Danone: Cutting estimates due to poor performance in EDP International
Danone: (BUY, Fair Value EUR80 vs. EUR81 (+23%))Cutting estimates due to poor performance in EDP International
Group’s sales are anticipated to be only up 2.7% organically in Q2 due to EDP International which suffers from the boycott in Morocco. This implies a significant slowdown vs Q1 (+4.9%). In view of this weak performance, we revise downwards our organic sales growth over the year from +3.7% to +2.9% and our FY EBIT margin is adjusted by 10bp to 14.7%. We cut our Fair Value to EUR80.
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).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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