Board Change • Apr 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. Independent Director Sanjiv Mehta was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 27
Upcoming dividend of €2.25 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 06 May 2026. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (3.1%). Announcement • Apr 23
Danone S.A. Approves Dividend for 2025, Payable on May 6, 2026 Danone S.A. approved the shareholder resolution for the distribution of 2025. The distribution of a dividend of €2.25 per share in cash, up +4.7% compared to last year. The ex-dividend date (or ex-date) is set on May 4, 2026, and the dividend will be payable on May 6, 2026. Announcement • Mar 23
Danone S.A. (ENXTPA:BN) entered into a definitive agreement to acquire Huel GmbH from Julian Hearn, Highland Europe (UK) LLP and 1GT Climate Private Equity Fund managed by Morgan Stanley, Investment Arm for €1.0 billion. Danone S.A. (ENXTPA:BN) entered into a definitive agreement to acquire Huel GmbH from Julian Hearn, Highland Europe (UK) LLP and 1GT Climate Private Equity Fund managed by Morgan Stanley, Investment Arm for €1.0 billion on March 23, 2026. A cash consideration of €1 billion will be paid by Danone S.A.
The transaction remains subject to customary closing conditions, including regulatory approvals. Announcement • Mar 09
Danone S.A., Annual General Meeting, Apr 23, 2026 Danone S.A., Annual General Meeting, Apr 23, 2026. Location: la maison de la mutualite, 24 rue saint victor, paris France Declared Dividend • Feb 26
Dividend increased to €2.25 Dividend of €2.25 is 4.7% higher than last year. Ex-date: 4th May 2026 Payment date: 6th May 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: €2.83 (vs €3.14 in FY 2024) Full year 2025 results: EPS: €2.83 (down from €3.14 in FY 2024). Revenue: €27.3b (flat on FY 2024). Net income: €1.82b (down 9.9% from FY 2024). Profit margin: 6.7% (down from 7.4% in FY 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
Danone Announces Targeted Recall of Specific Infant Formula Batch of Specific Infant Formula Products Danone announced targeted recall of specific infant formula batches Danone never compromises on food safety. Both routine controls and additional targeted analyses carried out in light of the current situation in the industry, confirm Danone's products are safe and fully compliant will all applicable safety regulations. In light of this sector situation, some local food safety authorities are evolving their guidance. In that context, as a responsible manufacturer and to comply with the latest guidance, Danone will withdraw from targeted markets a very limited number of specific batches of infant formula products. Danone's priority is to ensure that parents and healthcare professionals can continue to place their trust in the safety and quality of infant formula products. Parents can contact Danone's careline if they have any questions or concerns. Announcement • Jan 14
Silk Debuts New Plant-Based Protein Milk with 13g of Complete Protein Silk has launched Silk Protein, a new refrigerated plant-based milk with 13g of complete plant protein per serving -- the highest protein content of any refrigerated plant-based milk on shelves. Silk Protein offers 50% less sugar than regular dairy milk, a complete protein with all 9 essential amino acids, 3g of fiber, calcium and vitamin D, and no artificial sweeteners. Silk Protein is rolling out on shelves nationwide. Health and wellness goals account for 79% of New Year's solutions, and with 71% of Americans seeking to boost their protein intake as a way to reach those goals, the demand for accessible, high-quality protein options has never been more essential. Yet plant-based sources only account for one third (33%) of American's total estimated protein intake, signaling an opportunity to expand the market as more consumers seek convenient options for plant-based offerings that are packed with protein and taste delicious. That's why Silk, America's #1 plant-based beverage brand, is shaking up the protein and plant-based categories with its latest innovation: Silk Protein, a new high-protein, plant-based beverage with 13g of complete plant proteins per serving. As more people look to diversify their protein sources, there's an opportunity for more plant-based options. Varied sources of protein across lean meats, eggs, dairy, and plants help ensure well-rounded nutritional intake. In fact, a majority of healthcare professionals recommend clients and patients look to include a variety of protein sources in their diets. Silk Protein meets this growing demand with a new option that delivers the highest protein content of anyrigerated plant-based milk on shelf today, and additional benefits including fiber, calcium, vitamin D, and lower sugar that align with today's consumer demands. 3g of fiber, providing a good source for consumers. 50% less sugar* than regular dairy milk and 1/3 less sugar than value-added conventional milk. All 9 essential amino acids in adequate amounts, making it a complete protein. Calcium and vitamin D to support strong bones. No artificial sweeteners and 130 calories per serving. Available in two delicious flavors -- Silk Protein Original and Silk Protein Chocolate -- this new offering also delivers great taste and texture. Whether blended into a smoothie, swirled into coffee for a #pro coffee kick, or enjoyed out of a glass, Silk Protein is a convenient, delicious way to incorporate protein and other nutrients throughout the day. Silk Protein is rolling out On shelves nationwide this month, with additional product innovations planned for later this year. The product is available in 48oz multi-serve bottles at a suggested retail price of $5.99. To find Silk Protein near user, visit the Silk store locator and follow @Silk on Instagram and @ LoveMySilk on TikTok to stay up to date on the latest from the brand. Silk Protein Original: 4g total sugar/cup; reduced fat dairy milk: 11g total sugar/cup; value-added dairy milk: 6g total sugar/cup. Silk Protein Chocolate: 8g total sugar/cup); reduced fat chocolate dairy milk: 24g total sugar/cup; Value-added dairy milk: 12g total sugar/cup. Announcement • Dec 18
Danone S.A. (ENXTPA:BN) announces an Equity Buyback. Danone S.A. (ENXTPA:BN) commences share repurchases on December 17, 2025, under the program mandated by the shareholders in the Annual General Meeting held on April 24, 2025. As per the mandate the company will repurchase up to 68,662,960 shares, representing 10% of its total share capital. The company will repurchase its shares at a maximum purchase price of €85 per share. The shares will be repurchased for the purpose of allocation of shares with respect to the exercise of stock-options by employees and/or corporate officers of the company and of companies or economic interest groups related to it, the sale of shares to employees, the delivery of shares upon the exercise of rights attached to securities giving access to the company’s share capital, the later delivery of shares as payment or for exchange in the context of external growth transactions, the cancellation of shares within the maximum legal limit and/or supporting the market for shares in connection with a liquidity contract entered into with an investment service provider. The share repurchase program is valid for 18 months. Announcement • Dec 08
Tata Consumer Products Reportedly in Advanced Discussions to Acquire Danone SA’s India Nutraceuticals and Specialised Nutrition Portfolio Tata Consumer Products Limited (NSEI:TATACONSUM) is in advanced discussions to acquire Danone S.A. (ENXTPA:BN)'s India nutraceuticals and specialised nutrition portfolio, according to people familiar with the matter, part of its push in the fast-growing wellness and nutrition market. Negotiations taking place over the past few months gained momentum recently, one of the persons said. Both sides are said to be close to agreeing on valuation. An acquisition would give the maker of Tata Tea entry into the value-added nutrition segment, where it will compete with Nestlé and Abbott. TCPL has been building a broader wellness ecosystem, largely through acquisitions such as Soulfull, Capital Foods and Organic India, as well as expanding into protein-rich foods, organic staples and functional beverages. The company has been on the prowl for acquisitions for several years to enter segments beyond core staples and tea, said Abneesh Roy, executive director at brokerage Nuvama Institutional Equities. "But cracking the nutraceuticals and infant nutrition space won't be easy. While the Tata name adds trust in sensitive categories like infant nutrition, the segment is highly regulated and has stronger rivals like Nestlé," he said. "Protein has emerged as one of the hottest battlegrounds across FMCG, with almost every major player entering the segment." Danone and TCPL did not respond to queries. Announcement • Nov 08
