Oddo BHF - Pernod Ricard SA (RI) Pernod Ricard : CA T1 24/25 inférieur aux attentes : une entrée en matière peu engageante

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Oddo BHF

Arnaud Autier ...

Pierre Tegner

Pernod Ricard : CA T1 24/25 inférieur aux attentes : une entrée en matière peu engageante

>Opinion Neutre maintenue et OC inchangé à 140 € - Nous maintenons notre opinion Neutre sur le titre Pernod Ricard et notre OC à 140 €. Pour jouer la repriser du marché des spiritueux, il est peu probable que les investisseurs ne privilégient pas Pernod Ricard, moins exposé aux marchés clefs (US et Chine) que ses pairs du secteur. Toutefois, dans le contexte actuel, les marchés adjacents qui lui permettent généralement de compenser ne jouent pas leur rôle de chambre d...

17/10/2024 1 FR

Underlying

Pernod Ricard SA

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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FR0000120693 Euronext Paris France

Provider

Oddo BHF

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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Analysts

Arnaud Autier

Pierre Tegner

Other Reports on these Companies

Oddo BHF

Pernod Ricard : Q1 24-25 revenues lower than expected: a fairly inauspicious start

>Neutral rating and € 140 target price unchanged - We maintain our Neutral rating on Pernod Ricard and our € 140 target price. To play the upturn in the spirits market, investors are unlikely to focus on Pernod Ricard, which is less exposed to key markets (US and China) than its peers in the sector. Moreover, in the current context, adjacent markets, which generally help offset tougher conditions elsewhere, are not playing this role, as evidenced by their performance ...

2h / 9m 2h / 9m 1 EN

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024

We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...

3h / 11m 3h / 11m 1 EN

ABB Ltd. : Good Q3, with a record margin, 2024 guidance fine-tuned (downgraded for revenues, upgraded for margins)

>Q3 2024: orders +2%, operational EBIT 2% ahead of expectations - ABB this morning posted orders close to expectations, at $ 8.193bn, +2% in comparable terms (css at +1%), with demand in China still under pressure (-2%) and, in contrast, a continuing recovery in short-cycle businesses (‘high-single digit’ growth). Q3 revenues came in at $ 8.151bn, +2% in comparable terms vs 5% expected by the consensus and the operational EBITA margin came to 19% ($ 1.553bn) vs 18.3% ...

1h / 21m 1h / 21m 1 EN

Delphine Brault ... (+2)

Delphine Brault
Quentin Borie

ABB Ltd. : Un bon T3, avec une marge record, la guidance 2024 est affinée (abaissée pour le CA, relevée pour la marge)

>T3 2024 : commandes +2%, EBIT opérationnel 2% au-dessus des attentes - ABB a publié ce matin des commandes proches des attentes, à 8 193 M$, +2% en comparable (css à +1%), avec une demande en Chine toujours déprimée (-2%) et, en revanche, une poursuite de la reprise des activités à cycle court (croissance ‘high-single digit’). Le chiffre d’affaires T3 s’établit à 8 151 M$, +2% en comparable vs 5% attendus par le consensus et la marge « operational EBITA » atteint 19...

1h / 27m 1h / 27m 1 FR

Thomas Zlowodzki

Thomas Zlowodzki

Budget France : impact potentiel sur les BPA de 88 valeurs de la contribution exceptionnelle d’IS sur les grandes entreprises

Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-...

1h / 27m 1h / 27m 1 FR

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Pernod Ricard : CA T1 24/25 inférieur aux attentes : une entrée en matière peu engageante

Pernod Ricard : Q1 24-25 revenues lower than expected: a fairly inauspicious start

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024

ABB Ltd. : Good Q3, with a record margin, 2024 guidance fine-tuned (downgraded for revenues, upgraded for margins)

ABB Ltd. : Un bon T3, avec une marge record, la guidance 2024 est affinée (abaissée pour le CA, relevée pour la marge)

Budget France : impact potentiel sur les BPA de 88 valeurs de la contribution exceptionnelle d’IS sur les grandes entreprises

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