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  "documentTitle": "Danone (BN.PA)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2012-11-07 00:00:00",
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      "text": "We believe the market is offering investors a world-class business for relatively low multiples of earnings and cash flow",
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      "text": "Trian holds an approximate 1% economic interest in Danone; 21st Century Portfolio (Yogurt 46%, Baby/Medical 37%, Water 17%); 52% of Sales in Emerging Markets; Attractive valuation (7% FCF yield, 14.8x P/E, 9.3x EV/EBITDA); Target price €78",
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      "text": "Share Price: €48; Market Cap: €29bn; Enterprise Value: €36bn; Dividend Yield: 3%",
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      "text": "Source: Company filings. Note: Market data as of November 2, 2012. EBIT contribution represents first-half 2012 trading operating profit results. Balance sheet data used for calculation of market cap and enterprise value as of June 30, 2012. (1) Includes dividends received over ~2-year holding period.",
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