Pernod Ricard : Reassuring medium-term targets ahead of the CMD
>Outperform rating reiterated - Outperform rating maintained with a target price of € 217 based on a target P/E 2023e of 25x and confirmed by a DCF. The announcement of the medium-term targets is broadly as expected but it confirms expectations - and even offers a little bit of upside - and should support the share which is trading at an unprecedented discount of close to 10% vs Diageo (probably due to the difference in exposure to China). Over 10 years, the two globa...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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