Danone : Slight organic improvement in Q3 (+1.4%) with confirmation of signs of improvement - 2018 guidance maintained
>Confirmation of signs of improvement - Buy recommendation and target price of € 85 maintained. The Q3 sales release could trigger a slight downward revision to the 2018 EPS estimates due to the forex effect. That said, the market’s reaction should be slightly positive for several reasons. The 2018 guidance is confirmed. Organic growth was a very modest +1.4% but nevertheless better than expected. Morocco is less poor, management noted significant progress in Brazil, ...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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