July 13, 2026 02:47 PM GMT Diageo PLC | Europe All eyes on August 6th We refresh estimates to reflect potential on balance-sheet stock build at the end of FY2026, as flagged by the company in its aide-memoire. This suggests slightly worse FCF than guidance for FY26, but we make no other changes to our estimates besides higher finance costs related to lower FCF. Key Takeaways We refresh estimates to reflect management commentary that "we will ensure that we do the right thing to protect our business and buil ...