BN EPA Earnings call
Danone (BN) · Q2 2025 results and valuation
Share price: €68.06 · 2026-11-11
Results Q2 2025 vs Q2 2024 · year over year · published 7 Aug 2025 and 8 Aug 2024
Net income turned to a profit from a loss a year earlier. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q2 2024
Outlook given
Net income 1.05B vs -285.0M
Revenue −21.5%
2 · How management spoke
Typical
More upbeat than 52% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
Distributed earnings before realizations increased 13% year-over-year to $1.3 billion.
Valuation
Is Danone undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −6.8% growth a year (3-year revenue growth), the model's fair value is $5.02 a share — the stock trades 738% above it. Today's price assumes 24.9% growth a year.
Current price
$42.06
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+24.9% for 10 yrs
Fair value / share
$5.02
Buy below
$3.77
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
When Danone speaks about its Wealth Solutions business or Brookfield Wealth Solutions, it is referring to Brookfield's investments…
Source quote
“In addition, when we speak about our Wealth Solutions business or Brookfield Wealth Solutions, we are referring to Brookfield's investments... and the information available on our website. With that, I'll turn the call over to Bruce.”
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Guidance
The company expects fundraising momentum to continue into the second half of the year as it anticipates final closes for two flagship real estate and global transition strategies.
Source quote
“With final closes anticipated for our fifth vintage flagship opportunistic real estate strategy and our second vintage global transition strategy, we expect fundraising momentum to continue into the second half...”
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Guidance
What Danone is seeing in the business is just reaffirmed that expectation.
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Fading
The asset management business generated distributable earnings of $636 million or $0.40 per share in the quarter.
Source quote
“Our asset management business generated distributable earnings of $636 million or $0.40 per share in the quarter and $2.5 billion... So focusing first on our operating performance. We continue to see strong fundraising across our diversified fund offerings.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2025. Ring: Q2 2024.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As markets remain constructive, we expect this momentum and monetizations to continue through the remainder of 2025 and beyond as we continue to see strong demand for high-quality cash-generative assets...”
“In energy, we sold $7 billion in assets, generating an aggregate 17% IRR, underscoring the strength of our strategy and execution while also illustrating the global demand for high-quality renewable...”
“And that allows you to price risk better, we believe, whilst not actually increasing the risk profile of the business because we just have a deeper understanding of operations.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2025-06-30)
| Metric | Q2 2025period end 2025-06-30 | Q2 2024period end 2024-06-30 | Change | Q2 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 18.08B | 23.05B | −21.5% | 23.05B | −21.5% |
| Net income | 1.05B | -285.0M | Turned profit | -285.0M | Turned profit |
| EPS | 0.15 | 0.00 | 0.00 | ||
| P/E | — | — | — | — | — |
Topics
Most discussed now
- Strong underlying operating fundamentals are driving demand and cash flow growth in both Danone's asset management and operating businesses.
- The focus today is on well-run assets with good platform and good growth potential, and that's what Danone has been bringing...
- Three, Danone justs think it is or it will be a more efficient capital structure and will allow us to...
Faded since Q2 2024
- Fading With this constructive economic backdrop, albeit volatile over the last week, liquidity continues to return to the private markets…
- Fading As these businesses evolve and as the markets evolve, Danone does assess the structure real time.
- Fading Danone's primary focus is on being invested in assets that are going to generate attractive long term returns.
- Fading Danone has seen opportunities and gaps in the financing market in certain areas, which is provided the opportunity for it to...