Danone is engaged in activities in the global food and beverages industry. Co. operates in four markets: Fresh Dairy Products (Co. produces and sells yogurts, fermented dairy products and other fresh dairy products); Waters (Co. produces and sells natural waters as well as flavored and vitamin-enriched waters products); Early Life Nutrition (Co. produces baby formula, milk-and fruit-based desserts, cereals, small pots of baby food and ready-made baby food); and Medical Nutrition (Co. develops adult and pediatric clinical nutrition products to be taken orally, or through a catheter in the event of malnutrition related to illness or other causes).
  • TickerBN
  • ISINFR0000120644
  • ExchangeEuronext Paris
  • SectorFood Producers
  • CountryFrance
Arancha Pineiro

DANONE: MENSAJES DE LA CONFERENCE CALL RDOS. 1S'20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. destacamos:  Ventas: confirman que el 2T’20 ha sido el peor trimestre y esperan una mejora gradual que les permitiría registrar un 2S’20 muy similar al 1S (i.e., -1,1% LfL en ventas). Dicho esto, en lo que respecta al negocio de Agua (~15% ventas), que ha sido el más penalizado por el Covid-19, abril fue el peor mes del trimestre y a partir de ahí ha ido mejorando. En todo caso, aún se estarían dando caídas de doble dígito en julio e indican que no esperan volver a terreno positivo antes de final de año. Por su parte, en EDP (~54% ventas) no esperan cambios sign...

Pierre Tegner

Danone : Operating margin down less sharply than expected. Q2 in line at -5.7% lfl

>H1 performance could buoy share after underperformance - Reported operating performance was not as negative as anticipated, notably thanks to the shallower decline in operating margin, which should help buoy the share slightly. In addition, the publication of Nestlé’s results this morning is likely to underpin the sector. However, we do not see any signs of a potential upturn. Danone was hit hard by the lockdown restrictions in H1 in what was an unusual context. None...

Pierre Tegner

Danone : La MOP baisse moins fortement que prévu. T2 en ligne à -5.7% en lfl

>Un S1 qui pourrait soutenir légèrement un titre qui a sous-performé - La publication d’une performance opérationnelle moins négative qu’attendu, notamment en raison de la moindre baisse de la MOP devrait soutenir légèrement le titre. En outre, la publication ce matin des résultats de Nestlé devrait soutenir le secteur. Mais nous ne voyons pas de signe qui pourrait laisser penser qu’il pourrait y avoir un point d’inflexion. Le S1 de Danone est très impacté par les mes...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. • Tes...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

USD weakness a tailwind for int'l markets With markets showing signs of weakening at logical resistance as outlined in last week's Int'l Compass - we recommend being selective in new purchases. At the same time we are seeing a number of indicators that are giving signals conducive to higher equity prices, meaning global equities may be gearing up for an eventual breakout topside resistance. Below we highlight some attractive and actionable themes along with indicators that support our overall constructive outlook. • USD (DXY) breaking down; Euro, CAD breaking out. Throughout all of 2019 we h...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Matthieu DRIOL

Analyse court terme - DANONE : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 61,63 €. La tendance baissière serait remise en cause au-dessus de 70,08 €.

Arancha Pineiro

DANONE: MENSAJES DE LA CONFERENCE CALL RDOS. 1S'20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. destacamos:  Ventas: confirman que el 2T’20 ha sido el peor trimestre y esperan una mejora gradual que les permitiría registrar un 2S’20 muy similar al 1S (i.e., -1,1% LfL en ventas). Dicho esto, en lo que respecta al negocio de Agua (~15% ventas), que ha sido el más penalizado por el Covid-19, abril fue el peor mes del trimestre y a partir de ahí ha ido mejorando. En todo caso, aún se estarían dando caídas de doble dígito en julio e indican que no esperan volver a terreno positivo antes de final de año. Por su parte, en EDP (~54% ventas) no esperan cambios sign...

Pierre Tegner

Danone : Operating margin down less sharply than expected. Q2 in line at -5.7% lfl

>H1 performance could buoy share after underperformance - Reported operating performance was not as negative as anticipated, notably thanks to the shallower decline in operating margin, which should help buoy the share slightly. In addition, the publication of Nestlé’s results this morning is likely to underpin the sector. However, we do not see any signs of a potential upturn. Danone was hit hard by the lockdown restrictions in H1 in what was an unusual context. None...

Pierre Tegner

Danone : La MOP baisse moins fortement que prévu. T2 en ligne à -5.7% en lfl

>Un S1 qui pourrait soutenir légèrement un titre qui a sous-performé - La publication d’une performance opérationnelle moins négative qu’attendu, notamment en raison de la moindre baisse de la MOP devrait soutenir légèrement le titre. En outre, la publication ce matin des résultats de Nestlé devrait soutenir le secteur. Mais nous ne voyons pas de signe qui pourrait laisser penser qu’il pourrait y avoir un point d’inflexion. Le S1 de Danone est très impacté par les mes...

Arancha Pineiro

DANONE: RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 5.947 M euros (-8,6% vs -6,9% BS(e) y -7,1% consenso); Rdos. 1S'20 vs 1S'19: Ventas: 12.189 M euros (-3,6% vs -2,7% BS(e) y -2,8% consenso); EBIT: 1.702 M euros (-8,4% vs -9,9% BS(e) y -10,7% consenso); BDI: 1.100 M euros (-9,9% vs -12,1% BS(e) y -10,6% consenso); Ventas 2T’20 peores de lo esperado con una caída del LfL del -5,7% (vs -4% BS(e) y consenso), penalizado por un mix de producto más desfavorable en Aguas (~15% ventas). Como era previsible, esta es la división que ha registrado una mayor caída derivada del Covid-19 por su mayor exposición al segmento “ou...

Research Department

EUROSTOXX 50: RESULTADOS A DESTACAR SEMANA 27 A 31 JULIO 2020 (ANÁLISIS BANCO SABADELL)

Resultados EuroStoxx 50 destacados para la próxima semana. De los valores que publican Rdos. 2T’20 la semana que viene destacamos en positivo: (i) AB InBev, donde indicaciones positivas de recuperación en China y en EE.UU. (cuota) podrían dar impulso a la cotización, (ii) Linde, mostrando una vez más la solidez de sus negocios y esto debería servir de soporte al valor, (iii) Orange, por la solidez operativa y su capacidad de generación de FCL, y (iv) Safran, con unos Rdos. razonablemente positivos en el actual entorno. Por el contrario, esperamos acogida negativa en: (i) Danone, donde en caso...

Anthony Dick ...
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Michael Foundoukidis
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2020

Ecology and economic development are often depicted as opposing forces. The European Green Deal pulls off the feat of promoting the former to ensure the latter. Whilst its financing may have raised doubts, the prospect of the € 750bn recovery plan underpins its credibility. Better still, this plan, which proposes for the first time a pooling of debts, is revolutionary. Indeed, for the sectors and stocks concerned, it catalyses the cumulative effects of the additional activity that th...

Anthony Dick ...
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Michael Foundoukidis
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2020

On oppose souvent écologie et développement économique. Le pacte vert européen réussit le tour de force de promouvoir la première pour assurer le second. Si son financement a pu soulever des doutes, la perspective d’adoption du plan de recovery de 750 Md€ renforce sa crédibilité. Mieux, ce plan, qui propose pour la première fois une mutualisation des dettes, est révolutionnaire. En effet, il catalyse pour les secteurs et valeurs concernées, les effets cumulés du supplément d’activité ...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Johanna Jourdain
  • Manuel Martin, CEFA,CREA
  • Pierre Tegner
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2020

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DANONE sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of DANONE (FR), a company active in the Food Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 13, 2020, the closing price was EUR 53.76 and its potential was estimated at EUR 74.78.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Danone - Assemblée Générale des actionnaires du 26 Juin 2020

Gouvernance : La société propose, par la résolution 20, à ses actionnaires de modifier ses statuts afin de devenir une Société à Mission tel que désormais possible grâce à la Loi Pacte. pour ce faire, la société propose l'insertion d'une Raison d'Être, d’objectifs sociaux et environnementaux, l’instauration d’un comité de mission chargé du suivi de l’exécution de cette mission et la désignation d’un organisme tiers indépendant vérifiant l’exécution de cette mission. Si cette résolution est adoptée, Danone sera la première Société à Mission du CAC 40.Nous avons des réserves concernant le Comité...

Expert Corporate Governance Service (ECGS)

Danone - AGM 26 June 2020

ITEMS 4 and 6: The Board does not comprise a majority of independent members; therefore, we cannot support the renewal of Mrs. Seillier and Mr. Engles. Regarding the latter, it should be noted that he also has an attendance rate of 67% in 2019, which was already the case in 2017. Thus, on average over the last 3 years, his attendance rate has been only 78%, which seems rather low. ITEMS 9 to 11: Mr. Faber's 2019 remuneration presents amounts and structure in line with our recommendations. In addition, the company's transparency allows a good overall understanding of the amounts awarded. For th...

Jehanne Leroy

Danone 25 Avril 2019

Gouvernance : La société propose le renouvellement d’Emmanuel Faber, Président Directeur Général : bien que le conseil ne comprenne pas une majorité d’administrateurs libres de tout conflit d’intérêts selon Proxinvest, un certain nombre de contre-pouvoirs ont été mis en place, avec notamment un administrateur Référent indépendant (Miche Landel) disposant de pouvoirs forts et de missions spécifiques notamment de communication avec les actionnaires. Par ailleurs, la performance environnemental de Danone est très bonne, de même que la performance de son cours depuis que M. Faber est à sa tête. Po...

Danone - Assemblée générale des actionnaires du 25 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Danone – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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