Danone S.A. to Report Fiscal Year 2025 Results on Feb 20, 2026 Danone S.A. announced that they will report fiscal year 2025 results at 7:30 AM, Central European Standard Time on Feb 20, 2026 Announcement • Oct 28
Danone S.A. Confirms Sales Guidance for the Year 2025 Danone S.A. confirmed sales guidance for the year 2025. For the year, LFL sales growth expected between +3% and +5%, with recurring operating income growing faster than sales. Announcement • Sep 17
Ruchika Sharma Joins Danone as Head of Consumer Marketing Ruchika Sharma Joins Danone as Head of Consumer Marketing. Prior to this, Ruchika Sharma was with Reckitt as Senior Global Brand Manager. Ruchika Sharma has been appointed as Head of Consumer Marketing at Danone. Prior to this, Ruchika Sharma was with Reckitt for over 4 years. She last held the role of Senior Global Brand Manager at the company. Ruchika Sharma is a seasoned marketing leader with over 13 years of experience in healthcare, OTC, and consumer brands, driving brand growth, innovation, and market expansion across Reckitt, Abbott, Mars, and Whirlpool. In the past, she has led OTC brands Digene & Brufen at Abbott, delivering market share gains through impactful 360 campaigns. Her expertise lies inbrand turnarounds, consumer marketing, and P&L management, with a passion for building brands, driving market penetration, and leading high-performing teams. Announcement • Aug 26
Danone Announces Evolution of Its Leadership Structure Danone announced an evolution of its leadership structure. The company will operate through 3 geographies: EMEA, Asia Pacific and Americas. This leaner organization marks a further step in the deployment of the second chapter of Renew Danone. It will further enhance the company’s agility and market impact. To this effect, as of January 1st, 2026: Pablo Perversi is appointed President EMEA (Europe, Turkey, Middle East and Africa), · Bruno Chevot is appointed President APAC (Asia-Pacific), · Henri Bruxelles is appointed President Americas. reporting to Véronique Penchienati-Bosetta, Group Deputy CEO, in charge of geographies and categories. Christian Stammkoetter, currently President for Asia, Africa and the Middle East (AMEA), has decided to leave Danone to pursue a new challenge, after 19 years with the company. He will remain in his role until the end of the year. Henri Bruxelles will keep his JV and partners responsibilities. Laurent Sacchi, General Secretary, will assume leadership of Sustainability to continue delivering health mission through sustainability and social impact. Reported Earnings • Aug 01
First half 2025 earnings released: EPS: €1.62 (vs €1.89 in 1H 2024) First half 2025 results: EPS: €1.62 (down from €1.89 in 1H 2024). Revenue: €13.7b (flat on 1H 2024). Net income: €1.04b (down 15% from 1H 2024). Profit margin: 7.6% (down from 8.8% in 1H 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Announcement • Jul 29
Danone S.A. (ENXTPA:BN) acquired Dairy Latam Sl. Danone S.A. (ENXTPA:BN) acquired Dairy Latam Sl on July 28, 2025.
The transaction is subject to approval of offer by Danone S.A. shareholders and approval of offer by Dairy Latam shareholders. The deal has been approved by shareholders of Dairy Latam Sl and Danone S.A.
Danone S.A. (ENXTPA:BN) completed the acquisition of Dairy Latam Sl on July 28, 2025. Buy Or Sell Opportunity • Jun 17
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €71.72. The fair value is estimated to be €90.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 6.2%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Announcement • May 13
Danone S.A. (ENXTPA:BN) entered into a definitive agreement to acquire an unknown majority stake in Kate Farms, Inc. from a group of shareholders. Danone S.A. (ENXTPA:BN) entered into a definitive agreement to acquire an unknown majority stake in Kate Farms, Inc. from a group of shareholders on May 12, 2025. Following the closing of the transaction, Kate Farms’ Chief Executive Officer, Brett Matthews, will serve as Chairman and Chief Executive Officer of Danone’s North American Medical Nutrition business. Kate Farms’ senior management will retain a minority stake in the combined business. The transaction remains subject to customary closing conditions, including regulatory approval.
