Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PERNOD RICARD SA. We currently have 6 research reports from 1 professional analysts.
|10Nov16 07:41||PRN||Absolut® Infuses New Social Electricity Into Holiday Season; Celebrates Return Of Limited Edition Absolut Electrik Bottle|
|03Oct16 07:49||PRN||Redbreast® Partners with Bodegas Lustau to Produce the First Expression with a Sherry Finish: Redbreast Lustau Edition™|
|30Sep16 02:00||PRN||Honoring the Past & Celebrating the Present, The Glenlivet® Launches Its Vintage 1966 50 Year Old Single Malt|
|16Sep16 02:00||PRN||Martell® Redefines the Standards With the Unveiling of Martell Blue Swift™|
|08Sep16 03:30||PRN||Jameson® Irish Whiskey Partners with Seven American Breweries in a Celebration of Craft & Collaboration, to Form Jameson Caskmates® Drinking Buddies®|
|09Aug16 05:30||PRN||New Jameson® Irish Whiskey Shines Light On Head Cooper, Celebrating His Passion For The Craftsmanship Of Coopering|
|30Jun16 02:03||PRN||Absolut® Labs Collaborates with World Renowned Electronic Musician deadmau5 To Invite Fans into First-Of-Its-Kind Virtual Reality Nightlife Gaming Experience|
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PERNOD RICARD SA
PERNOD RICARD SA
Q1: Good quarter driven by the Americas and an improved China
20 Oct 16
Pernod’s Q1 update: sales grew organically +4% (cons. +2.7%). OG by division: Europe +6% (cons. +2%, +2% restated for technical impact), the Americas +8% (cons. +2.8%), Asia/ROW +0% (cons. +2.5%). On reported figures, sales were up +1% (FX: -3%). OG by category: International brands +3% (vs. 2% last year), Strategic Local brands +5% (in line with last year), Wines -1%. The company highlighted the good performance in the US and India, early signs of improvement in China, and a difficult Africa & Middle East (due to macro and geopolitical situations) and Travel retail in Asia & Europe. The company maintained its FY guidance: 2-4% organic growth in profit from recurring operations.
FY matches consensus; sees better FY16/17 on the back of efficiency initiatives
01 Sep 16
FY update. Sales grew organically +2% (cons. +2.1%, -1% in Q4 on the back of technical adjustments in France and shipment phasing in the US) and +1% on a reported figures. Organic sales growth by region: Americas +4%, Asia/ROW +1%, Europe +1%. OG by category: Top 14 brands +0% (+1% restated for France), Wines +5%, 18 Key Local brands +6% (driven by Indian whiskies) and Others +3%. Profit from recurring operations was up +2% whereas operating margin was flattish (+7bp). The group highlights good growth momentum in the US, double-digit growth in India and the Middle East but difficulties in China (-9%), Korea and Travel retail. The proposed dividend is €1.88 (+4% yoy). For FY17, the company expects organic growth in profit from recurring operations to be between 2% and 4%.
Disappointing Q3 due to a sluggish China
21 Apr 16
PR released its Q3 trading statement. The OG stood at 1% (cons. +1.2%). On a reported basis sales were down 3% (FX: -4%). OG by division: Europe +2% (cons. +1.9%), the Americas +11% (cons. +1.8%), Asia/ROW -5% (cons. +1%). On a ytd basis, the group’s OG in sales stood at 3% and +4% on a reported basis. The group maintains its FY outlook: 1-3% OG in profit from recurring operations.
H1 confirms the trends seen in Q1
11 Feb 16
Pernod Ricard's H1 results: sales grew organically +3% (cons +2.9%). Pricing was up 1%, but the mix was negative. On reported figures, sales were up +7% (FX: +5%). The organic profit from recurring operations stood at 3% (cons +2.3%) and at +2% when adjusted for the earlier Chinese New Year. On reported figures, the operating margin was down by 40bp (to 29.0%) on more intensive A&P spending (+6% for the period). Organic sales growth by region: Americas +4%, Asia/ROW +5%, Europe +1%. OG by category: Top 14 brands +2% (flat volumes, driven by value, +1% pricing), Wines +6%, 18 Key Local brands +6% (driven by strong growth in Indian whiskies) and Others +3%. In Q2, sales grew organically +4% (vs. +3% in Q1) and +6% on reported figures. The net profit from recurring operations was up +9% in H1, and +12% on reported figures. The group confirmed its FY guidance: 1-3% OG in profit from recurring operations.
