Financials Pernod Ricard London S.E.

Equities

0HAT

FR0000120693

Distillers & Wineries

Market Closed - London S.E. Other stock markets 11:30:00 2024-05-17 EDT			5-day change	1st Jan Change
148.2 ^EUR	-1.30%		-1.14%	-7.34%

05-16	Global markets live: Cisco, EasyJet, Roche, Netflix, Amazon...
05-16	Pernod Ricard: GHG emissions reduction targets	CF

Valuation

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,805	36,807	48,827	45,501	51,841	37,531	-	-
Enterprise Value (EV) ¹	49,425	45,231	56,279	54,158	62,114	48,092	47,941	47,848
P/E ratio	29.6 x	112 x	37.5 x	22.8 x	23 x	18.1 x	17.4 x	16.2 x
Yield	1.93%	1.9%	1.67%	2.35%	2.32%	2.94%	3.02%	3.19%
Capitalization / Revenue	4.66 x	4.36 x	5.53 x	4.25 x	4.27 x	3.23 x	3.1 x	2.95 x
EV / Revenue	5.38 x	5.35 x	6.38 x	5.06 x	5.12 x	4.13 x	3.96 x	3.76 x
EV / EBITDA	17.6 x	17.3 x	20.2 x	15.9 x	16.5 x	13.5 x	12.8 x	12 x
EV / FCF	36.2 x	54.5 x	34.6 x	29.9 x	43.4 x	34.5 x	30.2 x	27.9 x
FCF Yield	2.76%	1.84%	2.89%	3.35%	2.3%	2.9%	3.31%	3.58%
Price to Book	2.69 x	2.66 x	3.31 x	2.84 x	3.29 x	2.33 x	2.21 x	2.1 x
Nbr of stocks (in thousands)	264,148	262,811	260,829	259,563	256,132	252,312	-	-
Reference price ²	162.0	140.0	187.2	175.3	202.4	148.8	148.8	148.8
Announcement Date	19-08-29	20-09-02	21-09-01	22-09-01	23-08-31	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,182	8,448	8,824	10,701	12,137	11,636	12,101	12,712
EBITDA ¹	2,807	2,610	2,790	3,405	3,765	3,564	3,751	4,002
EBIT ¹	2,581	2,260	2,423	3,024	3,348	3,116	3,289	3,510
Operating Margin	28.11%	26.75%	27.46%	28.26%	27.59%	26.78%	27.18%	27.61%
Earnings before Tax (EBT) ¹	3,098	608	1,986	2,704	2,933	2,820	2,947	3,146
Net income ¹	1,455	329	1,305	1,996	2,262	2,116	2,170	2,362
Net margin	15.85%	3.89%	14.79%	18.65%	18.64%	18.19%	17.93%	18.58%
EPS ²	5.482	1.246	4.990	7.685	8.806	8.206	8.540	9.207
Free Cash Flow ¹	1,366	830	1,628	1,813	1,431	1,394	1,589	1,713
FCF margin	14.88%	9.82%	18.45%	16.94%	11.79%	11.98%	13.13%	13.47%
FCF Conversion (EBITDA)	48.66%	31.8%	58.35%	53.25%	38.01%	39.12%	42.37%	42.8%
FCF Conversion (Net income)	93.88%	252.28%	124.75%	90.83%	63.26%	65.89%	73.23%	72.53%
Dividend per Share ²	3.120	2.660	3.120	4.120	4.700	4.371	4.494	4.746
Announcement Date	19-08-29	20-09-02	21-09-01	22-09-01	23-08-31	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	5,474	2,974	4,985	3,839	2,718	3,242	5,959	2,447	2,295	4,742	3,308	3,808	7,116	2,630	5,021	3,042	3,548	6,590	2,347	2,722	5,035	6,938	5,290
EBITDA	-	-	-	-	-	-	2,187	-	-	-	-	-	-	-	-	-	-	2,361	-	-	-	-	-
EBIT	1,788	472	1,595	828	-	-	1,998	-	-	1,026	-	-	2,423	-	925	-	-	2,144	-	-	972.3	-	-
Operating Margin	32.66%	15.87%	32%	21.57%	-	-	33.53%	-	-	21.64%	-	-	34.05%	-	18.42%	-	-	32.53%	-	-	19.31%	-	-
Earnings before Tax (EBT)	1,471	-	1,280	706	-	-	1,862	-	-	843	-	-	2,370	-	563	-	-	2,074	-	-	769	1,760	1,352
Net income	1,032	-	966	339	-	-	1,390	-	-	606	-	-	1,792	-	470	-	-	1,569	-	-	565	1,295	995
Net margin	18.85%	-	19.38%	8.83%	-	-	23.33%	-	-	12.78%	-	-	25.18%	-	9.36%	-	-	23.81%	-	-	11.22%	18.67%	18.81%
EPS	3.894	-	3.694	1.296	-	-	5.326	-	-	2.359	-	-	6.963	-	1.843	-	-	6.192	-	-	2.250	-	-
Dividend per Share	1.180	2.660	1.330	3.120	-	-	1.330	-	-	2.560	-	-	1.560	-	2.640	-	-	2.640	-	-	2.073	2.550	2.170
Announcement Date	20-02-13	20-09-02	21-02-11	21-09-01	21-10-21	22-02-09	22-02-09	22-04-28	22-09-01	22-09-01	22-10-20	23-02-16	23-02-16	23-08-31	23-08-31	23-10-19	24-02-15	24-02-15	24-04-25	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,620	8,424	7,452	8,657	10,273	10,560	10,409	10,316
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.358 x	3.228 x	2.671 x	2.542 x	2.729 x	2.963 x	2.775 x	2.578 x
Free Cash Flow ¹	1,366	830	1,628	1,813	1,431	1,394	1,589	1,713
ROE (net income / shareholders' equity)	9.45%	9.61%	11.2%	13%	14.8%	12.7%	12.9%	13.2%
ROA (Net income/ Total Assets)	4.8%	4.6%	5.06%	5.86%	6.35%	5.48%	5.66%	5.98%
Assets ¹	30,300	7,153	25,773	34,079	35,616	38,599	38,343	39,503
Book Value Per Share ²	60.20	52.60	56.60	61.80	61.50	63.80	67.40	70.90
Cash Flow per Share ²	6.420	4.470	7.640	8.830	7.910	7.910	10.40	10.80
Capex ¹	338	352	370	481	610	789	788	796
Capex / Sales	3.68%	4.17%	4.19%	4.49%	5.03%	6.78%	6.51%	6.26%
Announcement Date	19-08-29	20-09-02	21-09-01	22-09-01	23-08-31	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pernod Ricard

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

148.8 EUR

Average target price

164.6 EUR

Spread / Average Target

+10.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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