Pernod Ricard shares, CAC 40 laggard despite a +11% month

A decline against the grain of a CAC 40 posting strong gains

The stock falls 1.63% to €65.20 intraday, while the CAC 40 gains 1.18% and the SBF 120 gains 1.22%. It therefore ends last in the index ranking, ahead of Stellantis (-1.11%) and Carrefour (-0.95%).

The decline erases only a small part of the ground covered: the stock is up 11% over one month, but remains down 25.2% over one year.

The decline occurs below the 200-day moving average (MM200) at €66.90, from which the price is 2.5% away, while the 20-day moving average (MM20) at €64.47 remains below the price.

Rémy Cointreau, the other spirits stock being tracked, falls 1.17% the same day and rises nearly 14% over one month: the two share prices move in the same direction, without a common cause being identifiable.

A group buying back €1.22 billion of debt following its hybrid issuance

On October 28, Pernod Ricard announced the completion of its tender offer on seven bond lines, for €1.22 billion. The operation follows the issuance of €1.5 billion in perpetual subordinated bonds, which the group will fully record in equity under current IFRS standards.

On the business side, first-quarter sales, published on October 15, showed an organic decline of 0.9%, held back by the United States (-10%) and China (-25%).

The company then cited a contrasting and uncertain environment, with India up 19% and €1 billion in savings planned between fiscal years 2026 and 2028. The next benchmark is the MM200 at €66.90, which the share price is struggling to regain.