Baby food is not just infant-formula. Unlike A2M, Danone is a diversified company offering many different nutritional products whereas A2M only sells infant-formula to China (85 percent of sales in ANZ go to China). Danone could lose its entire China infant-formula arm and it would still be fine whereas if that happens to A2M, the entire company would implode. A2M also sells fresh milk with the gimmicks, I know, but sales of the products contribute relatively little to EBITDA. A2M is a sell infant-formula to China or nothing company.
Media Updates, page-9803
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