Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PERNOD RICARD SA. We currently have 7 research reports from 1 professional analysts.
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PERNOD RICARD SA
PERNOD RICARD SA
H1 above expectations on rebound in China, Russia and Travel Retail in Americas
09 Feb 17
H1 update: sales were up +4% organically (Q2: +4% vs. cons. 2.4%) 3% restated for the Chinese New Year and +2% on reported figures. Organic profit from recurring operations was up +4% (cons. +3.1%). Operating margin is up +60bp to 29.6%. Organic sales growth by region: Americas +7%, Asia/ROW +3%, Europe +3%. OG by category: Top 14 brands +6% (driven by volumes), Strategic Local brands +1% (impacted by demonetisation in India), Wines +2%. The FY guidance is maintained: organic growth in profit from recurring operations to be between 2% and 4%.
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.
Eyeing Up Opportunity
24 Mar 17
Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
21 Mar 17
Fever Tree’s (FEVR LN, HOLD, T/P 1250p) preliminary 2016 results this morning included in line EBITDA and diluted EPS. The company reported £35.8m of EBITDA – marginally ahead of our own £35.6m estimate and in front of £34.9m consensus forecast. Adjusted diluted EPS was 23.7p (+104%), consistent with our estimate (23.7p) but slightly below the 24.0p predicted by consensus (source: Bloomberg). Fever Tree holds an analyst presentation at 9.30am.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
N+1 Singer - Morning Song 28-03-2017
28 Mar 17
A G Barr (BAG LN) Share buybacks the main news around FY17 finals | Churchill China (CHH LN) An excellent set of 2016 results and more upgrades | Ergomed (ERGO LN) FY results show strong Services growth; Phase III Zoptrex® data ahead | Instem (INS LN) Investment to accelerate growth trajectory | Severfield (SFR LN) Strong H2 drives upgrades; CEO temporarily steps down due to ill health | Summit Therapeutics (SUMM LN) Strengthening the data package: planned extension of PhaseOut DMD | T. Clarke (CTO LN) Strong conclusion to FY16, record order book