Revisiting the Beiersdorf case: turning Neutral
Following positive Q1 sales figures (in line with expectations at EUR2.6bn, up +10.2% lfl) with better-than-expected sales momentum at Nivea, we review our investment case and turn Neutral on the stock. Management has successfully set up an attractive mid-term top-line growth algorithm which offers
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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