Danone an M&A Target, Pepsi, Nestle Most Likely Bidders: Natixis
2014-06-26 08:05:47.212 GMT
By Heather Burke
June 26 (Bloomberg) -- Danone needs to have a sustained
improvement in EPS, ROIC, “risk profile” to ward off a
takeover bid, Natixis says, raises to buy vs neutral.
* Raises PT ~38% to EU73 vs EU53, factoring in takeover of
EU81, with chance of avoiding a purchase by “radical and
value-creating change”
* Takeover possible right now, discount on asset value 50%
* PepsiCo, Nestle 2 most likely buyers
* Shrs up as much as 3.4%, most since March, tops CAC 40
Kepler (hold):
* CFO reiterated 2014 trading oper. margin forecast at capital
mkts event, China dairy head said rebuilding on schedule
* Co-CEO Faber made commitment to increase ROIC
* Kepler sees medical nutrition unit being sold
* Sees signs of “fundamental” change in attitude amid Europe
restructuring, came away from event more positive on co.
* Next catalyst: 1H earnings July 25
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Heather Burke in London at +44-20-7673-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-06-26 08:05:47.212 GMT
By Heather Burke
June 26 (Bloomberg) -- Danone needs to have a sustained
improvement in EPS, ROIC, “risk profile” to ward off a
takeover bid, Natixis says, raises to buy vs neutral.
* Raises PT ~38% to EU73 vs EU53, factoring in takeover of
EU81, with chance of avoiding a purchase by “radical and
value-creating change”
* Takeover possible right now, discount on asset value 50%
* PepsiCo, Nestle 2 most likely buyers
* Shrs up as much as 3.4%, most since March, tops CAC 40
Kepler (hold):
* CFO reiterated 2014 trading oper. margin forecast at capital
mkts event, China dairy head said rebuilding on schedule
* Co-CEO Faber made commitment to increase ROIC
* Kepler sees medical nutrition unit being sold
* Sees signs of “fundamental” change in attitude amid Europe
restructuring, came away from event more positive on co.
* Next catalyst: 1H earnings July 25
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Heather Burke in London at +44-20-7673-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net