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Danone: Oddo still a buyer

( - Oddo believes that organic growth is slightly higher than expected and that FX factors are becoming positive once again after several negative quarters.

The broker therefore confirms its Outperform rating on the stock, with a target price of 71 euros.

Q3 sales rose by 5.8% to 6,158 million euros, with organic growth of 3.8%, a currency effect of +1.5% and a consolidation scope effect of +0.3%. This is 1.7% above the consensus, which expected a 4.1% increase in sales, with organic growth of 3.6%, the analyst points out.

Both Oddo and the consensus were expecting growth in volumes. However, the decline in volumes seen at the group level is exclusively due to the Spec Nutrition division (-5.3% in volumes and +8% in mix/price), whereas the EDP (+0.6% in volumes and +4.1% LFL) and Waters (+2.4% in volumes and +4.6% LFL) divisions are not only in line with (even slightly better) in terms of organic growth, but they are also growing in volumes with a better mix and price, Oddo adds.

The analyst also points out that the operating margin target (broadly in line with ll in 2020) has been maintained despite a general acceleration in inflation. Analysts still expect 13.7% and note that the consensus, which was 13.9% at the beginning of the year, is gradually moving towards the broker's own estimate.

The market seems to think otherwise - at least today: the share is currently down over 1.5% in a very flat market.

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