Danone S.A.
Thesis
Danone is the leading global yogurt manufacturer and has undergone a strategic reconfiguration of its business, selling off less profitable segments and acquiring growth-oriented businesses like Numico. The company benefits from negative working capital and has a strong growth rate in a category where per capita consumption is still low in the U.S. and emerging markets. Its leadership in R&D allows for the development of innovative products with health benefits, making it an attractive long-term investment.
Did it work?
Without specific price performance data or a defined time frame since the pitch, it's difficult to assess whether the thesis has played out. While the strategic reconfiguration and growth potential in emerging markets are valid points, the lack of concrete outcomes or market reactions leaves the overall effectiveness of the investment thesis uncertain.
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