Danone: There's no AI in dairy...oh

研报英文原文证据摘录

Danone: There's no AI in dairy...oh

Deutsche Bank

Research

Rating Company Date

Sell Danone 2 July 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 72.20

DANO.PA BN FP PAR DANO

Price Target (EUR) 63.00

Consumer Staples

ADR ISIN 52-week range (EUR) 79.60 - 60.94

Food Manufacturing

DANOY US23636T1007

There's no AI in dairy...oh

Valuation & Risks

Tom Sykes

Too far, too quickly Research Analyst

Danone and other Staples companies continue to be significant beneficiaries of +44-20-754-76418

sector rotation with the stock up over 15% in the last month. This increase has been

Archit Agarwal

in part driven by M&A (announced and avoided) and also due to Staples being seen Research Associate

as having limited AI impacts and as such being beneficiaries of rotation out of AI

stocks.

Madhu Vijay

Research Associate

Whilst there is no "AI" in dairy, there are funds from AI stocks that are squeezing

Staples higher and Danone now sits on a high 18x fwd 12m PE and at an 18% PE

premium to the market. This is despite the forward 12m EPS of Danone having Mitch Collett

underperformed the market since pre COVID and also since the management's Research Analyst

+44-20-754-11307

reset of earnings in 2022.

Pritam Palit

We take into account that near term performance is better than previously Off-Shore Associate

anticipated and we include recent M&A and FX changes as well as reduce our

forecast interest charge. The net effect of these is to raise our FY 26e EPS by 2.8%

and FY 27e by 6.3%. However our EPS estimates are in-line to marginally below Key changes

consensus. TP 59.00 to 63.00 ↑ 6.8%

DB EPS (EUR) 3.80 to 3.91 ↑ 2.8%

28,132 to We model a 25a to 28e ~5% EPS CAGR and on our revised forecasts the stock sits

Revenue (EURm) ↑ 0.9%