Nestlé : Nous adoptons un scénario de transition dans l’attente de la redéfinition des objectifs par le nouveau CEO
>Le redressement de la crédibilité reste envisageable à un horizon raisonnable - Surperformance maintenue mais avec un OC abaissé à 101 CHF (vs 113 CHF ante). Notre OC (DCF avec bêta volontairement remonté à 0.9) implique un PE 25e de 19x et un potentiel proche de 20%. Avec un PE 25e qui est tombé à 17x nous pensons que la confiance des investisseurs est bien plus abimée que le modèle de croissance rentable et résiliente sur lequel Nestlé a construit son statut de va...Nestle is a holding company which is based in Switzerland. Through its subsidiaries and allied companies, Co. is engaged in the food processing industry. Co.'s product portfolio has seven categories, Powder and Liquid Beverages, Nutritional and Health Science, Milk products and ice cream, Prepared dishes and cooking aids, PetCare, Confectionery and Water.
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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