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Groupe Danone

Danone is a French food-products company which has recently undertaken transformational M&A and altered its product portfolio as a result. Essential Dairy and Plant-Based (EDP) products accounted for 53% of its FY17 total revenues following the consolidation of WWF from 12 April 2017. Danone's other business lines are Specialized Nutrition (26%) and Waters (20%). In terms of geographic breakdown, 53% of the company's FY17 revenue was generated in Europe & Noram (US and Canada), with 'Rest of the World' accounting for the balance. Management's strategy is to concentrate on expansion in high-growth regions such as Mexico, Indonesia, China, Russia, the USA and Brazil. The group's global brands include Actimel and Activia in Dairy and Evian and Volvic in Waters. WWF's brands include dairy-products Horizon & Organic, and plant-based milk substitutes Silk and So-Delicious. (12 Sep 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Barry Callebaut: New Partly Sustainable Euro Bond?

Worth Watching: 23 Nov 2018, 4:38 AM ET - Barry Callebaut (BARY: Baa3/BBB-/NR), where we hold a Market perform opinion relative to our investment grade European food & beverage names, has announced plans to issue a new sustainable Reg S euro benchmark-sized bond with almost indecent ha ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

Danone: 3Q18 – Chinese Contraction

Worth Watching: 17 Oct 2018, 8:00 AM ET - Danone (BNFP: Baa1/BBB+/NR), where we hold an Outperform opinion relative to its European food & beverage peers updated on its 3Q18 sales performance this morning. Trends in Chinese baby food sales bear watching after their sharp drop year on ye ..

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
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Danone: 1H18 - Deleveraging Disturbed

Worth Watching: 27 Jul 2018, 2:46 PM ET - Danone: the company's 1H18 results were slightly negative for the bonds on the morning after a busy earnings day. We haven't added back a large asset impairment charge relating to the Moroccan subsidiary for EBITDA purposes, so our LTM 1H18 EBI ..

Unilever NV/PLC 1H18: Shareholder Friendly

Earnings Note: 19 Jul 2018, 12:55 PM ET - Unilever’s 1H18 results highlighted its tilt towards rewarding shareholders since KHC’s abortive bid approach early last year.        

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Danone: 1Q18 - Healthy Start

Worth Watching: 18 Apr 2018, 5:45 AM ET - Danone (BNFP: Baa1/BBB+/NR), where we hold an Outperform opinion relative to its European food & beverage peers, updated on its 1Q18 sales performance this morning. On a reported basis, total sales increased by almost 11%, a combination of the ..
Focused

Danone: Inaugural Euro Social Bond

Worth Watching: 19 Mar 2018, 5:19 AM ET - Danone (BNFP: Baa1/BBB+/NR), where we hold an Outperform opinion, was in the euro market this morning with an inaugural euro Social Bond to raise €300 mn, per Bloomberg news reports. Proceeds will be used for 'eligible social projects as define ..
Focused

Danone Summary FY17: Delivering Deleveraging

Earnings Note: 16 Feb 2018, 8:43 AM ET - Danone’s summary FY17 results and current year outlook affirmed that the deleveraging story is intact.  
Focused

Danone: Realising Alternate Liquidity

Worth Watching: 14 Feb 2018, 6:00 AM ET - Danone (Baa1/BBB+/NR), where we hold an Outperform opinion relative to our European food & beverage coverage, surprised this morning with an announcement that it plans to reduce its stake in Japanese dairy/yoghurt company, Yakult Honsha Co, Ltd ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

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