European Daily Focus: Thursday, 21st May 2026

研报英文原文证据摘录

European Daily Focus: Thursday, 21st May 2026

Deutsche Bank

Research

Europe Strategy Date

21 May 2026

European Daily Periodical

Focus

Thursday, 21st May 2026

Jonathan Jayarajan

TOP STORIES Research Analyst

EXPERIAN (EXPN.L) - A mountain and a molehill +44-20-754-76037

Ben Wild: Tgt 4550p to 4000p. Last Close 2630p, Buy. In FY26, Experian has

demonstrated continued operational, strategic and financial progress. The cloud

transition is complete, providing a pathway to lower investment intensity (20 bps

EBIT margin benefit per year for the next five years) and greater scalability.

Strategically, management highlight higher contract values and longer contract

durations arising in a significant year of contract renewal - a culmination of past

investment decisions that underpin consistently strong growth in North America

B2B (Financial Services ex mortgage organic growth was ~9% in H1 and H2 26;

with Q4 at 10%). Overall, the group delivered adj. EPS growth of 15% in FY26, with

H2 organic growth of ~8.4% and EBIT margin expansion of ~70 bps.

DANONE (DANO.PA) - Twin growth deficits Figure 1: Table of Contents

Tom Sykes: Tgt EUR65 to EUR59. Last Close EUR63.50, Sell. China trade data

Top Stories Page 01

shows infant formula imports declined in April with volumes down 15% and price/ Target Price Changes Page 02

mix slowing to only low single digit. The China infant formula market looks like it is Company Updates Page 02

in more than just "normalisation". At the same time the company continues to lose Sector Updates Page 06

Strategy / Economics Page 08

share in the US yogurt category, which itself is slowing and seeing an increasing Global Focus Page 10

level of promotions. With the outlook for these businesses slowing we are cutting Source : Deutsche Bank