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Pernod Ricard SA RI

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Pernod Reports Strong Start to Fiscal Year 2022 and Likely To Offset Inflationary Pressures

Analyst Note

| Philip Gorham, CFA, FRM |

Pernod Ricard continued its momentum from the second half of the last fiscal year into the first quarter of fiscal 2022, with strong revenue growth that puts the company on track to meet our full year expectations. We are reiterating our wide moat rating and EUR 160 fair value estimate. We think a lot of the ongoing strong performance is priced into the stock, but we acknowledge that while consumers have cash in their pocket, volume growth and favourable mix could continue to drive this impressive revenue growth for several quarters to come. Although no margin data was released this quarter, we believe Pernod's 60% gross margins and strong price/mix make it one of the companies that should best be able to offset the current inflationary pressures.

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Company Profile

Business Description

Pernod Ricard is the world's second-largest spirits maker by volume, behind Diageo. The firm's key markets are Europe, the United States, and Asia. Pernod's key spirits brands include Absolut vodka, Beefeater gin, Chivas Regal and The Glenlivet scotch whisky, Jameson Irish whiskey, Malibu rum, and Martell cognac. The firm's strategic wine portfolio, which represented around 5% of fiscal 2021 revenue among the group's focus brands, includes Jacob's Creek, Brancott Estate, Campo Viejo, Mumm, and Perrier-Jouet.

5, Cours Paul Ricard
Paris, 75008, France
T +33 170931600
Sector Consumer Defensive
Industry Beverages - Wineries & Distilleries
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 18,306