Beiersdorf should benefit less from China reopening
Yesterday, Beiersdorf released FY22 results in line with expectations on sales (EUR8.8bn, up +10.2% lfl & +7.4% lfl in Q4) and EBIT margin (+20bps to 13.2% for FY22). In 2023, we think other groups in our coverage are better positioned to benefit from China's reopening and premiumisation trends
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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