We continue to like Danone's margin-expansion opportunity.
Danone reported first-quarter sales that were in line with both our expectations and consensus. We reiterate both our EUR 71 fair value estimate for the shares and our narrow moat rating. Danone is a conglomerate of businesses with competitive advantages (early life nutrition and medical nutrition) and businesses in very competitive categories (bottled water and dairy). This played out very clearly in the bifurcated sales performance of Danone’s product segments in the first quarter.Organic gro...
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