Elliott Statement on Pernod Ricard
Elliott Advisors (UK) Limited (“Elliott”) released today the following statement on Pernod Ricard (“Pernod”, or the “Company”).
Pernod’s half-year earnings announcement confirmed the strong growth potential and solid financial performance of the Company. It also reflected a first small step in starting to address the Company’s shortcomings in operational efficiency. However, the financial objectives of the newly announced plan could be more ambitious—the target savings of €100 million and the margin step-up of 50-60bps per year over the period FY19-21 represent modest goals for a Company with an EBIT of c. €2.5 billion that operates at close to a 5 percentage points EBIT margin discount to its closest peer. The steps proposed also lack specificity and clarity. For example, the 50-60bps margin improvement target appears almost entirely driven by the €100 million of “additional savings”, rather than actual “operating leverage” as Pernod seems to suggest. In addition, necessary enhancements to the Company’s board and corporate governance have yet to be addressed.
Elliott trusts that Pernod’s management will continue to engage in a mutually constructive dialogue to deliver much needed additional improvements while capturing the strong growth of the Company’s underlying markets.
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Management Corporation.
Sarah Rajani CFA
Elliott Advisors (UK) Limited
+44 (0) 20 3009 1475
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Bending Spoons Launches Playond: the Mobile Gaming Service for Everybody15.11.2019 13:30:00 EET | Press release
Bending Spoons, Europe’s number one iOS mobile app developer, has officially launched Playond. This new gaming service gives members unlimited access to an ever-growing catalog of critically acclaimed premium games. The current collection of 60+ games is now available to everybody: Users can play for free with some limitations, or subscribe for an early bird price of $0.99/month. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191115005141/en/ (Photo: Bending Spoons) “We are thrilled to have partnered with some of the most dedicated game developers and indie studios in the world. Playond is a service created by mobile gamers, for mobile gamers: our mission is bringing premium games on the App Store to as many players as possible, ultimately leveling-up the mobile gaming experience we can all enjoy" says Mauro Bolis, Project Manager of Playond. In recent years, free-to-play games designed to maximize ad impressions and in-app
Boyaa Poker Tournament Europe 2019. Ticketing Final Countdown15.11.2019 13:18:00 EET | Press release
Boyaa Poker Tournament Europe 2019 will take place from December 5 to 8 at King's Resort with a guaranteed prize of € 200,000. If you want a ticket, hurry up because the final countdown is ticking. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191115005139/en/ (Photo: Business Wire) An Asian experience recommended by European players Boyaa Interactive (Stock code 0434.HK) organized the first BPT in 2015 as a way to enrich its online social poker game and to reach its users worldwide, particularly in Southeast Asia. Now, this BPT comes to Europe for its sixth edition with an interesting proposal that includes a more cheerful and modern image than usual poker tournaments, side events with different buy-ins levels, and flashy trophies for the winners. Some European poker players that participated in previous BPT editions highlighted the diversity of countries that are usually represented in the BPT tournaments, and how the hos
Hagiwara Solutions to Exhibit at SPS 201915.11.2019 12:00:00 EET | Press release
Hagiwara Solutions Co., Ltd. (Elecom group) will exhibit at sps – smart production solution from the 26th to 28th of November 2019, Trade Fair Nuremberg. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191115005082/en/ Introduction Map (Graphic: Hagiwara Solutions) Hagiwara Solutions Co., Ltd. is with Elecom group which is offering solutions with sensing technologies, industrial computers, and SSDs. D-Clue Technologies Co., Ltd. of Elecom group which is good for sensing technologies will join us at sps. SEVEN solutions for your own: Coolant Contamination Detection: How do you manage machine tool coolant for precise products? You can maintain the coolant correctly, using our live sensing system. Let us suggest you make precise products with our coolant contamination detection system. AR Goggle Devices: How do you browse reference documents during your tasks? Workers with our AR goggles don’t need to worry about it. The AR gogg
At CIIE 2019 Panasonic Showcases Solutions to Help Bring to Life China's "Healthy China 2030" Vision15.11.2019 07:22:00 EET | Press release
Panasonic Corporation took part in the 2nd China International Import Expo (CIIE) 2019, which was held in Shanghai from November 5 to 10. Under the theme, "Limitless Care for Healthy Living," Panasonic showcased health and welfare products and solutions that reflect its unique health values. With these products and solutions for a healthy life and aging society, Panasonic aspires to help bring to life China's "Healthy China 2030" vision. Panasonic also introduced its cutting-edge technologies that contribute to the business scene. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191114005958/en/ Panasonic booth at CIIE 2019 (Photo: Business Wire) [Video] #CIIE 2019 Panasonic Highlights - The 2nd China International Import Expo https://youtu.be/CbvZClNirQc Panasonic Booth Highlights Solutions for a Healthy Life and an Aging Society 1. "Healthy Environment Unit" With the evolution of sensing and data analytics technology, spaces
Alibaba Group Launches Hong Kong Initial Public Offering15.11.2019 01:47:00 EET | Press release
Alibaba Group Holding Limited (NYSE: BABA) (“Alibaba” or “the Company”) today announced the launch of its Hong Kong public offering (the “Public Retail Offering”), which forms part of the global offering (the “Offering”) of 500,000,000 new ordinary shares (the “Shares”) and listing of its ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited (the “SEHK”) under the stock code “9988.” The Company’s American depositary shares (“ADSs”), each representing eight ordinary shares of the Company, will continue to be listed and traded on the New York Stock Exchange (“NYSE”). Upon listing in Hong Kong, the Hong Kong-listed shares will be fully fungible with the ADSs listed on the NYSE. “Alibaba is guided by our mission to make it easy to do business anywhere with the vision to be a good company that lasts for 102 years. We aim to serve global consumers, of which more than 1 billion will be Chinese consumers, and facilitate more than RMB10 trillion of consumption on our plat
ABI Research Names PTC a Leader in Enterprise Augmented Reality Platforms14.11.2019 22:05:00 EET | Press release
PTC (NASDAQ: PTC) today announced it has been named a leader in the Enterprise Augmented Reality Platforms market for its Vuforia® augmented reality (AR) solution suite in a new research report from ABI Research entitled, “Competitive Assessment – Enterprise Augmented Reality Platforms.” This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191114005759/en/ ABI Research Names PTC a Leader in Enterprise Augmented Reality Platforms (Graphic: Business Wire) The ABI Research report evaluated vendors on two criteria – innovation and implementation. ABI Research ranked Vuforia first in the innovation category due to PTC’s expansive customer and partner footprint, its advancements in transformative technology and functionality, and the company’s robust digital thread capability. In the implementation category, the ABI Research report highlighted Vuforia’s strength in device support, as well as “options from low-level development tools up
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom