Pernod Completes a Strong Fiscal Year, but Commodity Pressures Looming
Pernod Ricard missed our revenue and EBIT forecasts for fiscal 2018 by a whisker, but the company is performing well and this was another solid set of results. We plan to tweak our near-term assumptions when we update our model once the company releases its annual report, but we will not be making material changes to our EUR 117 fair value estimate. We admire Pernod's narrow economic moat and the company's strong recent execution, but we still believe that its growth opportunity is priced in, an...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.
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