Beiersdorf facing a slow start to the year
The German group has released 2024 results in line with expectations. For 2025, guidance may seem cautious (the consensus is already at the high-end) in a less dynamic skin-care market. Q1 should even be below FY guidance. We reiterate our Neutral recommendation with an unchanged EUR145 PT.
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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