Danone Reports Spectacular Performance in China Formula; Only Modest Upside to Shares
Danone reported another respectable first quarter, with organic growth continuing to accelerate. The company is now clearly outperforming many of its rivals, including Nestle. Organic growth of 4.9% was a whisker short of our forecast but beat consensus estimates comfortably. We are reiterating our EUR 71 fair value estimate and narrow moat rating and believe that after the mini-rally in recent days, only very modest upside to Danone's intrinsic value remains.Danone's first-quarter organic grow...
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