Ngobusuku bokubikwa kukaDanone (PA: UDano) (ohlelelwe uFebhuwari 19), umnikazi omkhulu weqembu laseFrance, i-American Investmonment Fund Artisan Partner (NYSE: Apam) ekhomba izinkinga zenkampani yacela ukubuyekeza isifundo. I-Investfond Ibizelwe Abaqondisi BakwaDanone ukuthi baxoshe usihlalo kanye nomqondisi omkhulu we-Emmanuel Faber, ukuvimba ukuhlelwa kabusha okuhleliwe kweqembu avikele, futhi athengise imikhiqizo engasebenzi kahle. Isikhwama, ngokuya ngemininingwane yaso, siyisithathu ngobukhulu samasheya ama-danone anamaphesenti ama-3 ahlanganyele.
Ngokusho kwabalingani be-Artisan, uDanone alahlekelwe yisiko lokusungula izinto ezintsha, anciphise izindleko zokukhangisa, okungukuthi, "azitshali imali eyanele emidlalweni yazo" futhi zilahlekelwa isabelo semakethe.
Ubungozi nezinselelo
UDanone wasungulwa ngo-1919 eBarcelona, phakathi nempi yezwe yesibili wathuthela eNew York, futhi kusukela ngo-1954 ekomkhulu lakhe liseFrance. Cishe ngasikhathi sinye, le nkampani yaqhamuka futhi yaletha emakethe umkhiqizo omusha - iyogathi ngokugcwaliswa kwezithelo. Ekuqaleni kweminyaka yama-1990s, inkampani yaphenduka isiqhwaga esinenombolo enkulu yemikhiqizo ehlukahlukene yabathengi nezokugembula (NYSE: PG). I-Danone ikhiqize i-yogurts, ushizi, ubhiya, amanzi amaminerali, ukudla kwezingane, i-champagne, i-pasta, amabhisikidi, ama-toast, imikhiqizo ehlukahlukene ebuhlungu nokunye okuningi.
Waqinisa isikhundla sakhe kakhulu esingakwamukela ukuncintisana naye, isidleke, kepha isivumelwano asizange senzeke. Manje inkampani ibandakanyeka ekukhiqizweni kwemikhiqizo yobisi, ukudla okukhethekile kokudla kanye namanzi okuphuza, athengiswa emazweni angaphezu kwangu-120. Abasebenzi bawo badlula abantu abayizinkulungwane eziyikhulu abasebenza emazweni angama-55.
Ubungozi obukhulu bale nkampani ukuthi ukukhula kokuthengisa ngeke kuhambisane nokuthengiswa kwemikhiqizo ye-lactic acid), kungenzeka ukwehlisa ukukhula kwemakethe yaseChina ngonyaka owedlule, nezinkomba Ezimakethe ezivelayo kungenzeka kube kubi ngaphezu kokulindelwe. Isisekelo esiphakeme kakhulu senza inkampani ibe sengozini yokwehla kwe-EBITDA. Ngaphezu kwalokho, ukulondolozwa kwemikhawulo okubangelwa ubhubhane kungakuthinta kabi ukuthengiswa kwamanzi asemabhodleleni (ukuvalwa kwamathofi nezindawo zokudlela).
Manje inkampani ibukeza isu lokuthuthuka lokuzivumelanisa nezidingo eziguqukayo zemakethe, ngakho-ke, ingaba ngu-2021 ingaba izinguquko. I-Danone ithuthukisa izifunda ezintsha, ibuyekeze umugqa womkhiqizo, kepha le nqubo iye yaphuza ngokwanele, abatshalizimali bafuna ukubona amanani asheshayo (inkampani isivele ichaze i-Argentina Division kanye nohlobo lwamaprotheni ama-cocktails Vegate athengiswayo), athengise isabelo I-Chinese Dairy Company Yakult ngama-euro angama-470 wezigidi. Phakathi kwezinyathelo ze-anti-grisis nakho kuyindlela ephelele yamasu wemikhiqizo, ama-skus kanye namafa ukuze ahlele iphothifoliyo, okungasho okuhlukile ku-30% wezihloko zawo. Amasu - aphinda kabili amavolumu okuthengisa emikhiqizo emikhulu kakhulu.
Amandla
Izinguquko eziphambili zenhlangano kanye nokuphatha zihlobene nokusuka kweCecilian Cecilis Cecilis noFrancisco Camache (abaphathi abanesipiliyoni esineminyaka engu-40 eDanone). Ukuqokwa kwabaqondisi bama-Macro-Resournal General Arearers (Danone International 80% Ukuthengisa kanye ne-Danone North America 20% Ukuthengisa) ngokwenza izinqumo ezisezingeni lendawo.
Ngokwesibikezelo sethu, iphothifoliyo elungisiwe yezimpahla kufanele imelane nokuqhuma kwegagasi lesibili le-covion-19. Lokhu kwandulela:
1) Ukwethulwa kwezindlela zokuthuthukisa ukusebenza kahle nokulawulwa kwezindleko, phakathi kokuncishiswa kwezindleko kanye nokwenza kahle kwephothifoliyo.
2) Ukuthuthukiswa okusebenzayo kweziteshi zokuthengisa nge-elekthronikhi kanye nokusungula okuphumelelayo.
3) Kulindelwe ukuthi ukukhula kokuthengisa kwenkampani kuzoqhubeka nokuthuthuka njalo. UDanone ubeka imigomo yesikhathi esiphakathi yokuthengisa okunenzuzo ngo-3-5% (ezinye izinhlobo - usilika, okumnandi kakhulu, umkhathi, inhloso kanye ne-Alpro kanye ne-AlPro kukhula ngezinga elinamadijithi amabili).
4) UDanone wandise inani lezinto ezintsha ebhizinisini lakhe lobisi ukukhuthaza abathengi ukuthi bazame imikhiqizo emisha, futhi ukukhula kokuthengisa kwale mikhiqizo kuqala ukwanda.
Umncintiswano Oseduze
Okuseduze okuqhathaniswa nenkampani yaseDanone kuyisidlo saseSwitzerland sokudla isifudumalo (ayisithupha: NESN) futhi nokuba khona okuqinile embonini yobisi, kodwa ngokuhlukahluka okukhulu kakhulu. Amathemba emikhiqizo yobisi ye-Premium ahlala ekhangayo ngenxa yokunakwa okukhulu kunabantu abacebisi bomhlaba kuya kwikhwalithi yemikhiqizo, ikakhulukazi izingane.
Manje isidleke sithandwa ngomusa emakethe, naphezu kwesivuno esikhulu se-Danone Dividends (3.8% e-Euro ngokumelene ne-2.7% kusuka ku-Nestle). I-sagone ebalulekile ye-danone evela kwiNestle ishiwo ikakhulukazi ngokuya nge-P / B (2.2 Versus 6,8), P / S (2,4 (1.4 ngokumelene no-3). Naphezu komthwalo omkhulu wesikweletu kuneNestle, umsebenzi we-NET we-Danone uhlala ngokulinganisela x2.8 EBITDA. I-ROE ephansi ephansi (i-12% ngokumelene ne-29% Nestree) ikhombisa amandla okuthuthukisa isivuno se-danone, esevele ibaluleke kakhulu ekuphathweni esikhathini esifushane.
U-Evgeny Shatov, Umlingani Obusayo "Borselle"
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