Here, courtesy of analysts UBS, is a snapshot of the French wine & spirits group, Pernod Ricard.
- Pernod Ricard is the second-largest spirits company globally after Diageo
- The US accounts for 19% of its EBIT, followed by China (12%) and France (9%)
- Pernod’s organic growth benefits from its high exposure to emerging Asia, and a wide portfolio of premium spirits
- Although Pernod does not have a Tequila or US whisky brand, the current gearing of circa 4x net debt/EBITDA should prevent the company from being a part of any major acquisition for the foreseeable future
- Free float is about 77% as the Ricard family and Groupe Bruxelles Lambert (GBL) own 15% and 7.5% stakes, respectively. GBL sold down a 2.3% stake in March 2012.