Beiersdorf Inevitably Slows in 3Q; Shares Still Fully Priced
As expected, Beiersdorf's third-quarter growth slowed from the fast pace of the first half of the year, and aside from some strong foreign exchange headwinds, the firm posted sales figures close to our forecasts. We are raising our fair value estimate to EUR 88 from EUR 84 to account for the impact of the time value of money since our last update. We reiterate our full-year forecasts, which remain in line with guidance, and our narrow-moat rating. We continue to regard Beiersdorf as being fully ...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.
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