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Pernod Ricard

Pernod Ricard is the world's second largest spirits company with number 1 market positions in China, India and Japan as well as in France, Germany and Spain. The group was created by the merger of Pernod and Ricard in 1975 and has continued to grow with several acquisitions, more notably Seagram (2001), Allied Domecq (2005) and Vin&Spirit (2008). Pernod owns a large portfolio of wine and spirits brands with a high concentration in the premium price category (68% of FY2018 sales). The collection includes Absolut (vodka), Chivas Regal (Scotch whisky), Ballantine's (Scotch whisky), Ricard (anise), Havana Club (rum), Malibu (rum), Jameson (irish whiskey) and Jacob's Creek (wine). The Ricard family is Pernod's largest shareholder with a 20.11% voting share (30 Jun 2018) so has significant influence but doesn't control the company. (02 Oct 2018)

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Pernod Ricard: Consensual Agitation

Worth Watching: 13 Dec 2018, 5:15 AM ET - Pernod Ricard (RIFP: Baa2/BBB/BBB), where we very recently confirmed our Market perform opinion relative to its IG European food & beverage/HPC peers in relation to 2019 positioning, responded to Elliott's public criticism yesterday morning in ..
Focused

Pernod Ricard: Not So Untouchable

Worth Watching: 12 Dec 2018, 6:52 AM ET - Pernod Ricard (Baa2/BBB/BBB), where we very recently affirmed our Market perform opinion relative to its European IG food & beverage peers ahead of positioning for 2019 (please see: IG European Consumer 2019: Known Unknowns), now has activist E ..

IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

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.

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.
Focused

Pernod Ricard: F1Q19 Sales – Strong Stuff

Worth Watching: 18 Oct 2018, 6:05 AM ET - Pernod Ricard (RIFP: Baa2/BBB/BBB), where we have an overall Market perform opinion relative to its IG European food & beverage peers in euro denominated paper and Outperform in respect of their dollar issuance, announced strong sales numbers f ..

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

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

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. 
Focused

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

Pernod Ricard: 9M18 – VIP Status Expiring?

Worth Watching: 19 Apr 2018, 8:34 AM ET - Pernod Ricard (RIFP: Baa2/BBB/BBB), where we have a Market perform recommendation compared with its European food & drinks IG peers, announced sales for the nine months ended 31 Mar 2018 (F9M18) and a change in dividend policy. We see today's ..
Focused

Pernod Ricard F1H18: Spirited

Earnings Note: 08 Feb 2018, 1:48 PM ET - Pernod's F1H18 results showed accelerated deleveraging but promoting the current head of strategy/M&A to become the new CFO doesn’t necessarily imply large consolidating moves are on the agenda.    

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.

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. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

IG European Consumer 2018: M&A Orbits

Sector Outlook: 07 Dec 2017, 9:37 PM ET - We have updated our frameworks for assessing relative value in our high grade and crossover European food & beverage and retail names for 2018, the 50th anniversary of the Apollo 8 space mission, and have made five changes to our opinions.

Diageo: New Euro Bonds

IG Note: 13 Nov 2017, 6:06 AM ET - Diageo is in the market with a two-tranche euro issuance; the first capital market raising since September 2014 but, nevertheless, long expected.

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