Led by Evan Smith, Pelin Serpi, Heather Deixler, Josh Friedman, Laura Waller, Rene de Vera, Elizabeth Richards, Nicole Liffrig Molife, Joshua Holian, Patrick English, and Jamie Sadler, Latham & Watkins LLP acted as legal advisor for Kate Farms, Inc. Rothschild North America Inc. acted as financial advisor for Kate Farms, Inc. Buy Or Sell Opportunity • May 12
Now 21% undervalued Over the last 90 days, the stock has risen 7.9% to €71.83. The fair value is estimated to be €90.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 6.2%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 7.5% per annum over the same time period. Upcoming Dividend • Apr 28
Upcoming dividend of €2.15 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: €3.14 (vs €1.36 in FY 2023) Full year 2024 results: EPS: €3.14 (up from €1.36 in FY 2023). Revenue: €27.4b (flat on FY 2023). Net income: €2.02b (up 132% from FY 2023). Profit margin: 7.4% (up from 3.2% in FY 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Mar 02
Dividend increased to €2.15 Dividend of €2.15 is 2.4% higher than last year. Ex-date: 5th May 2025 Payment date: 7th May 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not covered by earnings (134% earnings payout ratio). However, it is covered by cash flows (51% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 49% to bring the payout ratio under control. EPS is expected to grow by 60% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 28
Danone S.A., Annual General Meeting, Apr 24, 2025 Danone S.A., Annual General Meeting, Apr 24, 2025. Announcement • Feb 26
Danone S.A. Proposes Dividend for the Year 2024, Payable on May 7, 2025 Danone S.A. announced at the Annual Shareholders’ Meeting on April 24, 2025, Danone’s Board of Directors will proposed a dividend of €2.15 per share in respect of the 2024 fiscal year, up +2.4% compared to previous year. Assuming this proposal is approved, the ex-dividend date will be May 3, 2025, and the dividend will be payable on May 7, 2025. Announcement • Jan 15
Danone S.A. to Report Fiscal Year 2024 Results on Feb 26, 2025 Danone S.A. announced that they will report fiscal year 2024 results at 7:30 AM, Central European Standard Time on Feb 26, 2025 Reported Earnings • Aug 01
First half 2024 earnings released: EPS: €1.89 (vs €1.70 in 1H 2023) First half 2024 results: EPS: €1.89 (up from €1.70 in 1H 2023). Revenue: €13.8b (down 2.9% from 1H 2023). Net income: €1.22b (up 12% from 1H 2023). Profit margin: 8.8% (up from 7.7% in 1H 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Jul 31
Danone S.A. Provides Earnings Guidance for the Year 2024 Danone S.A. provided earnings guidance for the year 2024. For the period, the company confirms 2024 guidance: Like-for-like sales growth between +3% and +5% with moderate improvement in recurring operating margin. Announcement • Jun 13
Danone S.A. to Report Q2, 2024 Results on Jul 31, 2024 Danone S.A. announced that they will report Q2, 2024 results at 9:00 AM, Coordinated Universal Time on Jul 31, 2024 Announcement • May 03
Danone S.A. (ENXTPA:BN) acquired Nutritional Medicinals, LLC from SPC Management Co. Inc. Danone S.A. (ENXTPA:BN) acquired Nutritional Medicinals, LLC from SPC Management Co. Inc. on May 1, 2024. Lazard served as exclusive financial advisor to Functional Formularies, and Jones Day acted as legal counsel to Functional Formularies and Swander Pace Capital on the transaction.Danone S.A. (ENXTPA:BN) completed the acquisition of Nutritional Medicinals, LLC from SPC Management Co. Inc. on May 1, 2024. Announcement • Apr 27
Danone Approves Dividend for the Year 2023, Payable on May 7, 2024 Danone at its shareholders meeting held on April 25, 2024 approved distribution of a dividend of €2.10 per share in cash for the year 2023, up +5.0% compared to last year. The ex-dividend date (or ex-date) is set on May 3, 2024, and the dividend will be payable on May 7, 2024. Upcoming Dividend • Apr 26
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 07 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.1%). Announcement • Apr 19
Danone S.A. Confirms Sales Guidance for the Year 2024 Danone S.A. confirmed sales guidance for the year 2024. For the period, the company confirmed like-for-like sales growth between +3% and +5% with moderate improvement in recurring operating margin. Declared Dividend • Mar 04
Dividend increased to €2.10 Dividend of €2.10 is 5.0% higher than last year. Ex-date: 3rd May 2024 Payment date: 7th May 2024 Dividend yield will be 3.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not covered by earnings (154% earnings payout ratio). However, it is covered by cash flows (52% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 71% to bring the payout ratio under control. EPS is expected to grow by 84% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 24
