Pernod Ricard: Credit Suisse still on hold
(CercleFinance.com) - Credit Suisse expects a dynamic start to FY 2022, with the analyst saying, "We expect Q1 organic sales of +17.
4%. Pernod will benefit from the reopening of key markets in the US and Europe".
"We assume US sales growth +12%. In Europe (CSe +11.2% Q1 organic sales), we expect Q1 sales 9% ahead of pre-pandemic levels.
"We nudge up our FY22E organic sales/EBIT +10.1/10.7% (from +9.5/9.7% previously), as we are more positive on the strength of the Europe recovery. Our FY22-24E EPS goes up by 1%," Credit Suisse adds.
All said, the broker maintains its neutral rating on the stock, in addition to its target price of 192 euros (current price: 189 euros, -2%).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
4%. Pernod will benefit from the reopening of key markets in the US and Europe".
"We assume US sales growth +12%. In Europe (CSe +11.2% Q1 organic sales), we expect Q1 sales 9% ahead of pre-pandemic levels.
"We nudge up our FY22E organic sales/EBIT +10.1/10.7% (from +9.5/9.7% previously), as we are more positive on the strength of the Europe recovery. Our FY22-24E EPS goes up by 1%," Credit Suisse adds.
All said, the broker maintains its neutral rating on the stock, in addition to its target price of 192 euros (current price: 189 euros, -2%).
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.