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Pernod Ricard SA (PER) Fair Value & Analysis

Consumer Defensive · DE · Market cap €16.2B · ISIN FR0000120693

What is Pernod Ricard SA really worth?

PR Pernod Ricard SA PER · XETRA
Price€62.22
Fair Value€86.83
Upside+39.6%
Quality59/100

A solid business, trading 28% below our fair value of €86.83.

As of Aug 19, 2026, the fair value of Pernod Ricard SA is €86.83 per share against a price of €62.22, so the fair value sits 40% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

Strengths

Solidly profitable · 14.1% net margin
Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +5.3 %/yr)
!Moderate moat 63/100

For context

·3.78% dividend yield
Evidence: High Range €56.28 – €139.17

Fair value as of: Aug 19, 2026

From 25 valuation models · updated 18 days ago

Share price −8.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€56.28 to €139.17) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€192.36 €59.84 Fair Value €86.83 Sep 2020 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range €59.84 – €192.36 · fair‑value band €56.28 – €139.17 · the €62.22 price screens below the €86.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Pernod Ricard SA (PER) currently trades at €62.22, while our model-based Fair Value estimate is €86.83, implying the stock looks roughly 28.3% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive sector. Bull case: the Multiples group reads highest at a median of €109.77 per share, and 13 of the 25 models we run sit above the €62.22 price. Bear case: the Growth DCF group reads lowest at €33.16, and 12 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Pernod Ricard SA generated revenue of €10.0B at a net margin of 14.1%. Revenue declined 14.9% year over year. It earns a return on equity of 8.6%. Net debt stands at €10.8B. Fundamentals as of Aug 19, 2026

Our scenario range runs from €56.28 (bear case) to €139.17 (bull case); at €62.22, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −4% fair-value upside, at 40%, PER screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly €3.25 per share, which is 3.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €13.01 €33.52 €62.60 75
Growth DCF €14.44 €33.60 €59.64 75
Residual Income €54.43 €60.99 €90.87 75
All 25 models by family
DCF Models
FCF DCF €13.01 €33.52 €62.60 75
Owner Earnings €23.95 €49.22 €85.05 73
5Y Revenue Exit €10.22 €32.62 €60.07 68
5Y EBITDA Exit €51.11 €105.04 €165.41 73
5Y P/E Exit €39.53 €84.53 €129.28 69
10Y Revenue Exit €9.53 €29.69 €54.36 62
10Y EBITDA Exit €36.35 €78.53 €130.81 66
10Y P/E Exit €29.12 €64.70 €104.59 61
Earnings-Based
Graham-Dodd €43.91 €100.14 €128.34 65
PEG = 1.0 €16.63 €23.76 €30.89 57
EPV €47.86 €61.53 €73.49 74
Dividend Discount
Gordon GGM €43.79 €72.51 €105.97 67
DDM Multi-Stage €43.79 €64.22 €86.95 67
Multiples
P/E Multiple €101.70 €135.60 €169.50 63
P/S Multiple €52.22 €69.63 €87.04 58
P/B Multiple €82.33 €109.77 €137.22 55
EV/EBIT €104.71 €151.01 €197.30 65
EV/EBITDA €88.37 €129.22 €170.07 67
EV/Revenue €11.52 €31.10 €50.69 50
Asset-Based
NCAV (Graham) €30.21 €40.47 €60.41 54
Growth DCF
Growth DCF €14.44 €33.60 €59.64 75
Rev-Margin DCF €10.22 €33.16 €57.62 68
Economic Profit
Residual Income €54.43 €60.99 €90.87 75
ROIC Compounder €47.86 €61.94 €81.18 72
Growth Earnings
Growth-Adj P/E €76.32 €109.04 €141.75 67

Widest divergence: Multiples (€109.77) versus Growth DCF (€33.16). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 11.1
P/S ratio 1.65 P/E × margin
EPS (TTM) €5.60 price ÷ EPS = P/E 11.1
Dividend yield 3.8% payout 42.0%
Net margin 14.8% FY2025
Return on equity 8.6% TTM
More key figures
Profitability
Return on assets (EBIT) 7.8% avg 5y
Operating margin 30.5% TTM
Growth
Revenue (TTM) €10.0B TTM
Revenue growth (YoY) −14.9% 3y avg +0.8%
EPS growth (YoY) −18.0%
Balance sheet & cash flow
Free cash flow €1.1B FY2025
Net debt €10.8B FY2025 · ≈ 9.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 54 · Market factors (momentum, volatility) 37

Profitability 39
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 89
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Pernod Ricard SA produces and sells wines and spirits worldwide. The company offers whiskey, vodka, gin, rum, liqueur and bitters, champagne, tequila and mezcal, and aperitif under the brands 100 Pipers, Aberlour, Absolut, Absolut Elyx, Altos, ARARAT, Augier, Avion, Ballantine's, Becherovka, Beefeater, Blenders Pride, Brancott Estate, Campo Viejo, Ceder's, …

