Nestle : Q1 sales: volume/mix slightly lower for a price effect of +9.8% with a negative impact from range rationalisation
>Outperform rating maintained - Outperform rating maintained with a target price of CHF 123 (DCF) which implies a 2024 P/E of 22x and points to further upside vs peers like PepsiCo or P&G (average 2024e P/E of 24x). Organic growth of 9.3% in Q1 showed very surprising resilience at the volume/mix level (-0.5% only) for a very significant price effect (+9.8%). The start of 2023 should increase the level of confidence in the guidance (6% to 8%) which some investors had ...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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