Danone : Un autre pas vers le recentrage du portefeuille
>Un signal encourageant à un moment proche de la capitulation - Surperformance maintenu (OC de 64 €). Avec un PE23e <14x, le titre est le moins cher des hybrides (éparpillement stratégique et empreinte opérationnelle déséquilibrée). La mise sous revue stratégique d’Horizon et Wallaby qui suit la décision annoncée en octobre de sortir du Dairy en Russie apporte de la crédibilité à notre thèse d’investissement. Comme en témoigne la sous-performance du titre depuis l’été...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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