Pernod Ricard : H1 better than expected, guidance and medium-term targets revised up
>Guidance more in line with the consensus - The group’s new ambition in terms of the operating margin in the medium term is similar to that of its rivals (Diageo +175bp). But the margin target will be achieved mainly thanks to the costs savings generated, though the group emphasised its luxury/super premium profile at the earnings presentation. H2 is likely to be less buoyant, but full-year l-f-l sales growth of 6.5% (consensus) is realistic. Our estimates already fac...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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