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|
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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).
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
FY16 pre-close +ve surprise: Raising FY16, 17, 18 PBT c.1%, 4% and 6%
12 Jan 17
Today’s slightly better-than-expected FY16 pre-close trading statement prompts us to raise our FY16 PBT estimate by c.1%, reflecting the combination of (1) growth in several of HFG’s key markets, (2) strong overall operating performance, and (3) favourable fx translational benefits (recalling that 62% of FY15 sales were ex-UK). To reflect the positive profit contribution impact of the Portuguese j/v agreement signed on January 4th, the j/v income line is boosted by €1.5m (c.£1.3m) and €2.5m (c.£2.2m) in FY17 and FY18 respectively, representing upgrades of c.4% and c.6%. Once operating at full capacity utilisation, the j/v could well add €3m (c.£2.6m) in FY19. To reflect (1) our increased FY16-FY18 forecasts, (2) current peer EV/EBITDA valuation multiples, and (3) our view that HFG now deserves to trade at a premium to the peer group in view of its impressively strong financial track record (i.e. FY06-FY16 since IPO) for organic and investment-led profitable growth, combined with an array of emerging, highly promising initiatives (see our note “Start of a new chapter of growth” published on October 4th) to expand the scale and scope of HFG’s core business, we raise our TP to 805p (previously 755p). Maintain BUY.
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
Proud as a Peacock
21 Dec 16
Greencore’s (GNC LN, BUY, 310p) Chief Financial Officer Eoin Tonge presented to Whitman Howard’s equity salesforce yesterday, 20th December 2016. Key messages included a positive outlook for UK Food to Go, sustained momentum within the incumbent US business – notable accounts include 7-Eleven and Starbucks – and positive expectations for the newly acquired Peacock Foods. The company appears well placed to perform positively in FY2017
Strengthening the mix – 2016 trading update
11 Jan 17
Stock Spirits (STCK LN, BUY, T/P 240p) released a full year 2016 trading statement this morning. The company announced overall trading in the second half of 2016, and implicitly the full year, was in line with expectations. Whitman Howard’s own 2016 forecasts are for €264m revenue €50m EBITDA. The company is due to release preliminary results on 8 th March 2017.
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*.