(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating for Danone shares, with an unchanged target price of 64 euros.
‘On the eve of the results, we continue to believe in a rerating. The stock’s recent recovery brought the PE 23rd to a level close to 15x’, indicates the analysts’ office, which estimates that the results should be ‘broadly in line with consensus expectations’.
According to Oddo, the signals of refocusing are multiplying, with in particular the announcement in mid-October of the desire to exit Dairy’s assets in Russia, an adjustment of the organization which gives a little more room to the divisions or the announcement almost a month ago of the strategic review of organic milk active ingredients in the United States (Horizon and Wallaby).
‘Over 2023, we have adjusted our estimates due to currencies and anticipate an adjusted diluted EPS of +6% with a 30bp recovery in operating profit with organic growth of 3% including +5% price effect and -2% volume/mix effect’, concludes Oddo.
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