Q1 update: strong Europe and the US, but China disappoints
22 Oct 15
Pernod Ricard released its Q1 trading statement. The OG stood at +3% (cons. at 1.1%). OG by division: Europe +3% (cons. +0.8%), the Americas +6% (cons +1.5%), Asia/ROW +1% (cons. 2%). OG by category: Top 14 brands +2%, Wines +8% (driven by Australia and UK), 18 Key Local brands +5% (in line with FY trends) and Others +4%. The FX impact was +7%. For the whole period, total sales were up by 9% (€2,223m). For FY 2015/16, the group guides for 1-3% OG in profit from recurring operations.
FY underlying performance in line with 9M trends; Absolut impairment weighs on group net profit
27 Aug 15
Pernod Ricard reported its FY results. The OG net sales stood at 2% (in line with AV estimates, weaker than consensus at 2.6%, +3% in Q4) with ROW +4%, Americas +2% and a flat Europe (+5%, +2%, +1% respectively in Q4). On reported figures, sales rose by 7.7% (+5.7% favourable FX impact). Top 14 brands' OG net sales increased by 2% driven by volumes (in line with 9M). The operating profit from recurring operations progressed by 8.9% whereas the operating margin expanded by 30bp (mainly due to favourable FX). The group's net profit was cut by 15% due to an impairment charge on Absolut of €652m (net profit was up +25% excluding the impairment charge). The company proposed a dividend of €1.80 (10% up yoy).
Using their loaf
30 Nov 16
Finsbury Foods has been transformed by a series of acquisitions that has contributed to revenue and earnings nearly doubling over the last three years. Record levels of capital investment continue to improve the Group’s competitive position, whilst exposure to growth segments of the food market is helping likefor-likes. Profit growth is expected to slow in the current year in the absence of acquisitions but underlying trading remains resilient despite some cost headwinds, whilst debt reduction is accelerating. The rating is undemanding and the recent share price weakness has created a buying opportunity.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
04 Nov 16
Breaking with convention, this Quarter we take the temperature of the expanding non-listed casual dining and bar operator sector. Looking at the top 50 operators, it appears that the £80bn market for eating and drinking out in the UK is alive and well. The AlixPartners Growth Company Index (October 2016) shows that 2-year profit CAGR has improved over the last few years, and recent surveys from Greene King, Coffer Peach and Deloitte highlight elevated spend on out-of-home occasions.
25 Nov 16
Sound Energy (SOU): Completion of fundraise (BUY) Following yesterday’s announcement relating to the fundraise on the Primarybid platform the company has successfully completed the transaction. Analyst: Dougie Youngson Ithaca Energy (IAE): Inspection delay (BUY) During the final stages of commissioning faults were identified in some junction boxes. Consequently start up of production has been delayed until early January whilst the situation is remedied. Analyst: Dougie Youngson Zambeef* (ZAM): Good performance in a challenging year (CORP) Zambeef has reported FY2016 results which we feel are commendable given an extremely difficult twelve months which saw the collapse of the Kwacha, high local inflation, drought, power cuts and the requirement for a large-scale refinancing of the business. In this context double-digit underlying progress in revenue and gross profit is a significant achievement. FY2017 should be a far more 'normal' year and we are not materially changing our FY2017 forecasts or target price. Analyst: Raymond Greaves Gresham House Strategic* (GHS): Attractively priced (CORP) On a 26% discount to NAV of 1,025p yet targeting a 15% annualised return and having made a clear statement on dividend distribution (distributing 50% of net realised profit as a dividend, with 15p indicated from net realised profit YTD for a 2% yield), GHS shares present an attractive investment opportunity. The management objective remains the construction of a concentrated portfolio of mainly quoted smaller companies acquired on compelling multiples, with a three- to five-year holding period and significant engagement envisaged to maximise returns. Analyst: Duncan Hall