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Groupe Danone posted strong revenue growth for 9M 08, driven by sales growth across all divisions. Furthermore, Management has reiterated its revenue guidance for FY 2008. Therefore, we do not anticipate a change in our current BUY common stock rating. Although the ADR target price supports a BUY rating at current levels, we now expect a significant negative currency impact on the ADR in the long term1....

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Groupe Danone (Danone) recorded healthy growth in all segment except the Waters segment. In addition, margins have increased due to operational efficiency of its Dairy division and cost synergies relating to the integration of Numico....

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Groupe Danone’s common stock depreciated significantly since our previous update report, dated 02 April 2008, due to overall decline in the global markets. Furthermore, we believe increasing commodity prices will impact margins if the company is not able to pass on the increased cost to consumers. Going forward, we expect strong growth in revenues, in line with Management expectation, driven by the acquisition of Royal Numico (Numico) for FY 2008....