A Strong Nutrition Franchise and Entrenched Supply Chain Position Support Danone's Narrow Moat
On Oct. 22, Danone hosted an investor seminar day at its London offices, at which it reiterated its 2020 objectives (introduced in 2017), including 4%-5% organic sales growth and operating margins higher than 16%, while delaying its 12% return on invested capital target to 2022 (from 2020). Given that the event was largely in line with our expectations, we do not expect a material change to our EUR 71 per share ($17.50 per ADR) fair value estimate and we maintain our narrow moat rating.We beli...
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