Our fair value estimate for Monday is $332 per share. This implies a fiscal 2025 adjusted price/earnings ratio of 94 times and a fiscal 2025 enterprise value/sales of 13. Our discounted cash flow ...

Pernod Ricard is also focusing on premiumization, which we think will be a long-term tailwind to both revenue and margins. This involved shedding noncore assets such as strategic wines, while ...