It seems that Diageo’s solid FY21 wasn’t enough to keep the share price up (-2.5% at the opening), but this does not extinguish our confidence in the group. Admittedly, the guidance, which is only qualitative, may seem insufficient and, yes, Diageo is the first spirits group to express concerns about a future decline in the off-trade (ultimately not very surprising!), but we believe that the current positive momentum should continue to drive sales levels above those of 2019 in the months to come ....
