Danone : T3 attendu à 6.9% en lfl avec un effet volume/mix à -0.8%
>Surperformance maintenue avec un OC ajusté à 64 € - Surperformance maintenue avec un OC ramené à 64 € (vs 71 € ante) en raison de l’évolution des paramètres de marché dans une approche DCF avec un bêta maintenu à 1x (en raison d’un profil de risque qui se doit d’être amélioré). Notre opinion positive n’est pas un call value qui repose sur une simple question de décote (PE 12mfwd de 14x vs une moyenne de 20x pour un panel de 36 valeurs européennes et US de Food Spirit...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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