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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Diageo    DGE   GB0002374006

DIAGEO

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Diageo : keeps organic sales forecast, says not immune to trade policy changes

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09/19/2019 | 03:56pm EDT
FILE PHOTO: A bottle of single malt scotch whisky Talisker is pictured in a shop near Lausanne

(Reuters) - Spirits maker Diageo Plc said on Thursday it was "not immune" to changes in global trade policies, but based on the current environment expects to meet its full-year organic sales targets.

The Johnnie Walker whisky and Tanqueray gin maker said it continues to expect organic net sales growth to be towards the mid-point of a 4% to 6% range and organic operating profit to grow roughly one percentage point ahead of organic net sales.

The company also said it expects first-half organic operating profit growth to be in-line with or slightly behind organic net sales growth, due to stronger prior year comparables.

"We would not be immune from significant changes to global trade policy and continue to monitor this closely," Chief Executive Ivan Menezes said in a statement.

The forecast comes ahead of the drinks maker's annual general meeting today in London.

It also comes just weeks ahead of UK's departure from the European Union, which in the chance of a no-deal exit would bring trade tariffs and customs checks with the continent for the first time in decades.

London-based Diageo said the forecasts were consistent with its targets for the medium term or next three years, which calls for organic operating profit growth to be in the range of 5% to 7% and about 1 percentage point ahead of net sales.

Shares of the company were down 0.8% in early trading on Thursday.

(This story corrects metric in paragraph seven to "organic operating profit growth" from "organic net sales growth" and related percentage figures)

(Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty and David Evans)

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Financials (GBP)
Sales 2020 13 842 M
EBIT 2020 4 470 M
Net income 2020 3 336 M
Debt 2020 11 710 M
Yield 2020 2,27%
P/E ratio 2020 22,8x
P/E ratio 2021 21,1x
EV / Sales2020 6,30x
EV / Sales2021 6,00x
Capitalization 75 489 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 3 447,76  GBp
Last Close Price 3 210,00  GBp
Spread / Highest target 29,5%
Spread / Average Target 7,41%
Spread / Lowest Target -12,8%
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Managers
NameTitle
Ivan M. Menezes Chief Executive Officer & Executive Director
Javier Ferrán Larraz Chairman
Kathryn A. Mikells Chief Financial Officer & Executive Director
Evan Mervyn Davies Senior Independent Non-Executive Director
Kwon Ping Ho Independent Non-Executive Director
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