Danone : Emmanuel Faber to step down as CEO. This move does not resolve all problems but paves the way for a narrowing of the discount
>Recommendation upgraded to Neutral - We have upgraded our recommendation to Neutral. The departure of Emmanuel Faber, effective immediately, from his roles as chairman and CEO should reduce the management discount and pave the way for a more constructive approach. We have raised our target price from € 50 to € 59. Whilst many uncertainties remain, we think it credible to factor in value creation (EV/CI=ROIC/WACC) as of 2022 vs 2021 previously. The b...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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