Thesis on Track as Danone Misses by a Whisker in Q3
Danone's missed our internal forecasts for sales growth in the third quarter by a whisker. We have trimmed our full-year growth forecast by 30 basis points, but this does not affect our fair value estimates of EUR 71 for the ordinary shares and $16 for the ADRs. Our narrow moat rating and our investment thesis remain intact, and we continue to expect medium-term margin expansion at the early-life nutrition, or ELN, business to drive high-single-digit organic free cash flow growth over the next f...
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