Thesis Plays Out as China Formula Drives Solid 3Q for Danone; Shares Rerated Appropriately
Danone's third-quarter sales update showed that our thesis of a turnaround in financial performance led by the infant formula business in China is clearly playing out. We are reiterating our EUR 71 fair value estimate and narrow moat rating, which was evident in the strong performance in the nutrition business this quarter. After the significant rerating of the stock this year, and with the stock now trading at our fair value estimate, we no longer regard Danone as one of the most compelling opp...
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