Danone : LfL guidance raised after a good Q3 with volume/mix close to stability
>Positive reaction expected after the recent recovery in the share price - Outperform rating maintained with a target price of € 64. The 2024e P/E of less than 15x continues to reflect the company’s status as a hybrid stock and investors’ wait-and-see attitude towards a return to profitable and sustainable growth. We believe that the group is on track with its agenda to refocus on its core business, which should support a multi-year rerating. Q3 sales dow...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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