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雷达卡
【出版时间及名称】：2009年12月欧洲食品饮料行业研究报告
【作者】：摩根大通
【文件格式】：PDF
【页数】：112
【目录或简介】：
Table of Contents
Executive Summary .................................................................3
We still prefer brewers over spirits.......................................12
We expect a more dramatic sales rebound in 2H10E at
Pernod Ricard.........................................................................21
FY10E guidance is realistic not conservative for both
companies...............................................................................23
Pernod Ricard’s portfolio could again drive faster profit
growth .....................................................................................25
Comparing the brand portfolios............................................28
Comparing margin structures ...............................................34
Comparing marketing investment.........................................43
Comparing geographical exposure ......................................51
Price and mix may take a long time to recover in the US ...53
Comparing the US portfolios.................................................70
What the US Nielsen data tells us .........................................77
Pernod Ricard has much better exposure to the key growth
emerging markets...................................................................83
Valuation .................................................................................99
Pernod Ricard – Upgrade to Overweight............................100
Diageo - Neutral....................................................................101
Valuation Methodology and Risks ......................................105
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