The US and Europe are improving and drove the strong Q1 performance. The comments about China are not very encouraging: management expects no improvement in 2015/16 vs last year. However, India continues to be very strong (still up double digit in Q1) and this supports the performance of Asia-ROW. The highly diversified geographic profile of Pernod Ricard is its strength. Our organic sales and EBIT estimates for 2015/16 are broadly unchanged. We slightly adjust for FX. Buy recommendation maintained. Fair Value at EUR120.
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