UBS confirms its neutral recommendation on the stock with an unchanged price target of E138 after the announcement of the sale of its strategic international wine brands to Australian Wine Holdco Limited (AWL), a consortium of international institutional investors owning Accolade Wines.

'Pernod has announced the sale of around 85% of its strategic international wine portfolio. We expect the transaction to be accretive to growth, but dilutive to EPS by around 1-2%' says UBS.

The transaction involves a large portfolio of well-established international brands, representing an annual volume of 10 million nine-liter cases from three origins (Australia, New Zealand and Spain).

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