Danone S.A., Annual General Meeting, Apr 25, 2024 Danone S.A., Annual General Meeting, Apr 25, 2024. Agenda: To propose a dividend of 2.10 per share in respect of the 2023 fiscal year, up +5.0% compared to last year, and back to 2019 record-level. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: €1.36 (vs €1.48 in FY 2022) Full year 2023 results: EPS: €1.36 (down from €1.48 in FY 2022). Revenue: €3.48b (down 87% from FY 2022). Net income: €873.0m (down 7.7% from FY 2022). Profit margin: 25% (up from 3.4% in FY 2022). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Feb 22
Danone Reportedly Plans to Sell Russian Operations to Chechnya-Linked Businessman Danone S.A. (ENXTPA:BN) is planning to sell its Russian business to a member of its Kremlin-installed management linked to the nephew of Chechen strongman Ramzan Kadyrov, seven months after Vladimir Putin ordered the seizure of the French company’s local operations. The dairy products group is looking to sell the rebranded Life & Nutrition to Vamin Tatarstan (OAO VAMIN Tatarstan), a Russian dairy company owned by 29-year-old Mintimer Mingazov, according to documents seen by the Financial Times and people familiar with the situation. Mingazov was appointed to Life & Nutrition’s board this summer shortly after the Kremlin handed control of the business to Yakub Zakriev, Kadyrov’s 33-year-old nephew, as Moscow retaliated against western sanctions imposed in response to its assault on Ukraine. In a letter sent to Russian agriculture minister Dmitry Patrushev and seen by the FT, Ayrat Mukhamadeev, the director of a newly created company owned by Vamin Tatarstan, said it had agreed to pay RUB 17.7 billion ($191.5 million) to take control of Danone’s Russia business-RUB 7.7 billion of which will go towards servicing debt in the Russia operation with the rest paying for Danone’s equity in the company. Two people with knowledge of the matter confirmed that the French group was pursuing a sale to Vamin. Danone declined to comment. The deal is subject to the approval of Russia’s Ministry of Agriculture before being voted on by a special government subcommittee in charge of approving exits by western companies. A green light remains uncertain, according to people with knowledge of the process-numerous western companies have had their applications rejected, or seen their deals fall apart because of disagreement within the Russian government. In the letter to the minister, Mukhamadeev said the transaction price represented a 56% discount to the business’s market value, according to an independent appraisal cited by the company. He noted that in order to ensure the “continuity” of its former Russian business, Danone had agreed to provide support until the end of July next year as Life & Nutrition continues to localise production of certain ingredients to preserve “the high quality of products to which Russian consumers are accustomed”. Announcement • Jan 02
Platinum Equity, LLC signed a definitive agreement to acquire an unknown majority stake Horizon Organic and Wallaby from Danone S.A. (ENXTPA:BN). Platinum Equity, LLC signed a definitive agreement to acquire an unknown majority stake in Horizon Organic and Wallaby from Danone S.A. (ENXTPA:BN) on January 1, 2024. The proposed acquisition of Horizon Organic and Wallaby is subject to customary closing conditions and regulatory approval. Morgan Lewis is serving as legal advisor and Alston & Bird is serving as debt financing counsel to Platinum Equity. Announcement • Dec 02
Danone S.A. to Report Fiscal Year 2023 Results on Feb 21, 2024 Danone S.A. announced that they will report fiscal year 2023 results After-Market on Feb 21, 2024 Announcement • Oct 28
Danone S.A. Revises Sales Guidance for the Year 2023 Danone S.A. revised sales guidance for the year 2023. For the year, the company expects Like-for-like sales growth now expected between +6% and +7%, versus +4% and +6% previously. Buying Opportunity • Sep 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be €66.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €1.70 (vs €1.14 in 1H 2022) First half 2023 results: EPS: €1.70 (up from €1.14 in 1H 2022). Revenue: €14.2b (up 6.3% from 1H 2022). Net income: €1.09b (up 49% from 1H 2022). Profit margin: 7.7% (up from 5.5% in 1H 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Jul 26
Danone S.A. Provides Sales Guidance for the Year 2023 Danone S.A. provided sales guidance for the year 2023. For the year, the company expects sales growth expected between +4 and +6%, with moderate recurring operating margin improvement. Announcement • Jun 28
Danone S.A. to Report First Half, 2023 Results on Jul 26, 2023 Danone S.A. announced that they will report first half, 2023 results on Jul 26, 2023 Upcoming Dividend • May 02
