Independent equity research
Is Danone S.A. (BN) a Buy, Hold or Sell?
Danone S.A. — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€72.23
To fair value
+18%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
Danone earns 55% of recurring operating profit in Specialized Nutrition at a 21.7% margin yet trades on 15.1x 2027 earnings against a 16.7x peer median; we expect that gap to close as medical nutrition scales, and are wrong if EDP margin is still below 8% at the FY2027 results
How we value it
We value Danone S.A. using Sum-of-the-parts on FY2027E segment recurring EBIT, cross-checked on an FCFE perpetuity. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Danone S.A. report
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