PERNOD RICARD: Excellent fundamentals | NEUTRAL | EUR173 vs. EUR169
PERNOD RICARD - NEUTRAL | EUR173 vs. EUR169 (+1%)Excellent fundamentals
Organic sales growth to decelerate to 4.8% in 2019/20
But a strong EBIT margin delivery to be expected
And a clear step-up in shareholder returns
Neutral maintained on valuation grounds
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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