What moat does Pernod Ricard SA have?

The advantage is the brand the customer already asks for and the liquid already in the cask. Diageo competes for the same glass. The moat narrows if volume moves to another brand, or if cash stays trapped in inventory that is slow to come out.

How do you read the Pernod Ricard SA radar?

Health is debt against the liquid inventory, not against an empty factory. Quality is the brand margin after the cost of the cask. Growth follows volume and price, not a licence. P/E is read against a good selling year in the United States or in China, not against that year as normal. Shareholder return is the dividend, checked against cash.

Which multiples matter for Pernod Ricard SA?

The P/E of a year of inventory restocking is not normal earnings. EV/EBITDA is read with the whisky in cask inside. Do not use Diageo's multiple as if the brand were the same, or a brewer's. A dash if RI.PA is missing.

What does this Pernod Ricard SA analysis leave out?

Not advice on Pernod Ricard. Vaultflake does not count years in cask and does not treat the brand as captive. This is not a co-leadership. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Pernod Ricard SA (RI.PA) analysis

Pernod Ricard SA

Sector:Consumer Staples · Premium Spirits

Country:France

Profile and moat

Pernod Ricard sells branded spirits: Jameson, Chivas, Absolut, The Glenlivet. Diageo does the same trade under other brands. Whisky and cognac sit in casks for years before they are sold. That inventory ties up cash. This report does not state the years of aging and does not say a rival cannot buy stock that is already aged, or a brand.

The year follows volume and price, especially in the United States and in China. A year of distributor destocking is not normal earnings. Demand is not inelastic. Private label and local trade also take a glass.

The dividend comes from the cash that inventory leaves. It has to fit. It is not a toll on the bar.

Sustainable Competitive Advantage

Pernod Ricard SA (RI.PA) analysis

Pernod Ricard SA

Sector:Consumer Staples · Premium Spirits

Country:France

Profile and moat

The dividend comes from the cash that inventory leaves. It has to fit. It is not a toll on the bar.

Sustainable Competitive Advantage

Pernod Ricard SA (RI.PA) analysis

Profile and moat

Pernod Ricard SA (RI.PA) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Pernod Ricard SA have?

How do you read the Pernod Ricard SA radar?

Which multiples matter for Pernod Ricard SA?

What does this Pernod Ricard SA analysis leave out?

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