Danone : Q1 2022 +7.1% l-f-l with volumes +2.2% thanks to specialised nutrition and the more marked upturn for waters business
>Q1 results should be well received - Outperform recommendation maintained. On the long-term side, we continue to believe that a strategic refocusing is credible and would be a re-rating factor as the stock has a P/E of 14.4x on 2023e. In the short term, the positive surprise on organic growth in Q1 and in particular on the performance of the specialised nutrition division should be welcomed. One swallow does not a summer make. But this start to the year is reassuring...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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