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  "documentTitle": "Danone (BN.PA)",
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  "presentationDate": "2012-11-07 00:00:00",
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      "text": "Danone has greater Emerging Market exposure at 52% than most of its peers and is growing at similar or better rates in these markets",
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      "text": "In the US, companies with relatively higher Emerging Market exposure have delivered differentiated top-line growth and receive premium valuations (e.g. Heinz, Mondelez)\nDanone has greater Emerging Market exposure at 52% than most of its peers and is growing at similar or better rates in these markets",
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      "text": "Source: Danone and Unilever investor presentations, SEC filings, Annual Reports, conference call transcripts. Note: Danone emerging market exposure as of June 30, 2012. Kellogg emerging markets pro forma for Pringles acquisition. Estimates 6% for ConAgra: foreign net sales were 12% of total in FY12, and assumes 50% of foreign sales were to emerging market economies.",
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