Danone : 2019 fully in line. Twofold warning for 2020
>Low probability of a recovery in the share price. A further de-rating is possible - Reduce rating maintained. The valuation is low, the discount significant and the share has underperformed sharply since October. This observation led the market to fear another sanction in the event of a sales warning on the 2020 targets. But the group lowered its 2020 target for both organic growth and the operating margin. The share has posted a stable performance over 12 months and...Danone is engaged in activities in the global food and beverages industry. Co. operates in four markets: Fresh Dairy Products (Co. produces and sells yogurts, fermented dairy products and other fresh dairy products); Waters (Co. produces and sells natural waters as well as flavored and vitamin-enriched waters products); Early Life Nutrition (Co. produces baby formula, milk-and fruit-based desserts, cereals, small pots of baby food and ready-made baby food); and Medical Nutrition (Co. develops adult and pediatric clinical nutrition products to be taken orally, or through a catheter in the event of malnutrition related to illness or other causes).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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