Danone : BPA 2018 attendu à +2% …et à +10% hors devises et Yakult
>Achat maintenu - Le marché fait (trop !) dans les sentiments. Sur 4 ans, le titre fait quasiment du sur place alors que le BPA 2018 devrait avoir augmenté de 35% depuis et que le FCF opérationnel devrait avoir doublé. 2019 devrait continuer dans ce sens. D’où la décote qui s’est creusée vs pairs européens des staples (-20%) avec un PE 19e de 15x. BPA attendu à +2% en 2018 - Sur 2018, nous continuons d’anticiper une croissance de BPA de 2%. Avec une...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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