Oddo BHF maintains its 'outperform' rating on Pernod Ricard shares, with an unchanged target price of 198 euros.

The analyst reports that he has 'no reservations about the Group's fundamentals', with EPS growth potential of around +7-8% over the long term.

The stock's valuation, at 16x NTM PE, is very attractive in both absolute (-23% discount vs. 10-year average) and relative terms", adds the broker.
The analyst's office points out that Pernod Ricard discreetly opened the ball of warnings for spirits players at the end of August by lowering css estimates.

We expect EPS to fall by 5.9% in FY 23/24 vs. -6.3% for the css", concludes the broker.

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