Danone : No major surprise on the guidance for the margin. Portfolio rotation remains key
>Strategically concentrated, operational diversity: the key to a re-rating - Outperform recommendation maintained. We still think that the stock offers significant re-rating potential. Operational redeployment combined with the refocusing of each division are key factors for success in consumer staples and therefore for re-rating. The 2023e PER of 13x and 2023e EV/EBITDA of 8x reflect, in our view, this lack of density in the operational footprint, because the group i...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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