Berenberg Revises Pernod Ricard Earnings Estimates After Fiscal Q1 Update; Buy Rating Kept

06:41 AM EDT, 10/16/2026 (MT Newswires) -- Berenberg updated its earnings forecasts for Pernod Ricard (RI.PA) as part of a model update to incorporate the company's fiscal first-quarter sales figures. For the first quarter of the year ending June 30, 2027, the French wine and spirits company reported net sales of 2.23 billion euros, which Berenberg said was 1.2% below the 2.26 billion-euro consensus estimate, including a 127 million-euro impact mainly from the disposals of Imperial Blue and the wine portfolio, according to a Friday note. Organic growth in the Americas and Europe missed consensus, while Asia and the rest of the world came in ahead. "Volumes grew by 6% in Q1, while organic net sales declined by 0.9%, and management attributed the resulting negative price/mix mainly to geographic mix as pricing was broadly stable. The US and China are the group's most profitable markets, and the mix effect was amplified in Q1 by destocking there and by the pipe-fill in India. Management expects the mix to improve over the full year, which will help robustly defend its margin," the research firm said. As such, Berenberg raised its earnings estimates for 2027 and 2028 by 1.2% and 0.9%, respectively. Analysts' forecasts assume organic net sales will decline 0.2% in 2027 and grow 2.4% in 2028. The stock's buy rating and price target of 97.50 euros were left unchanged.