Pernod Ricard : FY 2023-24 results in line; outlook lowered for Q1 2024-25
>Neutral rating maintained with an unchanged target price of € 145 - We maintain our Neutral rating on Pernod Ricard and our target price of € 145. We understand that the valuation might be seen as an attractive entry point at 15x P/E NTM for a quality group such as Pernod Ricard. However, uncertainties over the trajectory and the timing of the resumption of growth in FY 2024-25e in the US (20% of the group’s revenues) and in China (10%) prompt us to remain cautious. ...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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