Pernod Ricard : At last some operating leverage perhaps?
>Not enough re-rating potential - The group’s weaknesses, as pointed up by Eliott, are well known, and the advent of the activist fund comes after a catch-up phase by the stock. While a stronger focus on operating leverage is legitimate, it is unlikely to see significant upside on the share at this level. At the same time, a development in the shareholder structure looks a realistic scenario. At this stage we are maintaining our Neutral recommendation.Qui...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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