Auteur(s) : Vial Manon, Pontais, Manon, Yao, Gogoly Marie Josephe, Rieger, Louise
Directeur : Orkut, Hava
Composante : EMS
Date de création : 30-06-2020

Description : Comptabilité Contrôle Finance, The Diageo Group, a world leader in the spirits market, was founded in 1997 by the merger of two major companies: Grand Metropolitan and Guinness Plc. With a strategy focused on innovation and the development of new ideas, the company has more than 200 brands in 180 countries and employs nearly 28,400 people. Thanks to its policy of supporting premiumisation in developed and emerging countries through its core and premium reserve brands, its net sales will reach £12,867 million in 2019. It should therefore be noted that the group is investing heavily. In this sense, it is continually buying new brands to ensure its global presence. So, to make its investments possible, Diageo has chosen to finance itself through long-term debt. The company had £10,596 million in long-term debt in 2019, which represents 89% of total borrowings and 50% of total liabilities. These various loans (issued in EUR, USD and GBP) have maturities ranging from one year to 23 years. However, Diageo's indebtedness has increased over time, resulting in an increase in total profits and a decrease in shareholders' equity. To date, debt financing has had a positive impact on the Group's financial health. Thus, although the company is facing liquidity difficulties, Diageo's financial analysis reveals a good performance: it has been able to create wealth, particularly in 2019 where the operating margin increases to 31.41% compared to 2017 where the result was 29.54%. Likewise, the debt policy has improved profitability for shareholders considering ROE growth: between 2017 and 2019, ROE increased by 8.53%. Thus, by comparing Diageo's PER - a ratio that gives an indication of the company's value on the market - with that of certain competitors, we conclude that it would be more interesting to invest in Diageo's business. As for the Diageo share, while its price is falling on the market, it is experiencing a very clear increase in the profit it produces. Finally, it appears that the Diageo share is profitable, especially since the company's WACC, which represents the average annual rate of return expected by shareholders and creditors in return for their investment, has improved considerably over the years.
Mots-clés libres : Diageo, Analyse financière Études de cas, Diageo, étude de cas, case study, analyse financière, Comptabilité Contrôle Finance, 650 Gestion et organisation de l'entreprise
Couverture : FR