Danone : Results beat estimates and reassuring 2023 targets
>The expected reaction - Outperform rating maintained with a target price of € 64, which implies a PER23e slightly below 18x (14.6x at the current price), a similar level to Unilever (Outperform, target price: € 58) which is also a hybrid for which hopes of a refocusing are growing.The 2022 results above estimates with underlying diluted EPS 2% > the consensus, as well as the very good surprise on FCF, should underpin a positive reaction from the stock.§...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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