We continue to like Danone's margin-expansion opportunity.
Organic sales growth remained very weak in the second quarter, but on the all-important margin expansion story, Danone delivered excellent results. We reiterate our EUR 71 fair value estimate for the shares, along with our narrow moat rating. Pricing power was evident in Danone's most advantaged categories, infant formula and medical nutrition, while in water and dairy and plant-based products, pricing remained sluggish. We are still bullish on the stock, although less upside now remains.The si...
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