Diageo: Western Europe recovering slowly. Adjusting for FX.NEUTRAL, Fair Value 1870p vs. 1920p (+9%)
At yesterday’s conference call, Diageo confirmed that Western Europe is recovering slowly. We maintain our organic estimates for the region. But we seize the opportunity of this note to adjust for the latest currency movements. Our reported sales and EBIT are decreased by 1.5% on average over the next three years. We downgrade our Fair Value to 1870p and we retain our Neutral recommendation.
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