Full company description

Pernod Ricard SA produces and sells wines and spirits worldwide. The company offers whiskey, vodka, gin, rum, liqueur and bitters, champagne, tequila and mezcal, and aperitif under the brands 100 Pipers, Aberlour, Absolut, Absolut Elyx, Altos, ARARAT, Augier, Avion, Ballantine's, Becherovka, Beefeater, Blenders Pride, Brancott Estate, Campo Viejo, Ceder's, Chivas, Clan Campbell, Del Maguey, George Wyndham, Green Spot, Havana Club, Imperial, Imperial Blue, Italicus, J.P. Wiser's, Jacob's Creek, Jameson, Jefferson's, Kahlúa, Kenwood, KI NO BI, Lillet, Long John, L'Orbe, Lot No. 40, Malfy, Malibu, Kahlua, Martell, Method & Madness, Midleton Very Rare, Minttu, Monkey 47, Mumm, Olmeca, Ostoya, Passport Scotch, Pastis 51, Pernod, Perrier-Jouët, Plymouth Gin, Powers, Rabbit Hole, Ramazzotti, Redbreast, Ricard, Royal Salute, Royal Stag, Scapa, Seagram's Gin, Secret Speyside, Smooth Ambler, Something Special, Suze, The Glenlivet, TX, and Wyborowa. It also provides non-alcoholic beverages under the brands Beefeater 0%, Ceder's, Suze Tonic 0%, Cinzano Spritz 0%, Pacific, Campo Viejo Sparkling 0%, and Jacob's Creek Unvined. Pernod Ricard SA was founded in 1805 and is headquartered in Paris, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Pernod Ricard SA reported revenue of €11.0B in FY2025 versus €8.8B in FY2021, a compound +5.6%/yr. Reported net income was €1.6B in FY2025, compounding +5.7%/yr from FY2021.

Growth Quality 69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€11.0B
Latest YoY
−5.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.3%
Avg. revenue growth/yr (22Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+9.1% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+5.3%
Dividend yield3.8%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 5.3% vs 10Y 5.4%, steady
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26.8% (2020) → 25.0% (2025) · falling
Worst earnings drop79% (2020) · in EUR
Revenue +5.6%/yr
FY21 €8.8B
FY22 €10.7B
FY23 €12.1B
FY24 €11.6B
FY25 €11.0B
Net income +5.7%/yr
FY21 €1.3B
FY22 €2.0B
FY23 €2.3B
FY24 €1.5B
FY25 €1.6B
Character of growth · EPS growth decomposed (2014-2025) +6.8 % p.a.
Revenue per share +4.2 %

of which total revenue +3.6 % · buybacks/dilution +0.5 %

EBIT margin −0.2 %
Tax rate −0.6 %
Residual (interest, one-offs) +3.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Pernod Ricard SA Fair Value". https://www.fairvalue-calculator.com/stock/PER.XETRA

Peer Group

Beverages - Wineries & Distilleries · 93 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside +23% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 31% · Top 25%
Revenue growth −15% · Bottom 25%
Dividend yield (TTM) 3.8% · Above median
Debt / equity 0.69× · Higher than 75% of peers

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/E (TTM) 11.1× · Cheaper than 75% of peers
P/B 1.24× · Pricier than median
P/S (TTM) 1.88× · Pricier than median
P/FCF 16.8× · Pricier than 75% of peers
EV/EBITDA 9.5× · Cheaper than median
PEG 2.00× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Kweichow Moutai Co 600519 ¥1,303 ¥1,238 −5%
Diageo plc DEO $92.99 $73.29 −21%
Wuliangye Yibin Co 000858 ¥71.89 ¥48.44 −33%
Shanxi Xinghuacun Fen Wine Factory Co 600809 ¥116.39 ¥185.80 +60%
Luzhou Laojiao Co 000568 ¥84.50 ¥149.17 +77%
Brown-Forman Corporation BFA $28.72 $27.69 −4%
United Spirits Limited UNITDSPR ₹1,528 ₹285.39 −81%
Thai Beverage Public Company Y92 0.4650 SGD 0.7000 SGD +51%
Jiangsu Yanghe Distillery Co 002304 ¥39.59 ¥27.82 −30%
Anhui Gujing Distillery Co 000596 ¥93.90 ¥141.00 +50%

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Frequently asked questions

Is Pernod Ricard SA (PER) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of €86.83 versus a price of €62.22, about +40% upside (undervalued).
What is the fair value of PER?
Our model-based fair value for Pernod Ricard SA is €86.83 (as of Aug 19, 2026), built from audited fundamentals. The current price: €62.22.
What is the quality score of PER?
Pernod Ricard SA has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pernod Ricard SA (PER)?
Our model-based price target is the fair value of €86.83 (as of Aug 19, 2026) from 25 valuation models. Cautious scenario €56.28, optimistic scenario €139.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Pernod Ricard SA stock forecast for 2026?
Our models put fair value at €86.83, about +40% upside versus a price of €62.22 (undervalued). Cautious scenario €56.28, optimistic scenario €139.17. The calculation is refreshed regularly with new filings.
What is the revenue of Pernod Ricard SA (PER)?
Pernod Ricard SA reported trailing-twelve-month revenue of about €10.0B (latest available figure, as of Aug 19, 2026).
What is the net profit margin of PER?
The net profit margin of Pernod Ricard SA is about 14.1%, meaning it keeps roughly 14.1% of revenue as net income. Based on the latest reported figures.
Does Pernod Ricard SA pay a dividend?
Pernod Ricard SA currently shows a dividend yield of about 3.78% relative to its recent price (as of Aug 19, 2026).
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