Nestlé hosted an Investors seminar at Vevey on 24th and 25th May. This was a great opportunity to review the different divisions overall and get a deep understanding of the products. The group also announced a new savings programme of CHF2.5bn per year over the next three years. Although it refused to give guidance regarding the improvement in margins, we view this positively as it shows its willingness to fully leverage its scale. We maintain our Buy recommendation.
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