Diageo plc (DGE.L) analysis

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Health is debt against liquid inventory and brands, not against an empty factory. Quality separates the spirits margin from beer's. Growth follows volume and price. P/E is read against a good selling year, not against that year as normal. Shareholder return is the dividend, checked against cash. Do not read it as a streak already closed.

The P/E of a restocking year is not normal earnings. EV/EBITDA is read with the whisky in cask inside and without treating Guinness as if it were the same inventory. Do not use Pernod's multiple as if the brand portfolio were the same. A dash if the DGE.L cache is cold.

Limits of this report

Not advice on Diageo. Vaultflake does not count dividend years and does not treat the brand as captive. This is not the largest producer. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report