Jefferies maintains its buy recommendation on the stock and leaves its target price unchanged at €120.

The analyst believes that the potential sale of Imperial Blue in India is consistent with the strategy of actively managing the portfolio to focus on the most attractive and fastest-growing brands.

Jefferies says that it should: (1) help reduce the group's leverage by €0.5bn or 0.1x for ND/EBITDA (2) lead to faster growth of around 20 to 30 basis points at group level, as well as higher returns (3) enable greater focus on the next growth drivers in India, including international spirits and higher-priced local Indian whisky brands.

Jefferies estimates that Imperial Blue's sales represent €260m and that EBITDA is around €40m.


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