【出版时间及名称】：2010年1月欧洲食品饮料行业研究报告
        【作者】：DAVY证券
        【文件格式】：pdf
        【页数】：58
        【目录或简介】：

Contents
Introduction 3
Pernod Ricard 3
Diageo 3
Is it time to become more positive on spirits? 3
Four key drivers of spirits sector performance 4
Recommendations 7
Diageo – to outperform over next 12 months 7
Pernod Ricard – concerns remain 8
US spirits market – an overview 10
The 'three-tier' system 10
Shift in US alcohol consumption patterns over the past decade 12
Diageo and Pernod – the importance of the US spirits market 13
Current conditions in the US spirits market 14
Challenges in vodka market 16
Destocking – is there more to go? 17
Diageo and Pernod – US spirits portfolio analysis 18
Industry contacts highlight how market is shifting 19
Premiumisation on hold – winners and losers 23
Role of premiumisation 23
Luxury in a bottle 23
Factors that drove premiumisation 24
Super-premium vodka – the emperor's new clothes? 27
M&A – more consolidation inevitable 29
Pernod may have no M&A activity for three to four years; Diageo's M&A
period is just beginning 30
Moët Hennessy – powerful portfolio and distribution 31
Additional opportunities 34
Emerging markets – almost business as usual 36
Huge opportunity for growth 36
Key categories are cognac and scotch 37
Valuation 41
Forecasts and divisional guidance 46
Diageo forecasts for 2010/2011 46
Diageo regional forecasts 47
Pernod forecasts for 2010/2011 50
Pernod regional forecasts 51
Company analysis 54
Diageo 54
Pernod Ricard 55
Contacts 56
Important disclosures 57