Pernod Ricard SA

RI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€347.00	Hhqqh	Jrbqfbvjk

Pernod Ricard Earnings: Broad-Based Slowdown in Third Quarter but Growth Should Reaccelerate

Philip Gorham

Apr 27, 2023

Pernod Ricard reported slightly weaker third-quarter sales growth than we had anticipated, with a broad-based slowdown, but this has no impact on our long-term view, and we make no changes to our wide moat rating and EUR 185 fair value estimate. We consider Pernod to be fully priced, and any wobble by the consumer would present downside risk, but with a strong fourth quarter, the company still seems likely to meet our full-year forecasts.

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