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Danone (BNFP; Baa1/BBB+) 7Y FV

CONSUMER STAPLES

€ Bmrk 7Y IPT MS+110-115 vs FV 75 (+35)

  • please note overhanging risk from NEC lawsuits keeps Reckitt (A3/A-) wide

More high-grade F&B supply; Danone for the unfamiliar is the parent of essential dairy & plant based products (52%), specialised nutrition (31%) & water (17%) - Activia & Alpro are examples. Well diversified across the globe - unfortunately that meant taking a €1.2b loss after losing control of management in its Russian business.

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€ Bmrk 7Y IPT MS+110-115 vs FV 75 (+35)

  • please note overhanging risk from NEC lawsuits keeps Reckitt (A3/A-) wide

More high-grade F&B supply; Danone for the unfamiliar is the parent of essential dairy & plant based products (52%), specialised nutrition (31%) & water (17%) - Activia & Alpro are examples. Well diversified across the globe - unfortunately that meant taking a €1.2b loss after losing control of management in its Russian business.

Keep reading...Show less