Nestle : H1 beats expectations on the l-f-l performance, operating margin and EPS with a turning point on the gross margin and very marked increase in FCF
>Positive reaction expected - Outperform maintained with a target price of CHF 123. H1 results should be well received: 1/ underlying EPS was 6% beating forecasts with stronger organic growth and an unexpected improvement in the underlying operating margin, 2/ a number of key indicators (marketing and gross margin) marked a turning point, 3/ the share has clearly underperformed over the past 3 months and on a YTD basis and 4/ 2024e PER down to 19x.Underl...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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