BEIERSDORF: BEI FY sales up 4.1%, slightly below expectations, especially at Tesa | NEUTRAL | EUR95 (-11%)
BEIERSDORF - NEUTRAL | EUR95 (-11%)BEI FY sales up 4.1%, slightly below expectations, especially at Tesa
Slight slowdown in Q4 with Tesa again down in Q4
Consumer achieved a growth above market one
Tesa was more challenging, especially in H2
As expected, BEI EBIT margin to likely decline 100bp in 2019
Beiersdorf manufactures and distributes consumer goods. Co. operates in two business segments: consumer, which is Co.'s main business that focuses on the skin and body care markets, with products including NIVEA's Deodorant Invisible for Black & White, NIVEA Deodorant Stress Protect, NIVEA In-Shower Body Lotion, NIVEA Cellular Anti-Age face care, and Eucerin's VOLUME-FILLER; and tesa, which develops, produces, and markets self-adhesive products and system solutions for industry, craft businesses, and consumers. In the electrical industry, the tesa business segment's adhesive systems are used in mobile devices such as smartphones, tablet personal computers, and MP3 players.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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