Bryan Garnier - Pernod Ricard (UG) PERNOD RICARD: Key markets to remain difficult in Q4 | NEUTRAL | EUR169 vs. EUR167

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Bryan Garnier

Virginie Roumage

PERNOD RICARD: Key markets to remain difficult in Q4 | NEUTRAL | EUR169 vs. EUR167

PERNOD RICARD - NEUTRAL | EUR169 vs. EUR167 (+9%)
Key markets to remain difficult in Q4

Americas: to remain impacted by destocking in the US in Q4
Asia-R0W: another soft quarter expected in China and Korea
Europe: France to suffer from the Egalim law next quarter
Slight upgrade in our FV due to FX

23/04/2019 3 EN

Underlying

Pernod Ricard

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Provider

Bryan Garnier

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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Analysts

Virginie Roumage

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PERNOD RICARD: Key markets to remain difficult in Q4 | NEUTRAL | EUR169 vs. EUR167

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