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  "docSlug": "13510954ecca",
  "documentTitle": "Danone (BN.PA)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-11-07 00:00:00",
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  "pageNumber": 12,
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  "notes": "The chart uses a regression line to show the correlation between growth and valuation, with Danone positioned below the trend line.",
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      "kind": "callout",
      "text": "Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure",
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      "kind": "chart",
      "text": "Relationship Between Long-Term Organic Sales Growth Targets and 2013E P/E",
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      "text": "Despite (a) health focus, (b) structurally attractive categories and (c) top-tier emerging markets exposure, Danone trades in-line with slower-growing US peers like Campbell and General Mills. Historically Danone traded at a premium to Nestle; now trades at approximately 1.5x discount on 2013 P/E and much wider discount on free cash flow yield.",
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      "text": "2013E P/E: 1.5x",
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      "text": "Source: Company filings and presentations. Note: Graph reflects mid-point of target organic sales growth where applicable...",
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      "kind": "title",
      "text": "Attractive Valuation",
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