PERNOD RICARD: Soft Q4 expected, despite an acceleration vs Q3 | NEUTRAL | EUR169(+4%)
PERNOD RICARD - NEUTRAL | EUR169(+4%)Soft Q4 expected, despite an acceleration vs Q3
Q4 sales to be impacted by the US, France and South Korea
Slightly revising downwards our full-year forecasts
Moderate decrease in net debt
2019/20 guidance to be provided at the release of FY results
Neutral recommendation 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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