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As an aperitif before the publication of the annual results on 2 September, the world’s number two in wines and spirits, owner of Mumm champagne, Absolut vodka and Martel cognac, raised its forecast for current operating profit (ROC) on Wednesday. As a result, Pernod Ricard now expects a decline in profit from recurring operations of around 15% for the 2019/2020 financial year ending at the end of June.
On March 24, the group had announced a decline of around 20% in current operating income due to the coronavirus crisis.
However, like Rémy Cointreau on Tuesday, Pernod Ricard was also able to count on the resilience of American and European consumers, for whom the confinement of the market has not been able to take away the pleasure of opening good bottles or sipping a cocktail, or even a pastis when the weather was right.
Indeed, for the United States and Western Europe in particular, the off-trade, i.e. consumption at home (wine merchants, supermarkets and hypermarkets, Internet), which accounts for around three-quarters of the group’s turnover, was more resilient than the expected 10% drop between mid-March and the end of June.
In addition, Pernod Ricard indicates that its assumptions made at the end of March proved to be correct with regard to China, where the Group said it expected a slow recovery from April onwards, and travel retail, where it expected a decline in business of 80% between February and June.
“However, there were notable differences from expectations, mainly in India, where production and sales were stopped completely for six weeks, but there was also a better resilience in off-trade, particularly in the United States and Western Europe.” said Pernod Ricard in a press release.
This low dispersion of estimates confirms the good predictability of sales for the current financial year as well as for the next financial year.
The analysts covering the case have very similar views on the company’s future revenues.
Indeed, visibility on the group’s future activities is excellent.
The enterprise value in relation to the company’s turnover, estimated at 5.28 times the company’s turnover, is relatively high.
Finally, sales expectations over the last 12 months have been largely revised downwards. Analysts therefore expect sales to be lower than they expected a year earlier.
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As an aperitif before the publication of the annual results on 2 September, the world’s number two in wines and spirits, owner of Mumm champagne, Absolut vodka and Martel cognac, raised its forecast for current operating profit (ROC) on Wednesday. As a result, Pernod Ricard now expects a decline in profit from recurring operations of around 15% for the 2019/2020 financial year ending at the end of June.
On March 24, the group had announced a decline of around 20% in current operating income due to the coronavirus crisis.
However, like Rémy Cointreau on Tuesday, Pernod Ricard was also able to count on the resilience of American and European consumers, for whom the confinement of the market has not been able to take away the pleasure of opening good bottles or sipping a cocktail, or even a pastis when the weather was right.
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As an aperitif before the publication of the annual results on 2 September, the world’s number two in wines and spirits, owner of Mumm champagne, Absolut vodka and Martel cognac, raised its forecast for current operating profit (ROC) on Wednesday. As a result, Pernod Ricard now expects a decline in profit from recurring operations of around 15% for the 2019/2020 financial year ending at the end of June.
On March 24, the group had announced a decline of around 20% in current operating income due to the coronavirus crisis.
However, like Rémy Cointreau on Tuesday, Pernod Ricard was also able to count on the resilience of American and European consumers, for whom the confinement of the market has not been able to take away the pleasure of opening good bottles or sipping a cocktail, or even a pastis when the weather was right.
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