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Diageo

Diageo is a premium alcoholic drinks provider, with a portfolio of spirits, beer and wine brands. Johnnie Walker, Bell's (Scotch whisky), Gordon's, Tanqueray (gin), Pimm's (spirit), Don Julio, Casamigos (tequila), Smirnoff (vodka), and Guinness (beer) are amongst its brands. The company's North American segment contributed just over a third of total net sales generated in FY2018. The Europe & Turkey was the second largest regional market by sales (24%), followed by Asia Pacific (20%) and then Africa (12%). The group holds a 34% shareholding in Moet Hennessy, the champagne and cognac producer which is two thirds owned by LVMH Moet Hennessy, the world's largest fashion and luxury brands house (24 Aug 2018)

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IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Diageo: Pre-Brexit Dividend

Worth Watching: 12 Nov 2018, 5:41 AM ET - Diageo (A3/A-/A-), where we hold an Underperform opinion relative to our European food & beverage names, announced this morning (12 Nov 2018) that it has agreed to sell a portfolio of 19 of its cheaper spirits brands for $550 mn to a US family ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
Focused

Diageo: New Euro Bonds

IG Note: 15 Oct 2018, 5:45 AM ET - Diageo is in the euro market this morning with new 3-year, long 6-year and 9-year bonds. 

Pernod Ricard Summary FY2018: More M&A Flexibility

Earnings Note: 29 Aug 2018, 9:32 AM ET - Pernod Ricard reported improved results and further deleveraging. The CEO seems content to pursue bolt-on activity for the time being but recognizes that the company now has the flexibility to do sizeable deals.   
Focused

Diageo: FY2018 – Second Round for Shareholders

Worth Watching: 26 Jul 2018, 11:17 AM ET - Diageo : the company's results were moderately negative for the bonds on a very busy earnings day, the last Thursday in July (26 Jul). The company announced a £2 bn share buyback after £1.5 bn last year, polishing its shareholder-friendly cred ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Diageo: Possible Chinese Investment?

Worth Watching: 25 Jun 2018, 2:06 PM ET - Diageo (DGELN: A3/A-/A-), where we hold an Underperform opinion relative to our IG European food & beverage names, has approached the board of its 39.7% owned associate Sichuan Shuijingfang Company Limited (SJF), a Chinese baijiu producer, prop ..

Euro IG Strategy: Picks and Pans (May 2018)

Strategy Analysis: 21 May 2018, 10:34 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 
Focused

Diageo: New Dollar Bonds

Worth Watching: 15 May 2018, 1:12 PM ET - Diageo (DGELN: A3/A-/A-) is in the market with new dollar bonds, bringing 2-year, 5-year and 10-year fixed coupon bonds, plus a two-year FRN. Use of proceeds are for general corporate purposes. The company had a $650 mn bond which matured on 29 ..
Focused

Brown-Forman: F9M18 – Nice Strong Kick

Worth Watching: 07 Mar 2018, 12:52 PM ET - Brown-Forman (BFB: A1/A-/A), the maker of Jack Daniel's American whiskey, where we hold a Market perform opinion, announced positive results for the nine months ended 31 Jan 2018. Net sales and operating income increased moderately, while LTM c ..

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 
Focused

Diageo F1H18: Not Strong Enough

Earnings Note: 25 Jan 2018, 11:01 AM ET - Diageo's F1H18 results don't look strong enough to dampen down heightened event risk from any third party intervention.

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

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