Upcoming dividend of €2.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 11 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.5%). Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: €1.48 (vs €2.94 in FY 2021) Full year 2022 results: EPS: €1.48 (down from €2.94 in FY 2021). Revenue: €27.7b (up 14% from FY 2021). Net income: €946.0m (down 50% from FY 2021). Profit margin: 3.4% (down from 7.8% in FY 2021). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buying Opportunity • Feb 03
Now 20% undervalued Over the last 90 days, the stock is up 1.1%. The fair value is estimated to be €63.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.3%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Board Change • Jan 14
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director Patrice Jean Louvet was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 26
Danone S.A. to Report Fiscal Year 2022 Results on Feb 22, 2023 Danone S.A. announced that they will report fiscal year 2022 results at 7:30 AM, Central European Standard Time on Feb 22, 2023 Upcoming Dividend • May 03
Upcoming dividend of €1.94 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (4.6%). In line with average of industry peers (3.4%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.94 (down from €2.99 in FY 2020). Revenue: €24.3b (up 2.8% from FY 2020). Net income: €1.90b (down 2.2% from FY 2020). Profit margin: 7.8% (down from 8.2% in FY 2020). Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 4.5%, compared to a 5.9% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Board Change • Jan 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. Independent Chairman of the Board Gilles Schnepp was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. Independent Chairman of the Board Gilles Schnepp was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Dec 01
Chief Human Resources Officer Bertrand Austruy has left the company On the 29th of November, Bertrand Austruy's tenure as Chief Human Resources Officer ended. We don't have any record of a personal shareholding under Bertrand's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.63 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 31
First half 2021 earnings released: EPS €1.63 (vs €1.55 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €11.8b (down 2.9% from 1H 2020). Net income: €1.06b (up 5.2% from 1H 2020). Profit margin: 9.0% (up from 8.3% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Executive Departure • May 04
Director has left the company On the 29th of April, Benoît Potier's tenure as Director ended after 18.1 years in the role. We don't have any record of a personal shareholding under Benoît's name. A total of 4 executives have left over the last 12 months. Upcoming Dividend • May 03
Upcoming dividend of €1.94 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (4.0%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorated over the past week After last week's 79% share price decline to €12.52, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Food industry in the United Kingdom. Total loss to shareholders of 79% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.10 per share. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS €2.99 (vs €2.95 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €23.6b (down 6.6% from FY 2019). Net income: €1.94b (up 1.4% from FY 2019). Profit margin: 8.2% (up from 7.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Executive Departure • Mar 17
Chairman & CEO Emmanuel Faber has left the company On the 15th of March, Emmanuel Faber's tenure as Chairman & CEO of the company ended after 6.5 years in the role. We don't have any record of a personal shareholding under Emmanuel's name. A total of 3 executives have left over the last 12 months. Under Emmanuel's leadership, the company delivered a total shareholder return of 29%. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS €2.99 (vs €2.95 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €23.6b (down 6.6% from FY 2019). Net income: €1.94b (up 1.4% from FY 2019). Profit margin: 8.2% (up from 7.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 0.5%. Over the next year, revenue is forecast to stay flat compared to a 5.1% growth forecast for the Food industry in the United Kingdom. Is New 90 Day High Low • Feb 20
New 90-day high: €57.11 The company is up 9.0% from its price of €52.52 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Food industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €89.87 per share. Is New 90 Day High Low • Jan 19
New 90-day high: €56.23 The company is up 11% from its price of €50.56 on 21 October 2020. The British market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €91.52 per share. Is New 90 Day High Low • Oct 16
New 90-day low: €53.51 The company is down 11% from its price of €60.25 on 17 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €102 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €54.50 The company is down 14% from its price of €63.44 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €94.76 per share. 
