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
Emmanuel Matot ...
  • Fatma Ayachi
  • Jean-François Granjon
  • Samantha Jeary
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2020

Mauna Kea is a medtech focused on in vivo microscopic imaging. The group aims to revolutionise diagnosis via its Cellvizio® system. Indeed, Cellvizio® presents a unique value proposition by facilitating the real-time observation of tissues at a microscopic scale and helping physicians to accurately target biopsies. The current share price, which reflects the temporary negative impact of COVID-19 on the company's business, presents an attractive entry point to play the extension of the...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/02/2020

...

Fatma Ayachi ...
  • Jean-François Granjon
  • Martial Descoutures
  • Samantha Jeary
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2020

...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/06/2020

Les assureurs ont enregistré les premiers effets de la crise au T1, mais on note une bonne résistance de la rentabilité opérationnelle, alors que les marges de solvabilité, bien qu’en baisse, restent solides. Les effets de la crise impacteront les résultats du T2, mais relativement peu les perspectives de résultat 2021/2022. Le secteur se traite actuellement à des multiples de valorisation attractifs au regard de ses fondamentaux. - ...

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.

Samantha Jeary

ODDO : Good news from the US. Diageo is still our Top Pick and we have upgraded Campari to Neutral (vs Reduce)

>Very robust off-trade sales in the US - A recent report from Euromonitor confirmed that off-trade sales (retail, convenience, e-commerce) in the US have been particularly brisk since the lockdown started. They were boosted in the first instance by stocking, but the positive trend continued in subsequent weeks. Growth seems to have particularly favoured “known and trusted” brands. This momentum in the off-trade segment is, however, not expected to offset the loss...

Samantha Jeary

ODDO : De bonnes nouvelles venues des USA. Diageo reste notre Top Pick et nous relevons Campari à Neutre (vs Alléger)

>Des ventes off-trade très dynamiques aux USA - Une étude récente d’Euromonitor confirme que les ventes off-trade (grande distribution, proximité, e-commerce) aux USA sont particulièrement dynamiques depuis le début du confinement. Si elles ont été boostées, au départ, par un phénomène de stockage, la tendance haussière s’est confirmée sur les semaines suivantes. Cette croissance semble pour l’instant particulièrement favorable aux marques bien établies (« known and t...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : Two months later, FY 2020 guidance still intact

>The guidance provided by the group on 24 March is still valid - On 24 March (before the market open), Pernod Ricard lowered its guidance and indicated that it was forecasting an underlying operating profit down on an organic basis by 20% over FY 2020. We understand that this guidance is still intact. It assumed 1/ in China: limited business in February/March and a slow recovery between April and June, 2/ in travel retail: 80% contraction between February and June and...

Fatma Agnès Hamdani ...
  • Samantha Jeary

Pernod Ricard : 2 mois plus tard, la guidance FY20 est toujours d’actualité

>La guidance donnée par le groupe le 24 mars est toujours valide - Le 24 mars dernier (avant bourse), Pernod Ricard a révisé à la baisse sa guidance et indiqué s’attendre à un résultat opérationnel courant en baisse organique de 20% sur FY20. Nous comprenons que cette guidance est toujours d’actualité. Elle se basait sur 1/ Chine : activité limitée en février/mars et reprise lente entre avril et juin, 2/ Travel Retail : 80% de baisse entre février et juin et 3/ autres...

Samantha Jeary

ODDO : In the spirits sector, it’s COVID-19 that’s raising its glass!

In a crisis that is set to affect the earnings and cash of spirits groups, we choose to focus on the resilience of sector leaders. We have upgraded to Buy on Diageo, which could be the best placed to offset the EBIT and cash impacts of the current crisis. We maintain our Buy rating on Pernod Ricard. We are still cautious on Rémy Cointreau but also on Campari, which could suffer from its significant on-trade exposure. - >Leading players’ relative valuation does not reflect ...

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.

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

Coffee, Croissants & Credit/UK banks, HSBC, RBS, Nordic banks, Pernod Ricard & LVMH

Financials: UK banks scrap dividends and share repurchases this year. HSBC's performance remained resilient in 1Q20, but expected loan losses to increase. RBS cancels its dividends confirming the decision to have no impact on AT1 coupon payments

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

Coffee, Croissants & Credit/Covid-19, LeasePlan, Pernod Ricard & Tesco

Covid-19 turmoil calms and primary market roars again

Emmanuel Matot ...
  • Fatma Ayachi
  • Jean-François Granjon
  • Samantha Jeary
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2020

Mauna Kea is a medtech focused on in vivo microscopic imaging. The group aims to revolutionise diagnosis via its Cellvizio® system. Indeed, Cellvizio® presents a unique value proposition by facilitating the real-time observation of tissues at a microscopic scale and helping physicians to accurately target biopsies. The current share price, which reflects the temporary negative impact of COVID-19 on the company's business, presents an attractive entry point to play the extension of the...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/02/2020

...

Fatma Ayachi ...
  • Jean-François Granjon
  • Martial Descoutures
  • Samantha Jeary
  • Sebastien Malafosse
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/06/2020

...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/06/2020

Les assureurs ont enregistré les premiers effets de la crise au T1, mais on note une bonne résistance de la rentabilité opérationnelle, alors que les marges de solvabilité, bien qu’en baisse, restent solides. Les effets de la crise impacteront les résultats du T2, mais relativement peu les perspectives de résultat 2021/2022. Le secteur se traite actuellement à des multiples de valorisation attractifs au regard de ses fondamentaux. - ...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

PERNOD-RICARD reduced its risk exposure resulting in an upgrade to Slightly Positive

PERNOD-RICARD (FR), a company active in the Distillers & Vintners industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date May 1, 2020, the closing price was EUR 139.10 and its potential was estimated at EUR 158.56.

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 week...

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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