Selected Reads

Smartkarma

Equity Bottom-Up

<p><em>This is Zack Fuss. Today, we are breaking down Pernod Ricard, a business whose history dates back to 1797. Today, the business is the second-largest global producer of wine and spirits with a portfolio of 17 of the top 100 spirits brands, including Absolut Vodka, Beefeater Gin, Jameson Irish Whiskey, and Malibu rum. The portfolio produces north of EUR 12 billion in sales and generates an impressive 60% gross margin and high 20% operating margin. To break down Pernod Ricard, I am joined by Swetha</em>…</p>

Morningstar

Morningstar, Inc.

After three quarters of the fiscal year, narrow-moat Pernod Ricard is performing almost exactly in line with our expectations, with year-to-date organic growth of 6.3%. Third-quarter organic growth of just 2.5%, however, fell short of consensus expectations, although weakness in France and channel inventory corrections in the US were both known events. We are reiterating our full-year estimate of 6.2% organic sales growth because it is possible  fourth-quarter growth will normalize if commercial…

France

Pernod Ricard SA produces wines and spirits.  The Company produces wines, bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and white spirits and rums.  Pernod Ricard markets its products worldwide.

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