Nestle : A very good Q4 with reassuring price/volume elasticity. But cautious guidance for the margin after -30bp in 2021
>Reception likely to be mixed - Outperform maintained. The 2021 results publication revealed a number of small areas of disappointment (2021 operating margin -30bp, dividend at +2%, 2022 guidance, impairment on Wyeth). It would not be surprising were the share price to decline in proportion with the revision to EPS of -2% to -3% which we anticipate from the consensus for 2022 and thereafter. With 2023e PER of 23x (based on a forecast that stands 2% below the consensus...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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