Danone : Q1 in line at +0.8% on an organic basis with a pleasant surprise on specialised nutrition and implicitly on China
>Neutral market reaction apart from re-rating - Q1 data in line with expectations is unlikely to trigger an adjustment in the consensus and as such, the market reaction will likely be fairly neutral. That said, a slight rise in the share price cannot be ruled out given 1/ the pleasant surprise on specialised nutrition and 2) confirmation of guidance of organic growth (“around 3%â€) which implies an H2 in the range of the 2020 target of 4% to 5%. We have a Buy recommend...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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