Danone : Q2 expected at close to 6% l-f-l with an operating margin close to 12% in H1
>Reassuring tone. Outperform maintained - Outperform rating maintained with a target price of € 71. We continue to believe that the group’s recovery and valuation multiples (P/E 2023e: 14x) will hinge above all on a redefinition of the scope, which will make it possible to redeploy the core business with a view to building resilience. At this stage, the management’s message on M&A remains timid, (rightly) highlighting that the priority is not acquisitions. But this do...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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