH, Diageo, Pernod Ricard, DT, Telefónica, Veolia & Engie

Financials and Corporates: Covid-19 measures: Tempering but not changing the impact for credit

ING
Alyssa Gammoudy

Beverages/In the spirit of social distance

While life in Asia is slowly returning to normal, other parts of the world are still battling Covid-19. One measure taken to contain further spreading of the virus is the closing of ‘out-of-home' venues such as bars and restaurants in several regions. Travel Retail has also been hit significantly as travelling across borders is curbed. The Food & Beverage sector will definitely feel this and we believe spirits in particular will be impacted more than other beverages. We have analysed Diageo and Pernod Ricard, both having high exposure to spirits.

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2020

We are upgrading our rating on Publicis from Neutral to Buy with a target price of € 38 vs € 34 previously. The stock looks like an attractive vehicle to capitalise on an advertising catch-up over the end of the year. The valuation is still weak whilst structural risks are gradually subsiding under the effect of a more balanced relationship between advertisers and advertising agencies in the context of the pandemic. Our valuation factors in stability in the long term (+0.5% vs -0.5%) ...

Alexandre Iatrides

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2020

Nous relevons notre recommandation sur Publicis de Neutre à Achat, avec un nouvel objectif de cours de 38 € contre 34 € précédemment. Le titre est un véhicule attractif pour profiter d’un rattrapage publicitaire sur la fin d’année. La valorisation est toujours aussi faible, alors que les risques structurels se dissipent progressivement, sous l’effet d’une relation annonceurs/agences plus équilibrée dans le contexte de la crise actuelle. Notre valorisation intègre une stabilité à long ...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

...

PERNOD-RICARD is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of PERNOD-RICARD (FR), active in the Distillers & Vintners industry. As regards its fundamental valuation, the title confirms its rating of 4 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date August 7, 2020, the closing price was EUR 144.00 and its potential was estimated at EUR 16...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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 ...

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