Danone: Nice improvement at EDP Noram
Danone: (BUY, Fair Value EUR80 (+22%))Nice improvement at EDP Noram
Q2 sales declined 4.4% to EUR6,414m, penalized by FX headwinds (-7.6%) and the disposal of Stonyfield (-1.4%). This was globally in line with expectations (our estimate: EUR6,434m and consensus: EUR6,364m). In organic, sales grew 3.3% over the quarter (consensus: +3.1%), implying a deceleration vs Q1 (+4.9%) which was due to Specialized Nutrition and EDP International. In H1, recurring EBIT margin stood at 14.3% (consensus: 14.3%). This is an expansion of 20bp in reported and 50bp on a LFL basis, thanks to synergies and savings,and despite tough comps (+80bp in H1 2017). Conference call at 8am CET.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.