Summary of Q2/H124 results Q2 LFL sales growth was 30bp ahead of co. cons. driven by +2.9% volume growth (co. cons: +2.1%) and +1.0% price growth (co. cons: +1.5%). We noted that relative to (VA) consensus, volumes were ahead of expectations in all divisions and pricing was below in all divisions. Turning towards the bottom-line, EBIT margins expanded by +45bp (co. cons: +40bp) and this helped to drive a c.1.2% EBIT beat and +4.7% EPS beat (both vs. co. cons.). News We highlight that while Waters was pressured in Q2 by European weather, Q3 is off to a good start. Earnings We revise our FY24/FY25/FY26e EPS by +2-3%. Investment thesis While Danone offers temptation as a turnaround play, post a material re-rating in FY23 we believe a further re-rating will be harder to come by Rating / target price We maintain our Neutral rating. TP from EUR64 to EUR67 (EPS revisions and 6-month roll-forward). 15 questions for management Assuming that NEC liabilities would be left with Reckitt, why would acquisition of its Nutrition business not make sense for you?